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If you make eligible energy-efficient improvements to your home on or after January 1, 2023, you may qualify for a tax credit up to $3,200. You can claim the credit for improvements made through 2032.
Many people are familiar with Roth IRAs. These popular retirement accounts feature tax-free withdrawals as long as certain conditions are met. But did you know that employers can offer designated Roth contributions as part of the 401(k) plans they sponsor for employees?
As Congress has lowered the threshold for receiving a Form 1099-K, more individuals will receive this form for the 2023 tax year. Understanding how to report your 1099-K income correctly is crucial to remain compliant with tax regulations. Whether you sell goods or services, it's essential to determine if you have made a gain on the sales and report accordingly on your tax return.
By far the most important step youth leagues can take to prevent fraud is to segregate duties. This means that no single individual receives, records and deposits funds coming in, pays bills and reconciles bank statements.
Are you getting ready to retire? If so, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may contend with when you retire:
As individuals, we’re warned repeatedly about the dangers of online identity theft. Well, as a business owner, you’re in double jeopardy because a hacker might not only steal your personal identity, but also — or alternatively — hijack your company’s brand.
If you have significant assets, you should consider establishing a living trust to avoid probate. Probate is a court-supervised legal process intended to make sure a deceased person’s assets are properly distributed. However, going through probate typically means red tape, legal fees and your financial affairs becoming public information. You can avoid this with a living trust.
Many businesses use independent contractors to help keep their costs down — especially in these times of staff shortages and inflationary pressures. If you’re among them, be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake.
Is your business planning to hire teenagers for summer jobs? If so, be sure everyone on staff is familiar with the child-labor provisions of the Fair Labor Standards Act.
The tax rules regarding business losses are complex, especially when accounting for how NOLs can interact with other potential tax breaks. Read this article to learn more.
Business owners: Strategic planning is undeniably important, but you may be missing a savvy move if you aren’t using competitive intelligence to refine your game plan.
If you’re a small business owner, you may be reluctant to set up a retirement plan because of the administrative burdens. Here are two options to consider that have far fewer requirements than traditional qualified retirement plans.
Of course, the deadline to file your 2022 tax return is in April. But here are a couple important tax deadlines in April for certain taxpayers.
Does this year’s April 18 filing deadline apply to your business? What additional tax deadlines are there for businesses and employers during the second quarter of 2023?