IRS Announces 2023 Standard Mileage Rates
On Dec. 29, 2022, the IRS announced the 2023 optional standard mileage rates, which are used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. The 2023 standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 5 cents per mile driven for […]
Get your 1099 paperwork in order
This can be a challenging time of year for my clients who hire independent contractors. By the very nature of the 1099 work relationship, if you did not have them complete their paperwork in 2022, you may have a challenge getting it now before we file your taxes. So, make it a priority in 2023 […]
Could Your Home Office Be A Deductible Expense?
With a home office, taxpayers often are uncertain about the finer points of the requirements for a home office and may be unaware of all the types of business arrangements in which they can claim a deduction, such as by owners of a partnership interest. For a taxpayer to be eligible for a home office […]
10 Reasons LLC’s Might Not Want To Elect S-Corp Status
Conversion is often attractive, but limited liability company owners should think twice about such common pitfalls as having an operating agreement inconsistent with an S election or potential gain recognition. Although an LLC’s election to be classified as an S corporation for tax purposes can have certain advantages, such as payroll tax savings, there are often […]
How are Tax Planning and Financial Planning Connected?
Tax planning is the strategy of arranging your affairs in ways that postpone or reduce taxes. By employing effective tax planning strategies, you can have more money to save and invest or more money to spend, or both. Financial planning is the art of implementing strategies that help you reach your financial goals, be they […]
The Benefits of a Year End Tax Planning Meeting
The purpose of year-end tax planning is to project your tax liability for the current year and then identify opportunities to reduce or eliminate that tax burden before the year is over. Bottom line – a year-end tax planning meeting can save you money. For many of my tax clients, especially those who own a […]
Do You Know Your Business’s Value?
Knowing the value of their business helps owners make important decisions for their company, including when to raise capital and how to ask for capital or a loan from investors or banks, understanding when to exit and their exit strategy and when to purchase another business in efforts to strengthen their own offering. An inaccurate […]
Is Summer Really Over?
There are a few “unofficial” signs that summer is over. The first few cool days in the forecast, the day after Labor Day, and the corporate extension deadline. Well, we are CPAs! So – back to business this 1st full week of September with a few fall reminders; Final deadline for partnerships and S Corporations […]
Have You Looked at Your Paycheck Recently?
Yes, I mean really looked at it? For my clients who are employees, this is the time of year that I suggest you really look at your pay stub. Are you taking advantage of all the tax-reducing benefits you are offered? When we meet to do your taxes for 2022, I will probably find a […]
The IRS Is Having To Answer For Itself Again
30 million, yes, million – unprocessed paper forms that were received via mail by taxpayers were destroyed before being opened. These forms, including 1099, 1098, W-2, and the like were destroyed by the IRS in March 2021 because the staff could not “keep up” with the workload during COVID according to Treasury Inspector General for […]