13 02, 2023

Renting to a relative? Watch out for tax traps

By |2023-02-15T10:43:55-08:00February 13, 2023|Individual|Comments Off on Renting to a relative? Watch out for tax traps

If you own a home and rent it to a relative, you may be surprised to find out there could be tax consequences. Quick rundown of the rules Renting out a home or apartment that you own may result in a [...]

8 02, 2023

The standard business mileage rate is going up in 2023

By |2023-02-15T10:44:56-08:00February 8, 2023|Business|Comments Off on The standard business mileage rate is going up in 2023

Although the national price of gas is a bit lower than it was a year ago, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2023. The IRS [...]

6 02, 2023

Is your withholding adequate? Here’s how to check

By |2023-02-15T10:47:20-08:00February 6, 2023|Individual|Comments Off on Is your withholding adequate? Here’s how to check

When you filed your federal tax return this year, were you surprised to find you owed money? You might want to change your withholding so that this doesn’t happen again next year. You might even want to adjust your withholding if [...]

1 02, 2023

Is your business closing? Here are your final tax responsibilities

By |2023-02-06T10:55:19-08:00February 1, 2023|Business|Comments Off on Is your business closing? Here are your final tax responsibilities

Businesses shut down for many reasons. Some of the reasons that businesses shutter their doors: An owner retirement, A lease expiration, Staffing shortages, Partner conflicts, and Increased supply costs. If you’ve decided to close your business, we’re here to assist you [...]

30 01, 2023

Answers to your questions about taking withdrawals from IRAs

By |2023-01-30T08:52:20-08:00January 30, 2023|Individual|Comments Off on Answers to your questions about taking withdrawals from IRAs

As you may know, you can’t keep funds in your traditional IRA indefinitely. You have to start taking withdrawals from a traditional IRA (including a SIMPLE IRA or SEP IRA) when you reach age 72. The rules for taking required minimum [...]

25 01, 2023

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

By |2023-01-30T08:52:53-08:00January 25, 2023|Business|Comments Off on 2023 limits for businesses that have HSAs — or want to establish them

No one needs to remind business owners that the cost of employee health care benefits keeps going up. One way to provide some of these benefits is through an employer-sponsored Health Savings Account (HSA). For eligible individuals, an HSA offers a [...]

23 01, 2023

Don’t forget income taxes when planning your estate

By |2023-01-30T08:53:12-08:00January 23, 2023|Individual|Comments Off on Don’t forget income taxes when planning your estate

As a result of the current estate tax exemption amount ($12.06 million in 2022), many estates no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. But [...]

18 01, 2023

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

By |2023-01-18T11:24:11-08:00January 18, 2023|Business|Comments Off on Inflation means you and your employees can save more for retirement in 2023

How much can you and your employees contribute to your 401(k)s next year — or other retirement plans? In Notice 2022-55, the IRS recently announced cost-of-living adjustments that apply to the dollar limitations for pensions, as well as other qualified retirement [...]

16 01, 2023

How savings bonds are taxed

By |2023-01-18T11:24:30-08:00January 16, 2023|Individual|Comments Off on How savings bonds are taxed

Many people have savings bonds that were purchased many years ago. Perhaps they were given to your children as gifts or maybe you bought them yourself. You may wonder how the interest you earn is taxed. And if they reach final [...]

11 01, 2023

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

By |2023-01-11T09:33:46-08:00January 11, 2023|Business|Comments Off on 2023 Q1 tax calendar: Key deadlines for businesses and other employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. If you have questions [...]

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