Tailored Tidbits

Small Business & Individual Tax Briefs

► Why you might want to file early and answers to other tax season questions

► Forms W-2 and 1099-NEC are due to be filed soon

► Tax-saving ways to help pay for college — once your child starts attending

► How the new SECURE 2.0 law may affect your business

► Tax-wise ways to save for college

► Employers should be wary of ERC claims that are too good to be true

► Renting to a relative? Watch out for tax traps

► The standard business mileage rate is going up in 2023

► A Dozen Ways the SECURE 2.0 Law Helps Individuals and Employees

► How to minimize the S corporation LIFO recapture tax

► 2023 Q1 tax calendar: Key deadlines for businesses and other employers

► Do you qualify for the QBI deduction? And can you do anything by year-end to help qualify?

► Answers to your questions about taking withdrawals from IRAs

► Choosing a business entity? Here are the pros and cons of a C corporation

► Strategies for investors to cut taxes as year-end approaches

► Intangible assets: How must the costs incurred be capitalized?

► Year-end giving to charity or loved ones

► Is your business closing? Here are your final tax responsibilities

► How savings bonds are taxed

► Computer software costs: How does your business deduct them?

► Adopting a child? Bring home a tax break too

► 2023 limits for businesses that have HSAs — or want to establish them

► How inflation will affect your 2022 and 2023 tax bills

► Inflation means you and your employees can save more for retirement in 2023

► You may be liable for “nanny tax” for all types of domestic workers

► Employers: In 2023, the Social Security wage base is going up

► Plan now to make tax-smart year-end gifts to loved ones

► Providing fringe benefits to employees with no tax strings attached

► Social Security Recipients Will Receive a Large Increase in 2023

► Tax and other financial consequences of tax-free bonds

► What local transportation costs can your business deduct?

► Investing in the future with a 529 education plan

► Worried about an IRS audit? Prepare in advance

► Year-end tax planning ideas for individuals

► Work Opportunity Tax Credit provides help to employers

► Don’t forget income taxes when planning your estate

► 2022 Q4 tax calendar: Key deadlines for businesses and other employers

► Seller-paid points: Can homeowners deduct them?

► Separating your business from its real estate

► Is your income high enough to owe two extra taxes?

► Year-end tax planning ideas for your small business

► The Inflation Reduction Act: What’s in it for you?

► Inflation Reduction Act provisions of interest to small businesses

► Home sweet home: Do you qualify for office deductions?

► Self-employed? Build a nest egg with a solo 401(k) plan

► An “innocent spouse” may be able to escape tax liability

► The House and Senate Pass the Wide-Ranging Inflation Reduction Act

► Why an LLC might be the best choice of entity for your business

► Estimated tax payments: Who owes them and when is the next one due?

► Is your business required to report employee health coverage?

► Is your withholding adequate? Here’s how to check

► How to treat business website costs for tax purposes

► How to avoid the early withdrawal tax penalty on IRA distributions

► Three tax breaks for small businesses

► The kiddie tax: Does it affect your family?

► Important considerations when engaging in a like-kind exchange

► Interested in an EV? How to qualify for a powerful tax credit

► The tax obligations if your business closes its doors

► How disability income benefits are taxed

► How do taxes factor into an M&A transaction?

► Vehicle expenses: Can individual taxpayers deduct them?

► 2022 Q3 tax calendar: Key deadlines for businesses and other employers

► Five tax implications of divorce

► Businesses will soon be able to deduct more under the standard mileage rate

► Your estate plan: Don’t forget about income tax planning

► Is your corporation eligible for the dividends-received deduction?

► Social Security benefits: Do you have to pay tax on them?

► Help when needed: Apply the research credit against payroll taxes

► Is it a good time for a Roth conversion?

► Calculating corporate estimated tax

► The ins and outs of Series EE savings bond taxation

► Partners may have to report more income on tax returns than they receive in cash

► IRA charitable donations: An alternative to taxable required distributions

► Businesses: Prepare for the lower 1099-K filing threshold

► Caring for an elderly relative? You may be eligible for tax breaks

► Inflation enhances the 2023 amounts for Health Savings Accounts

► Valuable gifts to charity may require an appraisal

► Businesses may receive notices about information returns that don’t match IRS records

► Want to turn a hobby into a business? Watch out for the tax rules

► The tax mechanics involved in the sale of trade or business property

► Thinking about converting your home into a rental property?

