Owners of pass-through businesses may be able to save tax with the valuable QBI deduction by taking certain steps at year-end. Continue Reading Do you qualify for the QBI deduction? And can you do anything by year-end to help qualify?
If you’re starting a new business, you may wonder if you should operate as a C corporation, an S corporation or another entity. Here’s a summary of what will happen if you choose a C corporation. Continue Reading Choosing a business entity? Here are the pros and cons of a C corporation
Many people like to give thanks at this time of year by donating to their favorite charities. Here are the basic 2022 rules for charitable contributions and gifts to loved ones. Continue Reading Year-end giving to charity or loved ones
A physical inventory count gives a snapshot of how much inventory your company has on hand at year end. Are you ready to start counting? Continue Reading Preparing for year-end inventory counts
As 2022 winds down, now is the time for your business to take stock of its tax situation and implement year-end tax planning strategies. Continue Reading Act Now to Reduce Your Business’s 2022 Tax Bill
Are you interested in reducing your 2022 tax liability? There’s still time to take these year-end tax planning steps. Continue Reading 5 Steps to Take Now to Cut Your 2022 Individual Tax Liability
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
A tax law that passed in 2017 makes a major change to Section 174 research and experimental (R&E) expenses. Here’s what it might mean for your 2022 business tax return being filed this year. Continue Reading Changes in Sec. 174 make it a good time to review the R&E strategy of your business
The California Franchise Tax Board is conforming to the IRS’s postponement of filing and payment deadlines to October 16, 2023, for taxpayers located in most California counties due to the recent winter storms. Continue Reading Additional Tax Relief Provided for Californians Impacted by Winter Storms
How much is the standard deduction in 2023? How much do you have to earn this year before you can stop paying Social Security on your salary? Here are some Q&As about these and other tax-related amounts for 2023. Continue Reading Answers to your questions about 2023 limits on individual taxes
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