News

Tax Advice: 2 Important Tax Deadlines Coming Up — Not Filing-Related

March 31, 2023

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.

For Small Businesses: 2023 Q2 Tax Calendar

March 30, 2023

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?

Tax Advice: Who Qualifies for "Head of Household" Filing Status?

March 30, 2023

You may pay less tax if you file your tax return as a “head of household” than if you file as a “single” individual. What’s the difference?

For Small Businesses: How About an S Corporation?

March 29, 2023

There are several choices of entities for a new business venture. What about an S corporation? Here are the advantages.

Tax Advice: The 2022 Gift Tax Return Deadline Is Coming Up

March 21, 2023

The income tax return deadline is April 18 this year. But it’s also the deadline for filing a gift tax return if you made large gifts last year. Find out if you’re required to file a 2022 gift tax return and why you may want to file one anyway.

For Small Businesses: Changes Make It Time to Review Your R&E Strategy

March 21, 2023

A tax law that passed in 2017 makes a major change to Section 174 research and experimental (R&E) expenses. Here’s what it might mean for your 2022 business tax return being filed this year.

Tax Advice: Claiming Losses on Depreciated or Worthless Stock

March 14, 2023

If you invest in the stock market, you’ve probably owned some losing shares. Here’s how to claim losses on your tax return for depreciated or worthless stock.

For Small Businesses: Protect Your Advertising Expenses

March 6, 2023

How does a business know if advertising and marketing expenses are “ordinary and necessary” so they can be deducted on its tax return? Here’s a look at the issue.

Tax Advice: On Money Awarded in a Lawsuit or Settlement

March 1, 2023

If you receive a personal injury settlement or award, do you have to pay tax on it? Here are the rules, along with court cases involving two taxpayers who had to pay tax on their settlements.

For Small Businesses: New Vehicle? Consider a Heavy SUV

March 1, 2023

Are you a business owner thinking about buying a vehicle to use in your enterprise? Here’s an option that may save you taxes this year.

For Small Businesses: You May Be Able to Deduct Office Expenses

February 23, 2023

If you’re a business owner who works from home, you may be able to save tax with home office deductions. Here are the rules to qualify.

Magnifying glass over words "2022 Taxes", next to words "IRA" and "SEP"

Tax Advice: Still Time to Make an IRA Contribution for Last Year?

February 22, 2023

If you want to help ensure your financial security in retirement, saving now is one of the best moves you can make. If you qualify, you still have time to contribute to an IRA or SEP and save on your 2022 tax return.

Gavel and sound block next to miniature sign saying "Tax Penalty"

Tax Advice: On Retirement Plan Early Withdrawals

February 17, 2023

Breaking into a retirement plan before age 59½ may result in a penalty tax. But there are exceptions. Here are the rules, along with what happened to one taxpayer who tried to avoid the penalty because he had diabetes.

Money bag and family of 4 icon balancing on a ball, signifying "Child Tax Credit"

Tax Advice: Changing Rules About the Child Tax Credit

February 15, 2023

If you’re a parent, you know that children are expensive. Fortunately, there’s a federal Child Tax Credit that may help you with the expenses. Here are the current rules.

Two different arrows converging in the middle, labeled "M&A" and "Tax"

For Small Businesses: Key Tax Issues in M&A Transactions

February 15, 2023

Pay attention to taxes if you’re buying or selling a business. After a transaction is complete, it may be too late to get the best tax results.

Letters displayed on wooden table that say "Taxes 2023"

Tax Advice: 2023 Individual Tax Limits Q&A

February 12, 2023

How much is the standard deduction in 2023? How much do you have to earn this year before you can stop paying Social Security on your salary? Here are some Q&As about these and other tax-related amounts for 2023.

For Small Businesses: Taxes If Your Employees Get Tips

February 12, 2023

Here are some tax tips for businesses with employees who receive tips.

For Small Businesses: Many Business Tax Limits Have Increased

February 1, 2023

For 2023, high inflation has increased the adjustments the IRS makes annually to certain tax provisions. Here’s how much your employees can contribute to a 401(k) and an HSA this year, as well as other important business tax amounts.

Tax Advice: Why File Early — and Other Questions

February 1, 2023

Why is it a good idea to file a tax return early? Here’s the answer to that and other filing season questions you may have.

For Small Businesses: How the New SECURE 2.0 Law May Affect Your Business

January 21, 2023

You’ve probably heard about the new SECURE 2.0 law. Here’s what it might mean for your business.

Tax Advice: Ways to Help Pay for College — Once Your Child Starts Attending

January 21, 2023

As any parent of a college student knows, higher education is expensive. Fortunately, there are some tax breaks for eligible parents.

Tax Advice: Tax-Wise Ways to Save for College

January 13, 2023

Parents often hear that their children “grow up so fast.” Before you know it, youngsters will be heading to college. Here are some tax-saving ways to build an education fund.

For Small Businesses: Be Wary of ERC Claims That Are Too Good To Be True

January 9, 2023

Have you heard ads on TV telling businesses how they can claim a huge Employee Retention Credit? It might be possible for some employers but it also might be too good to be true.

For Small Businesses: The Standard Business Mileage Rate Is Going Up in '23

January 4, 2023

The price of gas is lower than it was a year ago. How does this affect the amount your business can deduct for business driving in 2023? You might be surprised.

Tax Advice: SECURE 2.0 Law May Make You More Secure in Retirement

January 4, 2023

Want to save more for retirement? You might be able to with the many changes in a new law signed on Dec. 29, 2022.

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