The time to make moves that limit your income taxes for the 2022 tax year is quickly closing. Schedule a year-end tax planning session today. Tip Category: Planning Before 2022 comes to a close, take some time to review these essential items to ensure you are not missing something that could cause tax trouble when …
Month: November 2022
Plan Your 2023 Retirement Contributions
Now is the time to plan next year's retirement contributions. Here's what you need to know. Tip Category: Planning As part of your planning for next year, now is the time to review funding your retirement accounts in 2023. Recent cost of living calculations means much higher contribution limits for next year. Plus the higher …
Triple Tax: aka The Lottery
Lotteries are a very effective way to TRIPLE tax the poor. Here's how it works. Category: Your Income Now that the dust has settled on the big lottery winnings, it is worthwhile to see how the tax math works. Seen in the light of day, it is a great way for federal and state governments …
Should You Expense or Depreciate Your Capital Asset?
Section 179 and bonus depreciation let you take larger, short-term deductions for capital purchases. Does it make sense for your business to take advantage? Tip Category: Deductions If you own a business, you know that you may accelerate the expensing of qualified capital purchases. This can be done within two special provisions in the tax …
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