What to do to fix this thorny problem It is late February and you realize the Form 1099 you received is in error. In fact, it overstates your income by several thousand dollars. What should you do? Gather your facts. Put yourself in the shoes of the vendor, bank or investment company representative. Gather evidence …
Tax Planning Insights: January 2022
This Year's tax return will be as complicated as ever. Here are changes to plan for your situation. Navigate this Year's Tax Season Welcome to the new year! And welcome to another interesting and challenging tax filing season. As you start putting together your materials to file your tax return, here are the major changes …
IRS to Send Recap of Economic Impact and Child Tax Payments
Look for an IRS letter confirming your economic impact payments and advance child tax payments. Here is what you need to know. The IRS recently announced it will be sending out a recap of payments sent to taxpayers for the multiple rounds of Economic Impact Payments and Advanced Child Tax Payments. Here is what you …
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Client Update Newsletter: January 2022
The new year is upon us and so is another tax filing season. With all the late breaking tax law changes, advance payments of the child tax credit, and several stimulus payments, this year's tax return may be a bit chaotic. But your situation does not have to be. Included in this month's newsletter are …
Reminder: Fourth Quarter Estimated Taxes Now Due
If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The 2021 4th quarter due date is now here. Due date: Tuesday, January 18, 2022 You are required to withhold at least 90 percent of your 2021 tax obligation …
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2022 Mileage Rates are Here! New mileage rates announced by the IRS
The IRS increased the standard business mileage rates for 2022 by 2.5 cents, to 58.5 cents per mile. Learn more here. Mileage rates for travel are now set for 2022. The standard business mileage rate increases by 2.5 cents to 58.5 cents per mile. The medical and moving mileage rates also increases by 2 cents …
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Leveraging Kiddie Tax Rules Tax Saving tips for parents and grandparents
A great way to shelter over $1,000 from tax each year is to leverage the kiddie tax rules. Here is what you need to know. Now is the time to take action on reducing next year's tax bill. One area to help reduce your tax obligation is leveraging your kids to the fullest by understanding …
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Tax & Business Newsletter: December 2021
Here are several cash flow management tips to keep your business humming along as we head into 2022. Also read about tips for safeguarding your business's inventory from inside and outside threats. In this issue:Cash Flow Tips for 2022Preventing Inventory TheftHere are some cash flow management tips for your business as we head into a …
Postpone Taxes with a Like-Kind Exchange – The real estate boom creates opportunity
Understanding the like kind exchange rules can help you defer tax when buying real estate, but only if you follow the rules. The tax law provides a valuable tax-saving opportunity to business owners and real estate investors who want to sell property and acquire similar property at about the same time. This tax break is …
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Plan Your 2022 Retirement Contributions
As part of your planning for next year, now is the time to review funding your retirement accounts In 2022. With the cost of living calculations and increases in inflation, higher phaseout limits make many more taxpayers eligible for fully deductible contributions. So plan now to take full advantage of this tax benefit. Here are …
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