Healthcare
Inflation Enhances the 2023 Amounts for Health Savings Accounts
The IRS recently released guidance providing the 2023 inflation-adjusted amounts for Health Savings Accounts (HSAs). High inflation rates will result in next year’s amounts being increased more than they have been in recent years. HSA basics An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of…
Read MoreFederal Tax News for Individuals
1. If You Make Estimated Tax Payments, a Deadline Is Coming Up If you pay quarterly estimated taxes, circle this date on your calendar: June 15. That’s the payment due date for your second-quarter estimated taxes. Individuals, including sole proprietors, partners and S corporation shareholders, must make estimated tax payments if they expect to owe…
Read MoreKeeping Meticulous Records is the Key to Tax Deductions and Painless IRS Audits
If you operate a business, or you’re starting a new one, you know you need to keep records of your income and expenses. Specifically, you should carefully record your expenses in order to claim all of the tax deductions to which you’re entitled. And you want to make sure you can defend the amounts reported…
Read MoreEntrepreneurs and Taxes: How Expenses Are Claimed on Tax Returns
While some businesses have closed since the start of the COVID-19 crisis, many new ventures have launched. Entrepreneurs have cited a number of reasons why they decided to start a business in the midst of a pandemic. For example, they had more time, wanted to take advantage of new opportunities or they needed money due…
Read More2022 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. Date Deadline for January 31…
Read MoreNew Jersey to Introduce Retirement Savings Mandate for Small Businesses in 2022
In March of 2022, a new NJ state law will take effect, requiring small businesses, including non-profits, with 25 or more employees to offer qualified retirement savings plans to their employees. Those that do not comply will face financial penalties. This law requires any New Jersey employer who has been in business for more than…
Read MoreIRS Reports Delays in Processing Refunds
In the National Taxpayer Advocate’s Annual Report to Congress, Erin M. Collins focuses on processing and refund delays and the impact on taxpayers for 2021. The 2021 Annual Report to Congress called calendar year 2021 “the most challenging year taxpayers and tax professionals have ever experienced,” reporting tens of millions of taxpayers experiencing delays in…
Read MoreEmployee Retention Credits Offer a Payroll Tax Savings Opportunity for Healthcare Practices
Medical and Dental Practices and Facilities have a lot to consider as they prepare to file their 2021 taxes. One of them is the Employee Retention Tax Credit (ERC), which is a payroll tax credit rather than an income tax credit. Eligible employers can claim the credit by computing the ERC amount for a pay…
Read More2022 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. January…
Read MoreFederal Tax News for Businesses
1. Court Limits Sole Proprietor’s Auto Expense Deductions Business owners can generally deduct the ordinary and necessary costs of doing business if they keep good records. To claim vehicle expenses, a contemporaneous log must be kept showing odometer readings, dates, business purpose of trips and miles driven. In one case, a personal trainer filed tax…
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