► Tax considerations when adding a new partner at your business

► Once you file your tax return, consider these 3 issues

► Tax issues to assess when converting from a C corporation to an S corporation

► Selling mutual fund shares: What are the tax implications?

► Fully deduct business meals this year

► It’s almost that time of year again! If you’re not ready, file for an extension

► 2022 Q2 tax calendar: Key deadlines for businesses and other employers

► The tax rules of renting out a vacation property

► Taking the opposite approach: Ways your business can accelerate taxable income and defer deductions

► When inheriting money, be aware of “income in respect of a decedent” issues

► Establish a tax-favored retirement plan

► Lost your job? Here are the tax aspects of an employee termination

► Does your business barter? Here are some facts you should know

► Are you ready for the 2021 gift tax return deadline?

► Can you deduct the costs of a spouse on a business trip?

► Commission fraud: When salespeople get paid more than they’ve earned

► Married couples filing separate tax returns: Why would they do it?

► Making withdrawals from your closely held corporation that aren’t taxed as dividends

► Did you give to charity in 2021? Make sure you have substantiation

► Important tax aspects of operating your business as a sole proprietor

► The Ins and Outs of IRAs

► Keeping meticulous records is the key to tax deductions and painless IRS audits

► Keeping meticulous records is the key to tax deductions and painless IRS audits

► Entrepreneurs and taxes: How expenses are claimed on tax returns

► Numerous tax limits affecting businesses have increased for 2022

► How will revised tax limits affect your 2022 taxes?

► Businesses with employees who receive tips may be eligible for a tax credit

► Defer tax with a like-kind exchange

► 7 Personal Financial Resolutions for 2022

► 2022 Q1 tax calendar: Key deadlines for businesses and other employers

► How are court awards and out-of-court settlements taxed?

► Providing a company car? Here’s how taxes are handled

► Feeling generous at year end? Strategies for donating to charity or gifting to loved ones

► With year-end approaching, 3 ideas that may help cut your tax bill

► Small businesses: There still may be time to cut your 2021 taxes

► New digital asset reporting requirements will be imposed in coming years

► Infrastructure law sunsets Employee Retention Credit early

► Businesses can show appreciation — and gain tax breaks — with holiday gifts and parties

► Many factors are involved when choosing a business entity

► Would you like to establish a Health Savings Account for your small business?

► Employers: The Social Security wage base is increasing in 2022

► Get your piece of the depreciation pie now with a cost segregation study

► New per diem business travel rates became effective on October 1

► 2021 Q4 tax calendar: Key deadlines for businesses and other employers

► M&A transactions: Be careful when reporting to the IRS

► Tax depreciation rules for business automobiles

► Tax breaks to consider during National Small Business Week

► Claiming a theft loss deduction if your business is the victim of embezzlement

► Want to find out what IRS auditors know about your business industry?

► Getting a divorce? Be aware of tax implications if you own a business

► Possible tax consequences of guaranteeing a loan to your corporation

► Large cash transactions with your business must be reported to the IRS

► Don’t Miss These Often-Overlooked Overtime Pay Requirements

► The deductibility of corporate expenses covered by officers or shareholders

► Getting a new business off the ground: How start-up expenses are handled on your tax return

► Who in a small business can be hit with the “Trust Fund Recovery Penalty?”

► 10 facts about the pass-through deduction for qualified business income

► Eligible Businesses: Claim the Employee Retention Tax Credit

► Traveling for business again? What can you deduct?

► 2021 Q3 tax calendar: Key deadlines for businesses and other employers

► Recordkeeping DOs and DON’Ts for business meal and vehicle expenses

► Hiring your minor children this summer? Reap tax and nontax benefits

► The IRS has announced 2022 amounts for Health Savings Accounts

► An S corporation could cut your self-employment tax

► Help ensure the IRS doesn’t reclassify independent contractors as employees

► Providing education assistance to employees? Follow these rules

► Claiming the business energy credit for using alternative energy

► Know the ins and outs of “reasonable compensation” for a corporate business owner

► Simple retirement savings options for your small business

► Tax advantages of hiring your child at your small business

► Need a new business vehicle? Consider a heavy SUV

► Is an S corporation the best choice of entity for your business?

► Business highlights in the new American Rescue Plan Act

► Launching a small business? Here are some tax considerations

► Work Opportunity Tax Credit extended through 2025