As a taxpayer and business owner, you may be considering converting your personal vehicle to business use. This decision can offer significant tax and financial advantages, but it’s crucial to understand the process and legal implications. Here’s a step-by-step guide to help you navigate this transition.
Gift and estate taxes are both part of the federal transfer tax system and are interconnected. Gift tax applies to transfers of wealth during a person’s lifetime. If a person gives another person a gift that exceeds the annual gift tax exclusion ($17,000 in 2023), the giver (also referred to as the donor) may have […]
December 1 – Employers During December, ask employees whose withholding allowances will be different in 2024 to fill out a new Form W4 or Form W4(SP).
December 1 – Time for Year-End Tax PlanningDecember is the month to take final actions that can affect your tax result for 2023. Taxpayers with substantial increases or decreases in income, changes in marital status or dependent status, and those who sold property during 2023 should call for a tax planning consultation appointment.
