If you have purchased, owned, sold, gifted, made purchases with, or used cryptocurrency in business transactions, there are certain tax issues you need to know about. Unfortunately, there are some unanswered questions and little specific guidance offered by the IRS …
2022 Standard Mileage Rates Announced
As it does every year, the Internal Revenue Service recently announced the inflation- adjusted 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, …
Does Your Business Need to File Forms 1099-NEC or 1099-MISC?
If you use independent contractors to perform services for your business, for each one that you pay $600 or more for the year, you are required to issue the worker and the IRS a Form 1099-NEC no later than January …
Start 2022 Off Right: Clean Up QuickBooks
Is Your QuickBooks company file ready for 2022? Three things you can do to put things in order. January is always such a transitional month. You’re trying to wrap up everything that didn’t get done during a hectic December. At …
10 Tax-Saving Strategies to Consider Before Year-End
It seems hard to believe, but the holiday season is almost upon us, and that means that the 2021 tax preparation season will soon follow. With the end of the tax year just around the corner, tax-savvy individuals need to …
Congress Terminates the Employee Retention Credit Early
President Biden signed the Infrastructure Investment and Jobs Act (IIJA) into law on November 15, 2021. One of the provisions of that legislation retroactively terminated the employee retention credit (ERC) early. The credit was previously available to eligible employers for …
Tax Benefits When Saving for College Education
A common question among parents is, “How might I save for a child’s post-secondary education in a tax beneficial way?” The answer depends on how much the education is expected to cost and how much time is left until the …
Here’s What Happened in the World of Small Business in October 2021
Here’s What Happened in the World of Small Business in October 2021 Here are five things that happened this past month that affect your business. 1) Higher corporate rate appears to fall out of economic package Biden’s advisers said that …