The IRS has announced its 2022 cost-of-living adjustments for more than 60 tax provisions. The 2022 adjustments generally apply to tax returns filed in 2023. A few highlights: the standard deduction increases $800 to $25,900 for married couples filing jointly; up $400 to $12,950 for single taxpayers and married individuals filing separately; and up $600 … Read More
With the increasing cost of employee health care benefits, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). For eligible individuals, an HSA offers a tax-advantaged way to set aside funds (or have their employers do so) to meet future medical needs. Here are the important … Read More
Businesses can generally deduct the costs of marketing and advertising on their tax returns. Costs must be “ordinary and necessary,” which means common and accepted in the industry and helpful and appropriate to the business, such as reasonable advertising costs directly related to a company’s activities. An expense doesn’t have to be indispensable to be … Read More
Are you considering a move to another state when you retire? Perhaps you want to relocate to an area where your loved ones live or where the weather is more pleasant. But while you’re thinking about how many square feet you’ll need in a retirement home, don’t forget to factor in state and local taxes. … Read More
Tax guidance is available for those who received federal mortgage payment assistance from the Homeowners Assistance Fund (HAF). The HAF, part of the 2021 American Rescue Plan Act, is intended to mitigate housing-related financial hardships caused by the pandemic. The program provides funds to entities to assist homeowners in danger of mortgage defaults or loss … Read More
Events of the last decade have taught us that tax law is anything but certain. So how can young, affluent people plan their estates when the tax landscape may look dramatically different 20, 30 or 40 years from now — or even a few months from now? The answer is by taking a flexible approach … Read More
On Nov. 5, the U.S. House of Representatives passed the Infrastructure Investment and Jobs Act, which includes a handful of tax provisions. President Biden is expected to sign the bill into law soon. It will end the Employee Retention Credit earlier than scheduled. The credit will now be applicable to wages paid before Oct. 1, … Read More
When creating or updating your strategic plan, you might be tempted to focus on innovative products or services, new geographic locations, or technological upgrades. But, what about your customers? Particularly if you’re a small to midsize business, focusing your strategic planning efforts on them may be the most direct route to a better bottom line. … Read More
The IRS has announced the 2022 cost-of-living adjustment amounts for 401(k) plans and other retirement-plan-related limits. For 2022, individuals can contribute up to $20,500 to their 401(k) plans (as well as 403(b) and most 457 plans), up from $19,500 for 2021. The catch-up contribution limit for employees age 50 and over who participate in 401(k), … Read More
As we approach the end of the year, be aware that taxpayers are allowed a special charitable contribution deduction for 2021 even if they don’t itemize. Ordinarily, people who claim the standard deduction on their tax returns can’t claim a deduction for their charitable donations. But a temporary law change permits them to claim a … Read More