There are many ways people plan for retirement. Individual Retirement Arrangements, or IRAs, are a common one. IRAs provide tax incentives for you to make investments that can provide financial security for you and your family once you retire. These accounts can be with a bank or other financial institution,
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A Primer on Business Related Travel Deductions
Business travel can be costly. Hotel bills, airfare or train tickets, cab fare, public transportation – it can all add up fast. The good news is that if you travel for business, you may be able off-set some of those costs by claiming business travel deductions when you file your
Increased Mileage Rate for Remainder of 2022
The Internal Revenue Service announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes. For the final 6 months of 2022,
Kids, Summer Jobs, and Taxes
A lot of young people find themselves going into business each summer. Jobs like babysitting, lawn mowing, and dog walking teach responsibility and the value of hard work. But they also might come with an unexpected tax bill, because – whether they realize it or not – many of these
It’s Time to Review Your Federal Withholding
It’s that time of year again. Summertime! The time of year when we all enjoy warm weather, vacation, and reviewing our federal tax witholding. Well, maybe we don’t all enjoy reviewing our federal tax witholding, but it’s definitely something that we all should do each year. And summertime is a
Summertime Tax Planning Tips
Now that Memorial Day has passed, many people are thinking more about summer vacations than taxes. But summer is a great time to review withholding and see if your summer plans will affect next year’s tax return. Here are some common summertime tax situations and tips to help you figure
Work Opportunity Tax Credit Extended
Everyone knows that it’s tough to find employees right now. It seems like every business has a “Help Wanted” sign in their front window. With the employment market so tight, the federal government has taken steps through the Work Opportunity Tax Credit (WOTC) to encourage businesses to consider employees that
Tax Benefits for Small Businesses
It’s tough owning a small business in the current environment. It can be difficult to get needed supplies, prices keep going up, and it can be stressful trying to grow your business. Luckily there are a few tax breaks that can make running a business a little bit easier. Enhanced
Resolving After-Tax-Day Issues
The April 18th income tax deadline has come and gone, but that doesn’t mean that everyone is finished dealing with their taxes. Many people, for a variety of reasons, might still have some loose ends from this past tax season that need to be tied up. Here are some of
Is It a Hobby or Business?
Most people have a hobby. Maybe it’s scrapbooking, or maybe it’s restoring vintage cars. Our hobbies are important because they help us relax from the stress of everyday life and because they bring us enjoyment. But what happens when someone with a scrapbooking hobby starts to sell some of his