Our Financial Blog
December 2022 Individual Due Dates
December 1 - Time for Year-End Tax PlanningDecember is the month to take final actions that can affect your tax result for 2022. Taxpayers with substantial increases or decreases in income, changes in marital status or dependent status, and those who sold property...
Planned Minimum Wage Increase for Virginia 2023
The new minimum wage in Virginia increases to $12 on Jan. 1, 2023. Unlike other states, Virginia does not exempt tipped workers from the state mandated minimum wage. Tipped employees (those who regularly receive more than $30.00 a month in tips) may be paid at the...
401(k) Limit Increases to $22,500 for 2023, IRA Limit Rises to $6,500
The Internal Revenue Service announced that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. The IRS today also issued technical guidance regarding all of the cost of living adjustments affecting...
Tax Benefits for Holiday Family Employment
Along with the holidays comes a lot of extra work for many family-run businesses, which may require putting the kids to work and having a spouse help out over the busy time. There are special tax rules when hiring your children and also for your spouse, depending on...
Is This an Opportune Time to Convert Your Traditional IRA to a Roth IRA?
If your traditional IRA is invested in stocks and/or mutual funds, the recent substantial downward slide by the stock markets may provide a unique opportunity to convert your traditional IRA to a Roth IRA at a low cost, and then benefit when the markets recover. Why...
Steps Your Business Can Take to Survive a Recession
According to one recent study, there is a 96% chance that the United States will experience some form of economic recession within the next 12 months. If you needed a single statistic to underline the importance of planning ahead when it comes to your business, let it...
2023 Social Security Wage Base Increases to $160,200
2023 Social Security Cost-Of-Living Increase Highest In 40 Years Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 8.7 percent in 2023, the Social Security Administration announced. On average, Social...
Employers warned to beware of third parties promoting improper Employee Retention Credit claims
The Internal Revenue Service warned employers to be wary of third parties who are advising them to claim the Employee Retention Credit (ERC) when they may not qualify. Some third parties are taking improper positions related to taxpayer eligibility for and computation...
IRS provides tax inflation adjustments for tax year 2023
The Internal Revenue Service announced the tax year 2023 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2022-38 provides details about these annual adjustments. New for 2023 The...
Taxpayers with an outstanding tax bill should consider an Offer in Compromise
An Offer in Compromise can be an effective way individuals and businesses to settle federal tax debt. This federal program allows taxpayers to enter into an agreement, with the IRS, that settles a tax debt for less than the full amount owed. Sometimes taxpayers are...
Identity Theft Information for Businesses
Identity theft is a serious threat to business, partnership, estate and trust filers. Thieves may steal sensitive information to file a fraudulent tax return for a refund or to commit other crimes. All taxpayers must be alert and on guard at all times. It is important...
Personal Finance Tips from Warren Buffett
There are a lot of seasoned investors out there who have made a lot of money on things like the stock market over the years. They've done their research, they've made choices that they believe in, and they have been rewarded handsomely because of it. Any one of these...
Despite COVID-19 Pandemic, Record 96% of U.S. Households Were Banked in 2021
Latest FDIC national survey finds record low six million households remain unbanked Despite unprecedented economic challenges posed by the COVID-19 pandemic, nearly 96 percent of U.S. households were banked in 2021, according to the latest national survey released...
Will a Small Business Grant Help Your Organization? Breaking Things Down
According to one recent study, there are currently more than 32 million small businesses operating in the United States. For the sake of discussion, know that this term refers to those organizations with fewer than 500 employees. To put that number into perspective,...
Virginia Grocery Sales Tax Reduction for 2023
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Research Credit Potentially Doubled By The Inflation Reduction Act
The Inflation Reduction Act that President Biden signed into law back in August, has a lesser-known provision that could benefit many small business startups, allowing them to potentially double the amount of the research and development tax credit they can claim from...
Adjust Tax Withholding Now to Pay the Proper Amount of Tax
The Internal Revenue Service urged taxpayers to check their tax withholding while there’s time left in 2022 to benefit from any necessary changes. An adjustment made now will help people avoid a big surprise, such as a big refund or a balance due, at tax time in 2023....
IRS Warns Taxpayers to Stay Vigilant as Texting Scams Surge
October is Cybersecurity Awareness Month. The IRS and the Security Summit partners warn everyone to be on the lookout for scams and schemes that could put sensitive tax data at risk, especially IRS-themed texting scams aimed at stealing personal and...
Employers Urged to Electronically File Payroll Tax Returns by Oct. 31
The Internal Revenue Service reminded employers to file the next quarterly payroll tax return by the approaching Oct. 31, 2022, due date, and urged them to do so electronically. While paper filing is available, the IRS strongly encourages e-filing. E-filing is the...
Increased Tax Credits for Home Builders
As part of the Inflation Reduction Act, passed in August 2022, modifying Internal Revenue Code Sec. 45L, contractors will benefit from the increased tax credit for building Energy Efficient New Homes effective January 1, 2023. In addition, this credit that had...