Category: Tax Tips

Tax Tips for May 2024

Tax Tips for May 2024

by | May 6, 2024 |

Click on the links below to jump to each section in this article: The “Nanny Tax” Must Be Paid for Nannies and Other Household Employees Discovering a Mistake After Your Tax Return Is Filed What to Do if Your Business’s Data Security Is Breached   The “Nanny Tax” Must Be Paid for Nannies and Other Household Employees If you employ a household worker who isn’t an independent contractor, you may be required to pay employment taxes on the worker’s cash wages. This is commonly referred to as...

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Tax Tips for May 2024

Tax Tips for April 2024

by | Apr 1, 2024 |

Click on the links below to jump to each section in this article: Payable-on-Death Accounts: Beneficial Tools if Used Correctly Avoid Misinformation About Tax-Favored Health Accounts 2024 Depreciation Limits for Business Vehicles   Payable-on-Death Accounts: Beneficial Tools if Used Correctly Payable-on-death (POD) accounts can be a quick, simple and inexpensive way to transfer assets outside of probate. They can be used for bank or credit union accounts, certificates of deposit and even...

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Tax Tips for May 2024

Tax Tips for March 2024

by | Mar 1, 2024 |

Click on the links below to jump to each section in this article: A Strategy to Raise Your Medical Expense Deduction Handling Large Cash Transactions Erroneous Refund   A Strategy to Raise Your Medical Expense Deduction With a little planning, you may be able to boost your itemized medical expense deduction when you file your 2024 tax return next year. Only eligible expenses exceeding 7.5% of your adjusted gross income are deductible. It’s not an easy hurdle to clear, short of a major...

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Tax Tips for May 2024

Tax Tips for February 2024

by | Feb 1, 2024 |

Click on the links below to jump to each section in this article: There May Still Be Time to Lower Your 2023 Tax Bill Deductions vs. Credits: What's the Difference? ERC Voluntary Disclosure Program Available for a Limited Time   There May Still Be Time to Lower Your 2023 Tax Bill The 2023 individual income tax return filing season will open soon. Even if you typically don't file until much closer to the April 15 deadline (or you file for an extension), consider filing earlier this year....

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Tax Tips for May 2024

Tax Tips for January 2024

by | Jan 15, 2024 |

Click on the links below to jump to each section in this article: One Reason to File Your 2023 Tax Return Early Did You Get Married in 2023? 2024 vehicle mileage rates   One Reason to File Your 2023 Tax Return Early The 2023 individual income tax return filing season will open soon. Even if you typically don't file until much closer to the April 15 deadline (or you file for an extension), consider filing earlier this year. Why? You may be able to protect yourself from tax identity theft....

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Tax Tips for November 2023

Tax Tips for November 2023

by | Nov 1, 2023 |

Click on the links below to jump to each section in this article: New Per Diem Rates for Business Travel Follow IRS Rules to Nail Down a Charitable Tax Deduction Withdrawing ERC Claims   New Per Diem Rates for Business Travel The IRS has announced the per diem rates for ordinary and necessary business travel expenses in fiscal year 2023-24: When using the high-low substantiation method, the rate for travel to high-cost localities is $309 per day and the rate for all other continental...

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Tax Tips for November 2023

Tax Tips for October 2023

by | Oct 27, 2023 |

Click on the links below to jump to each section in this article: IRS Suspends Processing of New ERC Claims What Exactly Is a “Small Business”? Tax Treatment of Cryptocurrency   IRS Suspends Processing of New ERC Claims The IRS is continuing to warn businesses about aggressive marketing by nefarious actors involving the Employee Retention Credit (ERC). It has suspended the processing of ERC claims until at least year end because of a spike in the number of fraudulent claims. The IRS has...

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Tax Tips for April 2022

Tax Tips for April 2022

by | Apr 29, 2022 |

Click on the links below to jump to each section in this article: File on Time Even if You Can't Pay What To Do if You're Missing Important Tax Documents Tax Credits To Help Cover Costs of Higher Education Small Business: Rent Expenses May Be Tax-deductible Taxpayer Rights: Pay No More Than the Correct Amount File on Time Even if You Can't Pay Generally, taxpayers should file their tax returns by the deadline even if they cannot pay the total amount due, but if you can't, there are several...

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Tax Tips for April 2022

Tax Tips for March 2022

by | Mar 31, 2022 |

Click on the links below to jump to each section in this article: There's Still Time To Make an IRA Contribution for 2021 What Is the Credit for Other Dependents? Business Meals Fully Deductible in 2021 and 2022 Employee Business Expense Deductions: Who Qualifies? The Facts: Taxable vs. Nontaxable Income There's Still Time To Make an IRA Contribution for 2021 If you haven't contributed funds to an Individual Retirement Account (IRA) for tax year 2021, or if you've put in less than the maximum...

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Tax Tips for April 2022

Tax Tips for January 2022

by | Jan 31, 2022 |

Click on the links below to jump to each section in this article: Standard Mileage Rates for 2022 Why Using the Correct Filing Status Matters Tax Credits for Accommodating Disabled Workers Watch Out for Holiday Gift Card Scams What To Know About Keeping Good Tax Records Standard Mileage Rates for 2022 Starting January 1, 2022, the standard mileage rates for the use of a car, van, pickup, or panel truck are as follows: 58.5 cents per mile driven for business use, up 2.5 cents from the rate for...

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