Get Ready to Say Goodbye to 100 Percent Bonus Depreciation
All good things must come to an end. On December 31, 2022, one of the best tax deductions ever for businesses will end – 100 percent bonus depreciation. Since late 2017, businesses have used bonus depreciation to deduct 100 percent of the cost of most types of property other than real property. But starting in […]
Buying an Electric Vehicle? Know These Tax Law Changes
There’s good and bad news if you’re in the market for an electric or plug-in hybrid electric vehicle. The good news is that the newly enacted Inflation Reduction Act includes a wholly revamped tax credit for electric vehicles that starts in 2023 and continues through 2032. The bad news is that the credit, now called the […]
Claim Your 2020 and 2021 Employee Retention Credit (ERC)
2022 Last-Minute Year-End Tax Strategies for Marriage, Kids, and Family
Dear Client: Are you thinking of getting married or divorced? If yes, consider December 31, 2022, in your tax planning. Here’s another planning question: Do you give money to family or friends (other than your children, who are subject to the kiddie tax)? If so, you need to consider the zero-taxes planning strategy. And […]
What To Look For In An Accountant
The truth is, it may take a few tries before you find a good accountant that is the right fit for you. Too many business owners and individuals spend years putting up with an accountant who may get the job done, but really doesn’t take the time to understand their unique situation, offer proper business […]
5 Signs It’s Time To Get A New Accountant
Relationships can be tricky, but the one you have with your accountant shouldn’t be. If you often find yourself feeling confused or frustrated with your current accountant, then it may be a sign to start looking for a new accountant. Here are five things to pay attention to that can help determine whether it may […]
Finalizing Your Small Business’ Tax Returns Before The Deadline
The deadline to file taxes is quickly approaching, meaning time is running out to make sure your small business’ tax returns are accurate and ready to submit. Here are the top three things to check over when finalizing your business returns. 1. General business information It seems simple, but always double-check that your business information, […]
Common Tax Mistakes to Avoid for Small Businesses
For a small business owner, trying to file taxes may seem like a burden. The process of compiling paperwork and understanding tax rules is stressful enough, and with merely only 25 percent of small business owners feeling confident that they file their taxes correctly, it’s no doubt there are worries about messing up your business’ […]
Navigating Charitable Donations on Taxes
While the concept of giving is to benefit others, the good deed of putting those before yourself can also have personal benefits. When it comes to taxes, it’s often overlooked that certain charitable donations you make throughout the year can be applied to your deductions and possibly save you money on your tax returns. While […]
Why You Need a Proactive Accountant for Taxes
As your financial life becomes more complicated, the more you will benefit from a proactive accountant who can not only ensure your taxes are filed properly, but also help legally keep more of the money you earn over time. A good proactive accountant for taxes will take the time to understand the unique factors in […]