Answers to your questions about 2023 limits on individual taxes

Many people are more concerned about their 2022 tax bills right now than they are about their 2023 tax situations. That’s understandable because your 2022 individual tax return is due to be filed in 10 weeks (unless you file an extension). However, it’s a good time to familiarize yourself with tax amounts that may have […]

Many tax limits affecting businesses have increased for 2023

An array of tax-related limits that affect businesses are indexed annually, and due to high inflation, many have increased more than usual for 2023. Here are some that may be important to you and your business. Social Security tax The amount of employees’ earnings that are subject to Social Security tax is capped for 2023 […]

Retirement plan early withdrawals: Make sure you meet the requirements to avoid a penalty

Most retirement plan distributions are subject to income tax and may be subject to an additional penalty if you take an early withdrawal. What’s considered early? In general, it’s when participants take money out of a traditional IRA or other qualified retirement plan before age 59½. Such distributions are generally taxable and may be subject […]

How the new SECURE 2.0 law may affect your business

If your small business has a retirement plan, and even if it doesn’t, you may see changes and benefits from a new law. The Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0) was recently signed into law. Provisions in the law will kick in over several years. SECURE 2.0 is meant to […]

Why you might want to file early and answers to other tax season questions

The IRS announced it opened the 2023 individual income tax return filing season on January 23. That’s when the agency began accepting and processing 2022 tax year returns. Even if you typically don’t file until much closer to the mid-April deadline (or you file for an extension), consider filing earlier this year. The reason is […]

Your 2023 Guide To Entertainment And Meal Deductions

Your 2023 Guide To Entertainment And Meal Deductions – Forbes https://bit.ly/3j1LaeZ

State Corporate Income Tax Rates and Brackets for 2023

State Corporate Income Tax Rates and Brackets for 2023 https://bit.ly/3D9tyo8

Tax-saving ways to help pay for college — once your child starts attending

If you have a child or grandchild in college — congratulations! To help pay for the expenses, many parents and grandparents saved for years in tax-favored accounts, such as 529 plans. But there are also a number of tax breaks that you may be able to claim once your child begins attending college or post-secondary […]

Forms W-2 and 1099-NEC are due to be filed soon

With the 2023 filing season deadline drawing near, be aware that the deadline for businesses to file information returns for hired workers is even closer. By January 31, 2023, employers must file these forms: Form W-2, Wage and Tax Statement. W-2 forms show the wages paid and taxes withheld for the year for each employee. They […]

How to plan for Higher Social Security Taxes

Higher Social Security cost-of-living adjustments may affect your taxes. Here’s how to plan – CNBC https://bit.ly/3QSQuxP