Filing your 2022 tax return promises to be just as complicated as always; however, there are steps that taxpayers can take right now to ensure their tax filing experience goes smoothly. Let’s look at what’s new for 2022 and some key items taxpayers should consider before filing.
As a small business owner, you may be able to deduct advertising and marketing expenses that help bring in new customers and keep existing ones. Even better is that these deductions help small businesses save money on their taxes. Here’s what you need to know about this valuable tax deduction:
Typically, credit card balances follow a seasonal pattern, increasing significantly in the fourth quarter and coinciding with holiday shopping. This year is no exception; unfortunately, it coincides with higher credit card interest rates. With more people than ever depending on credit cards to cover basic expenses due to inflation, this could lead to an ever-increasing debt load.
Here’s what business owners need to know about tax provisions for 2022:
As we close out the year and get ready for tax season, here’s what individuals and families need to know about tax provisions for 2022.
Every year, hurricanes, tornadoes, floods, wildfires, and other natural disasters affect US citizens. The bad news is that recovery efforts after natural disasters can be costly. For instance, when hurricanes strike, they not only cause wind damage but can cause widespread flooding.
IRAs, or Individual Retirement Arrangements, provide tax incentives for people to make investments that can provide financial security for their retirement. To help people better understand this type of retirement savings account, here’s a basic overview of terms to know:
Several end-of-year tax planning strategies are available to business owners to reduce their tax liability. Let’s take a look:
Although the chances of taxpayers being audited have declined in recent years, with taxes becoming more complicated every year, there is always the possibility that a tax mistake turns into an IRS tax audit. Avoiding “red flags” like the ones listed below could help.
With the end of the year fast approaching, now is the time to take a closer look at tax planning strategies that could reduce your tax bill for 2022.
