News

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.

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.

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

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

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.

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.

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.

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

You may want to rent out a property you own to a relative at a discount. If so, be aware of these tax rules.

Are you contributing enough to your employer’s 401(k) plan or Roth 401(k)? Here are the contribution limits for 2023.

Friends with small businesses — please feel free to visit this link for a quick breakdown of the various tax-related deadlines coming up in 2023's first quarter.

It’s been a tough year for the stock market. But if you’re fortunate to have investment gains, you may be looking for unrealized losses in your portfolio to offset the gains. Selling losing stock may reduce your 2022 tax bill. But beware of the “wash sale” rule.

You may spend decades building up your traditional IRA but there comes a time when you must start taking withdrawals. Here are answers to frequently asked questions about required minimum distributions.

Any transaction your business engages in involving intangible assets and their related costs should be analyzed to determine the tax implications. Here are the basic rules.

The end of the year is a good time to examine your portfolio for tax purposes. Here are some strategies that may save you taxes.

If you’re starting a new business, you may wonder if you should operate as a C corporation, an S corporation or another entity. Here’s a summary of what will happen if you choose a C corporation.

Do you have a Health Savings Account at your business? Or are you interested in establishing one? Here are the contribution limits for next year, as compared with this year.

Many people like to give thanks at this time of year by donating to their favorite charities. Here are the basic 2022 rules for charitable contributions and gifts to loved ones.

If your business is closing its doors, taxes may be the last thing on your mind. But there are a number of tax obligations that must be met when a business shuts down. Here are the basic requirements.

Do you own savings bonds? Here’s how the interest on the bonds is taxed.

The tax treatment of computer software costs can be more complicated than you might think. Here are the basic rules.

Many people are feeling the squeeze of inflation. What does this mean for your federal tax bill? Here’s what the inflation-adjusted amounts will be for several provisions in 2023, as compared with 2022.

The tax-advantaged retirement plan contribution amounts will be much higher next year than they’ve been in recent years. The reason? Inflation. Find out how much can be saved in 401(k)s, SEP plans, IRAs and more.

In 2022, if you pay a household worker cash wages of $2,400 or more, you must withhold and pay Social Security and Medicare taxes. What will this amount be for 2023? Here’s the answer, as well as other tax obligations.

Business owners and their employees may not have to pay Social Security tax on ALL of their wages. Amounts above a certain threshold aren’t subject to Social Security tax. Here’s how the 2023 “wage base” will affect your payroll.