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Tax Tips for January 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. In a tax identity theft scheme, a thief uses your personal information to file a fraudulent tax return early in the filing season and claim a bogus refund. Then when you file your return, you'll hear from the IRS that the return is being rejected because someone has already filed a return with the...

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Sec. 179 Expensing and Bonus Depreciation: Beware of Pitfalls

Sec. 179 Expensing and Bonus Depreciation: Beware of Pitfalls

by | Jan 1, 2024 |

If eligible, you can elect to use Section 179 expensing or bonus depreciation to deduct a large portion of the cost (and in some cases the full cost) of eligible property in the year it’s placed in service. Alternatively, you may follow regular depreciation rules and spread deductions over several years or decades, depending on how the asset is classified under the tax code.

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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 United States (CONUS) localities is $214 per day. For meals, the rate is $74 (high) and $64 (all other) per day. The rate for incidental expenses when traveling in or outside the CONUS is $5 per day. These rates are effective beginning Oct. 1, 2023. Questions about per diem rates or other options for...

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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 now issued a series of red flags businesses should bear in mind. Warning signs include: Unsolicited calls mentioning an “easy application process,” Claims that a business qualifies for the ERC even before any discussion of the business's tax situation, and Large upfront fees and additional fees based...

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Moving Out of State? Learn All the Tax Implications First

Moving Out of State? Learn All the Tax Implications First

by | Oct 18, 2023 |

With so many people working remotely these days, thinking about moving to another state has become common — perhaps for better weather or to be closer to family. Business owners might contemplate selling their business as part of an out-of-state move. Many retirees also look at moving to a state with a lower cost of living to stretch their retirement savings. If you’ve found yourself harboring such notions, be sure to consider taxes before packing up your things.

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