Archived Posts: tax tips

Tax Tips for February 2024

Tax Tips for February 2024

by | Feb 1, 2024 |

Click on the links below to jump to each section in this article: There May Still Be Time to Lower Your 2023 Tax Bill Deductions vs. Credits: What's the Difference? ERC Voluntary Disclosure Program Available for a Limited Time   There May Still Be Time to Lower Your 2023 Tax Bill The 2023 individual income tax return filing season will open soon. Even if you typically don't file until much closer to the April 15 deadline (or you file for an extension), consider filing earlier this year....

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Tax Tips for February 2024

Tax Tips for January 2024

by | Jan 15, 2024 |

Click on the links below to jump to each section in this article: One Reason to File Your 2023 Tax Return Early Did You Get Married in 2023? 2024 vehicle mileage rates   One Reason to File Your 2023 Tax Return Early The 2023 individual income tax return filing season will open soon. Even if you typically don't file until much closer to the April 15 deadline (or you file for an extension), consider filing earlier this year. Why? You may be able to protect yourself from tax identity theft....

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Tax Tips for November 2023

Tax Tips for November 2023

by | Nov 1, 2023 |

Click on the links below to jump to each section in this article: New Per Diem Rates for Business Travel Follow IRS Rules to Nail Down a Charitable Tax Deduction Withdrawing ERC Claims   New Per Diem Rates for Business Travel The IRS has announced the per diem rates for ordinary and necessary business travel expenses in fiscal year 2023-24: When using the high-low substantiation method, the rate for travel to high-cost localities is $309 per day and the rate for all other continental...

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Tax Tips for November 2023

Tax Tips for October 2023

by | Oct 27, 2023 |

Click on the links below to jump to each section in this article: IRS Suspends Processing of New ERC Claims What Exactly Is a “Small Business”? Tax Treatment of Cryptocurrency   IRS Suspends Processing of New ERC Claims The IRS is continuing to warn businesses about aggressive marketing by nefarious actors involving the Employee Retention Credit (ERC). It has suspended the processing of ERC claims until at least year end because of a spike in the number of fraudulent claims. The IRS has...

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Tax Tips for April 2022

Tax Tips for April 2022

by | Apr 29, 2022 |

Click on the links below to jump to each section in this article: File on Time Even if You Can't Pay What To Do if You're Missing Important Tax Documents Tax Credits To Help Cover Costs of Higher Education Small Business: Rent Expenses May Be Tax-deductible Taxpayer Rights: Pay No More Than the Correct Amount File on Time Even if You Can't Pay Generally, taxpayers should file their tax returns by the deadline even if they cannot pay the total amount due, but if you can't, there are several...

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Tax Tips for October 2021

Tax Tips for October 2021

by | Oct 29, 2021 |

Click on the links below to jump to each section in this article: Federal Per Diem Rates Updated for FY 2022 IRAs: Terms to Know E-Signatures Extended for Many Tax Forms Closing Your Business: A Tax Checklist Reporting Gambling Income and Losses Federal Per Diem Rates Updated for FY 2022 Per diem rates have been updated for FY 2022 and are effective October 1, 2021. These allowances substantiate the amount of ordinary and necessary business expenses paid or incurred while traveling away from...

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Tax Tips for October 2021

Tax Tips for September 2021

by | Sep 28, 2021 |

Click on the links below to jump to each section in this article: Extension Deadline Looming for 2020 Tax Returns Reminder: Protect Yourself From Scammers Gross Receipts Safe Harbor for Employers Claiming ERC How To Get an Identity Protection Pin Tax Planning: Facts About Credits and Deductions Extension Deadline Looming for 2020 Tax Returns Time is running short for taxpayers who requested an extra six months to file their 2020 tax return. As a reminder, Friday, October 15, 2021, is the...

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Tax Tips for October 2021

Tax Tips for August 2021

by | Aug 31, 2021 |

Click on the links below to jump to each section in this article: Start Planning Now for Next Year's Tax Return A Tax Checklist for Newly Married Couples Choosing a Payroll Services Provider Repaying Deferred Social Security Tax Keeping Good Tax Records Is Essential Start Planning Now for Next Year's Tax Return This year's tax deadline may have come and gone, but it's never too early to start planning for next year. With that in mind, here are five things you can do now to make next April 15...

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Tax Tips for October 2021

Tax Tips for July 2021

by | Jul 28, 2021 |

Click on the links below to jump to each section in this article: 10 Tips to Help You Start Saving for Retirement What to Know About Backup Withholding Six Steps to Protect Against Taxpayer ID Theft Tips for Taxpayers With Hobby Income It's Hurricane Season: Safeguarding Tax Records 10 Tips to Help You Start Saving for Retirement It's never too late to start, but the sooner you begin saving, the more time your money has to grow. Gains each year build on the prior year's gains - that's the...

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Tax Tips for October 2021

Tax Tips for June 2021

by | Jun 29, 2021 | ,

Click on the links below to jump to each section in this article: How to Check the Status of Your Tax Refund Payment for Refundable Child Tax Credit Starts July 15 HSA Limits Increase for 2022 What is an Economic Impact Notice? Tips for Students with a Summer Job   How to Check the Status of Your Tax Refund   Taxpayers can start checking their tax refund status within 24 hours after receiving an e-filed return. The easiest and most convenient way to do this is by using the Where's My...

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