IRS releases new tax Brackets

IRS new tax brackets and standard deduction could save some families hundreds or even thousands of dollars. Now, for the bad news. – MarketWatch https://on.mktw.net/3TAkgHN

Deductions for business expenses

Do you operate a small business? You can deduct the costs involved in bringing in new customers and keeping existing ones, including advertising and marketing expenses. The expenses must be ordinary (common in your industry) and necessary (appropriate for your business). The IRS reminds business owners that among the expenses you generally can’t deduct are […]

A “needs improvement” grade given to the IRS

Following a recent audit, the Treasury Inspector General for Tax Administration (TIGTA) basically issued a “needs improvement” grade to the IRS. TIGTA examined the agency’s compliance with legal restrictions on using records of tax enforcement results when evaluating employees. It found “instances of noncompliance,” including improper designation of workers, failure to maintain documentation and uneven […]

IRS releases 2023 tax brackets

The IRS has released the 2023 Tax Brackets. Find them here:https://bit.ly/3VDfGKB

Crypto-Asset Reporting Framework

It’s no secret that some international criminals use cryptocurrency for illegal transactions and to evade tax authorities. The Organization for Economic Co-operation and Development recently proposed the Crypto-Asset Reporting Framework (CARF) to help the Group of 20 (G20) countries expose and stop these law breakers. The CARF is intended to bolster the existing common reporting […]

Increase in SS wage base

The Social Security (SS) “wage base” will increase to $160,200 for 2023, up from $147,000 for 2022. Wages and self-employment income above this threshold aren’t subject to SS tax. The Federal Insurance Contributions Act (FICA) imposes SS tax and a Medicare tax on employees, employers and the self-employed. There’s no threshold for Medicare tax. All […]

Inflation Reduction Act expands deductions for energy-efficient construction

Mitigating the adverse effects of climate change is one of the primary targets of the recently enacted Inflation Reduction Act (IRA). To that end, the legislation is packed with tax incentives, including the significant expansion and extension of two tax deductions for energy-efficient construction. The changes to the Section 179D deduction for commercial buildings and the […]

DOL proposes guidance on employee determination

The U.S. Dept. of Labor (DOL) has issued a proposed rule that revises earlier guidance on how to determine who’s an employee or independent contractor under the Fair Labor Standards Act (FLSA). The proposed rule would reduce the risk that employees are misclassified as independent contractors, while providing added certainty for businesses that engage with […]

SS Benefits increases 8.7% in 2023

Due to current high inflation rates, Social Security benefits will increase by 8.7% for 2023. The increase marks the largest annual increase in roughly four decades. This year’s increase tops last year’s 5.9% increase, which at the time was the largest increase in nearly 40 years. According to AARP, the so called “cost-of-living adjustment” will […]

What local transportation costs can your business deduct?

You and your small business are likely to incur a variety of local transportation costs each year. There are various tax implications for these expenses. First, what is “local transportation?” It refers to travel in which you aren’t away from your tax home (the city or general area in which your main place of business […]