Highlights: Standard Mileage Rates for 2022 Business, Charitable, Medical and Moving Rates Important Considerations for 2022 Switching Between the Actual Expense and Standard Mileage Rate Methods Employer Reimbursements Employee Deductions Suspended Special Allowances for SUVs Bonus Depreciation As it does every year, the Internal Revenue Service recently announced the inflation- adjusted 2022 optional standard mileage rates […]
If knowledge is power, then the information available to e-commerce business owners provides nearly unlimited potential. The same platforms that host your websites include data collection tools that – if used properly – can guide your decision-making process and inform your business strategies. The metrics offered can easily overwhelm anybody who doesn’t have an MBA, […]
January 2022 Individual Due Dates January 3 – Time to Call For Your Tax Appointment – January is the beginning of tax season. If you have not made an appointment to have your taxes prepared, we encourage you to do so before the calendar becomes too crowded. January 10 – Report Tips to Employer – […]
Article Highlights: 1099-NEC Filing Requirements Independent Contractor Filing Threshold Form W-9 Form 1099-MISC If you use independent contractors to perform services for your business, for each one that you pay $600 or more for the year, you are required to issue the worker and the IRS a Form 1099-NEC no later than January 31, 2022, […]
Article Highlights: Definition of Tax Basis Cost Basis Adjusted Basis Gift Basis Inherited Basis Record Keeping For tax purposes, the term “basis” refers to the monetary value used to measure a gain or loss. For instance, if you purchase shares of a stock for $1,000, your basis in that stock is $1,000; if you then […]
Article Highlights: Long-Form Itemization Required Below-the-Line Cash Contributions for 2021 Qualified Charities Only Cash Donations Non-cash Donations Leave Donations Other Qualifying Donations AGI Limitations Year-End Donations During the holidays, many charities solicit gifts of money or property. This article includes tips for documenting your charitable gifts so that you can claim a deduction on your […]
Article Highlights: Increased Standard Deduction Tax-Exempt Income Impairment-Related Work Expenses Financially Disabled Earned Income Tax Credit Child or Dependent Care Credit Special Medical Deductions Qualified Medicaid Waiver Payments ABLE Accounts Disabled individuals, as well as parents of disabled children, may qualify for a number of tax credits and other tax benefits. Listed below are several […]
Article Highlights: Lifetime Exclusion Annual Exclusion Medical Exception Education Exception Gifting Techniques If you are fortunate enough to have an estate large enough to be subject to the estate tax upon your death, you might be considering ways to give away some of your wealth to your family and loved ones now, thereby reducing the […]
Article Highlights: Electric Car Credit Solar Electric Credit College Student Supplies Work Equipment Charitable Gifts Employee Gifts Some holiday gifts you provide to members of your family, employees and others may also yield tax benefits—think of it as Santa Claus meets Uncle Sam. Here are some examples: Electric Car Credit* – If you purchase […]
December 2021 Individual Due Dates December 1 – Time for Year-End Tax Planning December is the month to take final actions that can affect your tax result for 2021. Taxpayers with substantial increases or decreases in income, changes in marital status or dependent status, and those who sold property during 2021 should call for a […]