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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 [...]

By |2023-02-08T07:15:11-08:00February 8, 2023|Business|Comments Off on The standard business mileage rate is going up in 2023

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 [...]

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

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 [...]

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

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

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $160,200 for 2023 (up from $147,000 for 2022). Wages and self-employment income above this threshold aren’t subject to Social Security tax. Basics about [...]

By |2023-01-11T09:56:57-08:00December 28, 2022|Business|Comments Off on Employers: In 2023, the Social Security wage base is going up

What local transportation costs can your business deduct?

You and your small business are likely to incur a variety of local transportation costs each year. There are various tax implications for these expenses. First, what is “local transportation?” It refers to travel in which you aren’t away from your [...]

By |2023-01-09T09:53:18-08:00December 5, 2022|Business|Comments Off on What local transportation costs can your business deduct?

Worried about an IRS audit? Prepare in advance

IRS audit rates are historically low, according to a recent Government Accountability Office (GAO) report , but that’s little consolation if your return is among those selected to be examined. Plus, the IRS recently received additional funding in the Inflation Reduction [...]

By |2023-01-09T09:54:35-08:00November 21, 2022|Business|Comments Off on Worried about an IRS audit? Prepare in advance

Separating your business from its real estate

Does your business need real estate to conduct operations? Or does it otherwise hold property and put the title in the name of the business? You may want to rethink this approach. Any short-term benefits may be outweighed by the tax, [...]

By |2023-01-09T09:55:54-08:00November 7, 2022|Business|Comments Off on Separating your business from its real estate
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