IRS Announces Mid-Year Optional Vehicle Mileage Rate Increase

by Admin | Jul 1, 2022 | Business Taxes, Entrepreneurial, Individual Taxes, Tax Planning

With gas prices soaring it has been expected the IRS would increase the mileage rate that business owners can deduct for vehicle use instead of keeping a record of actual expenses. Sure enough, the IRS recently announced a 4-cent increase in the optional mileage rate...

With a Possible Recession Looming, You May Want to Review Your Cash Flow Process

by Admin | Jun 28, 2022 | Business Taxes, Entrepreneurial, Tax Planning

If you’re a business owner who has been through a recession before, you know that smart cash flow management is absolutely crucial. If you’re a new entrepreneur who hasn’t been through an economic downturn, you may be less familiar with how quickly your finances can...

Important Times to Seek Assistance

by Admin | Jun 23, 2022 | Business Taxes, Entrepreneurial, Individual Taxes, Retirement, Tax Planning

Waiting for your regular appointment to discuss current tax-related issues can create problems or cause you to miss out on beneficial options that need to be timely exercised before year-end. Generally, you should call this office any time you have a substantial...

Best Practices for Managing Your Business Through an Economic Downturn

by Admin | Jun 19, 2022 | Business Taxes, Entrepreneurial, Tax Planning

The United States economy is nothing if not cyclical – which can be a good thing or a bad thing depending on when, exactly, you’re trying to operate a business. According to one recent study, roughly 57% of small business owners say that they fear the U.S....

Part-Time Bookkeeper is Responsible for Employer’s Delinquent Payroll Taxes

by Admin | Jun 9, 2022 | Business Taxes, Entrepreneurial, Tax Scams

A part-time bookkeeper is liable for his employer’s unpaid payroll taxes.  He owes the 100% trust fund penalty for willful failure to deposit.  He was an hourly employee of a doctor’s office and took care of the business’s payroll.  Although he knew...

Summer Employment for Your Child

by Admin | Jun 2, 2022 | Business Taxes, Entrepreneurial, Individual Taxes, Tax Planning

Summer is almost here, and your children may be looking for a summer job. The standard deduction for single individuals increased from $12,550 in 2021 to $12,950 in 2022, meaning your child can now make up to $12,950 from working without paying any income tax on their...