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How Inflation Will Affect Your 2022 and 2023 Tax Bills

Many people are feeling the squeeze of inflation. What does this mean for your federal tax bill? Here’s what the inflation-adjusted amounts will be for several provisions in 2023, as compared with 2022.

Employers: In 2023, the Social Security wage base is going up

Business owners and their employees may not have to pay Social Security tax on ALL of their wages. Amounts above a certain threshold aren’t subject to Social Security tax. Here’s how the 2023 “wage base” will affect your payroll.

Plan now to make tax-smart year-end gifts to loved ones

As we head toward year end, many people are starting to plan to give gifts to their loved ones. Here’s how to avoid gift tax implications.

Don’t forget income taxes when planning your estate

With the current federal estate tax exemption at $12.06 million, you may not be worried about estate taxes. But you should still think about saving income taxes for your heirs.

Clean Vehicle Credit comes with caveats

The Inflation Reduction Act’s Clean Vehicle Credit might alter the timing of purchasing a new or used qualifying electric vehicle. Learn why.

FASB proposes last-minute changes to lease accounting rules

New lease accounting rules go into effect this year for private companies and nonprofits. Related-party leases continue to be a sticking point, but help may be coming soon.

Year-end tax planning ideas for individuals

By planning ahead now, you may be able to save on your 2022 and 2023 tax bills. Here are some ideas to consider.

2022 Q4 tax calendar: Key deadlines for businesses and other employers

It’s time for businesses to start thinking about year-end tax strategies. It’s also a good time to think about the fourth quarter 2022 tax filing deadlines.

Is your income high enough to owe two extra taxes?

There are two special taxes that may have a significant effect on the tax bills of high-income folks: the 3.8% net investment income tax and a 0.9% additional Medicare tax on wage and self-employment income. Here are the basic rules.

Insights

The pros and cons of turning your home into a rental

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Home selling (and buying) season is heating up. At the same time, rents are high in many parts of the country. What are the tax implications if you buy another home but decide to keep your current home and rent it out? Continue Reading The pros and cons of turning your home into a rental

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Getting a handle on inventory

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For retailers, manufacturers and many other businesses, a significant amount of working capital is tied up in inventory. What can your company do to lower its inventory carrying costs? Continue Reading Getting a handle on inventory

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Keep these 3 issues in mind after you file your return

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For more helpful tax and accounting articles, or to sign up for our newsletter, please visit our KKB Insights page. If you have any questions, please contact us. Continue Reading Keep these 3 issues in mind after you file your return

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Getting a handle on inventory

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