If you’ve recently started a business – or are thinking about starting a business – you should know that as an owner, all eligible costs incurred before you began operating the business are treated as capital expenditures.
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Monday, January 23, 2023, marks the start of the 2023 tax filing season and the date the IRS begins accepting and processing 2022 tax year returns. More than 168 million individual tax returns are expected to be filed, with the vast majority...
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Here’s what small business owners need to know about tax provisions for 2022 Standard Mileage Rates Due to inflation, there were two standard mileage rates in 2022: 62.5 cents per business mile driven (July 1-December 31, 2022) and 58.5 per...
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Penalty relief for struggling taxpayers affected by the COVID-19 pandemic is now available to most people and businesses who file certain 2019 or 2020 returns late.
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If you discover a mistake on your tax return after you’ve already filed it, don’t panic. In most cases, all you have to do is file an amended tax return.
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Monday, April 18, 2022, was the tax deadline for most taxpayers to file their tax returns, but if you haven’t filed a 2021 tax return yet, it’s not too late. Here’s what you need to do: First, gather any information related to...
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Taxpayers should file their tax returns by the deadline even if they cannot pay the total amount due, but if you can’t, there are several options.
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If you haven’t contributed funds to an Individual Retirement Account (IRA) for tax year 2021, or if you’ve put in less than the maximum allowed, you still have time to do so. You can contribute to either a traditional or Roth IRA...
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Monday, January 24, 2022, was the official start to this year’s tax season. By now, everyone should have received most of the information they need to make sure they file a complete and accurate return.
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