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.
As tax time approaches, here are some tax issues that taxpayers frequently overlook, ranging from obscure deductions to overlooked tax credits and benefits. Of course, not everything can be included since the tax law has grown significantly in complexity, and it would take a thick book to list everything. But besides what you are probably […]
Despite warnings from the IRS, the American Institute of CPAs, and other professional tax preparer societies, many business owners have fallen victim to aggressive marketing of the Employee Retention Credit (ERC) by marketers or promoters into filing ineligible claims. As part of a larger effort to protect small businesses and organizations from scams, the IRS […]
Have you been thinking of making home improvements? If so, and they include energy saving improvements, you may qualify for some substantial income tax credits. Even if home improvements aren’t currently on your to-do list, with the increasing cost of energy you may find that energy saving home improvements, along with the tax credits that […]
Starting a business can seem daunting to the prospective entrepreneur. A step-by-step plan to get started can alleviate some of the angst. The cost of getting started is one of the first considerations. These costs can be identified and addressed in a solid business plan.
IRS Announced a Novel Way for Taxpayers to Donate to Maui Wildfire Relief As they have done before in the wake of disasters, including Hurricane Katrina, Superstorm Sandy, COVD-19, and Ukrainian relief, the Internal Revenue Service is allowing special contributions for Maui wildfire relief. It permits employees to donate their unused paid vacation, sick leave, […]
Have you ever dreamed of winning the Powerball jackpot? The allure of sudden wealth and financial freedom is undeniable, but there’s one thing that many winners overlook until it’s tax season – the substantial tax bill that comes with their lucky break. Winning the Powerball lottery isn’t just about celebrating. It’s about understanding the tax […]
