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The IRS recently announced many inflation adjustments for the 2023 tax year. IRS Revenue Procedure 2022-38 provides details about these amounts. Because inflation is high, many of the amounts for 2023 will change more than they have in recent years. Here are some of the tax amounts for 2023, as… Read more
It's time for year-end tax planning. Every fall, small business owners should review their tax situations to determine steps they should consider to reduce their federal income taxes for the current year — and beyond. Fortunately, no significant unfavorable federal tax law changes are expected this…
Most organizations hire a CPA to issue financial statements that conform to U.S. Generally Accepted Accounting Principles (GAAP). But not all financial statements are created equal. Owners can choose from three basic options, in order of decreasing assurance level: audits, reviews and compilations.…
With year end fast approaching, it's time to consider tax planning moves that may lower taxes for the 2022 tax year — and possibly set you up for tax savings in future years as well.
The U.S. labor market remains tight, in spite of recent changes. The Bureau of Labor Statistics reported approximately 4.2 million workers quit their jobs in August 2022, unchanged from July 2022 and down just slightly from 4.3 million in June. You may have heard of the Great Resignation of older…
For some time now, the media has highlighted the so-called "Great Resignation," where legions of people have left their former jobs. If you're among those who've resigned or you're thinking about quitting, you may be considering a shift to self-employment. Before making the leap, though, you need to…
Most people already understand the tax rules for individual charitable donations, including generous deductions that may be available to itemizers when they give cash or property to charity. But your business may also reap tax rewards for helping out a qualified charitable organization. Though the…
Recordkeeping for reimbursing business travel expenses can be cumbersome. Instead of reimbursing employees for the actual costs they incur for out-of-town lodging, meals and incidentals, some employers opt to pay fixed travel per diems. These amounts are based on IRS-approved rates that vary by…