IRS Announces Mid-Year Optional Vehicle Mileage Rate Increase
With gas prices soaring, the IRS increased the mileage rate that business owners can deduct for vehicle use instead of keeping a record of actual expenses.
With Many Tax Provisions Sunsetting in 2022, Planning Still Required
Chief Investment Officer Troy Harmon, CFA, CVA, is joined by Tax Manager Jessie Thomas, CPA, and Associate Peter Lynch to highlight the many provisions and tax credits that sunset at the end of 2021, as well as other areas that may require a mid-year check-in with your CPA.
Sold or Thinking of Selling Your Home?
If you sold your home this year or are thinking about selling it, there are many tax-related issues that could apply to that sale. We cover some important points to consider in this week’s Tax Tip.
Small Businesses Can Benefit from the Work Opportunity Tax Credit
Small-business owners: If you’re looking to hire, consider looking at your state workforce agency, 10 targeted groups, for your next employee. You may be eligible for the Work Opportunity Tax Credit (WOTC), up to $2,500.
Writing Off Your Business Start-Up Expenses
New business owners, especially those operating small businesses, may be helped by a tax provision allowing them to deduct up to $5,000 of the start-up expenses and $5,000 of organizational costs in the first year of the business’s operation.
IRS Releases 2023 Key Numbers for Health Savings Accounts
The IRS has released the 2023 contribution limits for health savings accounts (HSAs), as well as the 2023 minimum deductible and maximum out-of-pocket amounts for high-deductible health plans (HDHPs).
Vacation Home Rentals: How the Income Is Taxed
If you have a second home in a resort area, or if you have been considering acquiring a second home or vacation home, you may have questions about how rental income is taxed for a part-time vacation-home rental. We explain in this week’s Tax Tip.
Adjusting Your Tax Withholding
Now that you’ve seen last year’s tax results and can see where this year is heading, it may be a good time to consider adjustments to your income tax withholding.
S Corporations Reasonable Compensation Requirement
An S corporation does not directly pay taxes on its income; instead, its income, losses, deductions, and credits flow through to its shareholders’ individual tax returns and are not subject to self-employment taxes. As a result, many S corporations ignore the requirement that each shareholder-employee must take reasonable compensation in the form of W-2 wages in exchange for services performed for the corporation.
Owe the IRS Money? How Long Do They Have to Collect?
Have you ever wondered how long the IRS has to question and assess additional tax on your tax returns? For most taxpayers who reported all their income, the IRS has three years from the date of filing the returns to examine them.