by Admin | Dec 7, 2022 | Tax Planning
For a full list of changes, please see our blog post: https://methodcpa.com/2022-tax-changes/ The Internal Revenue Service encouraged taxpayers to take important actions this month to help them file their 2022 federal tax returns. This is the second in a series of...
by Admin | Dec 7, 2022 | Business Taxes, Entrepreneurial, Individual Taxes, Tax Planning
This is our annual reminder that if you use workers other than employees to perform services for your business and pay them $600 or more for the year, you are required to issue each one a Form 1099-NEC after the end of the year to avoid facing the loss of the...
by Admin | Dec 7, 2022 | Business Taxes, Entrepreneurial, Tax Planning
It is common practice this time of year for employers to give their employees gifts. Where a gift is infrequently offered and has a fair market value so low that it is impractical and unreasonable to account for it, the gift’s value would be treated as a de minimis...
by Admin | Dec 1, 2022 | Retirement, Tax Planning
No matter how much people plan, unexpected events occur. Often, those events result in unplanned expenses. To cover these costs sometimes people, withdraw funds from their retirement savings early. While this may seem like an easy way to get cash quick, early...
by Admin | Dec 1, 2022 | Tax Planning
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...
by Admin | Nov 29, 2022 | Business Taxes, Entrepreneurial, Tax Planning
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...
