Contributing the annual maximum amount to your retirement plan is generally a good thing. Exceeding the max? Not so good. If you deferred more than $19,500 (plus $6,500 for individuals 50 and older) of your salary in 2021 to various employer plans, the IRS warns that you must withdraw the excess amount, plus earnings, by […]

Might the now-expired Employee Retention Credit (ERC) receive a new lifeline? Two members of the Senate Finance Committee have introduced bipartisan legislation to help cover costs for small employers that experienced revenue drops and kept workers on their payrolls in the fourth quarter of 2021. The proposed Employee Tax Credit Reimbursement Act would extend the […]

Take your financial statements to the next level

Spring is the time of year that calendar-year-end businesses issue financial statements and prepare tax returns. This year, take your financial data beyond compliance. Here’s how financial statements can be used to be proactive, not reactive, to changes in the marketplace. Perform a benchmarking study Financial statements can be used to evaluate the company’s current […]

2022 – 02/03 – Which state offers retirees the greatest tax savings?

Which state offers retirees the greatest tax savings?

Did you give to charity in 2021? Make sure you have substantiation

If you donated to charity last year, letters from the charities may have appeared in your mailbox recently acknowledging the donations. But what happens if you haven’t received such a letter — can you still claim a deduction for the gift on your 2021 income tax return? It depends. The requirements To prove a charitable […]

2022 tax calendar

To help you make sure you don’t miss any important 2022 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them. © 2022