Accounting & Finance

Thinking of buying a new car in 2023? The IRS is on your side with some great credits, but you have to follow the strict conditions. Read below to see if you’re eligible. Credits for New Clean Vehicles Purchased in 2023 or Later If you buy a new plug-in electric vehicle (EV) or fuel cell…

Many small business owners hire friends and family or have employees who have been with them for years. They may also have vendors they have become close with and do business with regularly. It is easy for small business owners to become lax in their oversight as they trust their employees and other close business…

Business owners need to be aware of the Employee Retention Credit. It can be very lucrative if you qualify. This video provides an overview.

Portability is often an effective, go-to estate planning strategy that could make a considerable difference for taxes owed on larger estates, especially with today’s generous exemption amounts. In a recent ruling, the IRS took steps to make filing for portability even easier. More Time to Make the Election Revenue Procedure 2022-32 now grants a surviving…

The term “accounts payable” encompasses almost all the non-payroll payments a business makes. It’s an integral part of your company’s financial statements. If you fail to track billing properly, the ramifications can be costly; compromised vendor relationships can lead to production and supply problems, creating cascading problems. It’s important to get it right. The accounts…

The Federal Insurance Contributions Act (FICA) mandates that employers have to withhold, and also match, certain taxes. FICA consists of Social Security (formally known as the Old-Age, Survivors and Disability Insurance, or OASDI) and the Medicare taxes. The current tax rate for the Social Security tax is 6.2 percent for the employer and 6.2 percent…

The Taxpayer Certainty and Disaster Tax Relief Act of 2020 generally extends through the end of 2021 four temporary tax changes originally enacted by the CARES Act. Here is a summary of the provisions (more details are available on the IRS site): Deduction for individuals who don’t itemize; cash donations up to $600 qualify Ordinarily, individuals…

The end of the year always means the possibility of last-minute tax changes, and this year, that’s especially true. Some of the new legislation may mean major changes starting in the new year, but other proposed bills, such as new capital gains and qualified dividend tax rates, may take effect retroactively. And taxes on the…