by Admin | Oct 27, 2022 | Business Taxes, Entrepreneurial
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...
by Admin | Oct 17, 2022 | Business Taxes, Individual Taxes
You may qualify to have certain penalties removed or reduced if you acted with reasonable cause and in good faith. On This Page Reasonable CauseFailure to File or Pay PenaltiesAccuracy-Related PenaltiesInformation Return PenaltiesApply for a Payment PlanHow to Request...
by Admin | Oct 1, 2022 | Business Taxes, Individual Taxes, Tax Planning
October 2022 Individual Due Dates October 11 – Report Tips to EmployerIf you are an employee who works for tips and received more than $20 in tips during September, you are required to report them to your employer on IRS Form 4070 no later than October 11. Your...
by Admin | Sep 28, 2022 | Business Taxes, Individual Taxes, Tax Planning
Child Tax Credit The child tax credit is going back to its pre-2021 form. That means the 2022 credit amount drops back down to $2,000 per child. Children who are 17 years old don’t qualify for the credit this year, because the former age limit (16 years old)...
by Admin | Sep 15, 2022 | Business Taxes, Tax Planning
Basic things all businesses should know about excise tax. (2022, August 1). Internal Revenue Service. Retrieved August 11, 2022, from https://www.irs.gov/newsroom/basic-things-all-businesses-should-know-about-excise-tax “Excise tax is an indirect tax on specific...
by Admin | Sep 14, 2022 | Business Taxes, Individual Taxes
“With income tax filing season already upon us, some small business owners are likely thinking of finding an accountant or other tax professional, or maybe changing over to a new one. “Ideally, the search for a new certified public accountant takes place...
