Nonprofits that embrace accountability can generally expect improved collaboration and better outcomes. How can your organization put this abstract concept into practice? Continue Reading Putting accountability into practice
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. Continue Reading How Inflation Will Affect Your 2022 and 2023 Tax Bills
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. Continue Reading Employers: In 2023, the Social Security wage base is going up
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. Continue Reading Plan now to make tax-smart year-end gifts to loved ones
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. Continue Reading Don’t forget income taxes when planning your estate
The Inflation Reduction Act’s Clean Vehicle Credit might alter the timing of purchasing a new or used qualifying electric vehicle. Learn why. Continue Reading Clean Vehicle Credit comes with caveats
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. Continue Reading FASB proposes last-minute changes to lease accounting rules
By planning ahead now, you may be able to save on your 2022 and 2023 tax bills. Here are some ideas to consider. Continue Reading Year-end tax planning ideas for individuals
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. Continue Reading 2022 Q4 tax calendar: Key deadlines for businesses and other employers
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. Continue Reading Is your income high enough to owe two extra taxes?