Month: June 2022

Year-round tax planning: All taxpayers should understand eligibility for credits and deductions Tax credits and deductions can help lower the amount of tax owed. All taxpayers should begin planning now to take advantage of the credits and deductions they are eligible for when they file their 2022 federal income tax return next year. Here are..

What taxpayers should do if they get an identity theft letter from the IRS When a thief steals someone’s Social Security number, they can use it to file a fraudulent tax return. This is tax-related identity theft. The IRS scans tax returns for possible fraud. If a tax return is flagged as suspicious, the agency..

Employee Retention Credit Limitation The Infrastructure Investment and Jobs Act, enacted on November 15, 2021, amended section 3134 of the Internal Revenue Code to limit the Employee Retention Credit only to wages paid before October 1, 2021, unless the employer is a recovery startup business. For more information see: IRS issues guidance regarding the retroactive termination..

Your business structure affects how much you pay in taxes, your ability to raise money, the paperwork you need to file, and your personal liability. You’ll need to choose a business structure before you register your business with the state. Most businesses will also need to get a tax ID number and file for the appropriate licenses and permits. Choose carefully. While you..

The IRS encourages businesses to begin planning now to take advantage of tax benefits available to them when they file their 2022 federal income tax return. This includes the enhanced business meal deduction. For 2021 and 2022 only, businesses can generally deduct the full cost of business-related food and beverages purchased from a restaurant. Otherwise,..

We are at the time of the year where it is critical to have kept up with a complete set of bookkeeping records. This includes business bank statements, credit card statements, reconciled loans, and payroll. The goal of proper bookkeeping is to get an accurate reflection of your year-to-date profit. The importance of this is..

The 2021 tax season has come to pass. Did your experience feel as though it was a nightmare? Do you feel as though you paid quite a bit more than you should have in personal and business taxes. A knowledgeable CPA, or Attorney, or both could be the key to your peace of mind! Entity..