Three key tax provisions you should know for 2023 Are you up to date on the latest tax law changes that could affect your manufacturing business? Barring further legislation, certain key provisions have expired or have begun…
Although the national price of gas is a bit lower than it was a year ago, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up…
2023 Consolidated Appropriations Act: What You Need to Know On December 23, 2022, Congress passed the Consolidated Appropriations Act of 2023. The sprawling year-end spending “omnibus” package includes two important new laws that could affect your financial…
PREPARE YOUR BUSINESS WITH THESE Q1 2023 TAX DEADLINES Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2023. Keep in mind that this list isn’t all-inclusive, so…
If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or the Section 199A deduction. QBI deduction defined The…
Can your business benefit from a C corporation? If you’re launching a new business venture, you’re probably wondering which form of business is most suitable. Here is a summary of the major advantages and disadvantages of doing…
These days, most businesses have some intangible assets. The tax treatment of these assets can be complex. What makes intangibles so complicated? IRS regulations require the capitalization of costs to: Acquire or create an intangible asset, Create…
As the end of the year approaches, there’s still time to make moves that may reduce your federal tax liability. Read on for some strategies to reduce your 2022 tax bill. Time your income and expenses When…
2023 HSA limits for business owners and self-employed individuals Business owners and self-employed individuals can take advantage of healthcare benefits through an employer-sponsored Health Savings Account (HSA). For eligible individuals, an HSA offers a tax-advantaged way to…
Reduce your 2022 tax liability It has been quite a year — high inflation, rising interest rates, and a bear stock market. While there’s not a lot you can do about any of these financial factors, you…
As a manufacturer, you might be looking to maximize your tax benefits as the end of the year approaches. One proven method is to maximize tax breaks relating to depreciation. In some cases, your company may realize…
How much can you and your employees contribute to your 401(k)s next year — or other retirement plans? In Notice 2022-55, the IRS recently announced cost-of-living adjustments that apply to the dollar limitations for pensions and other…
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