Like being your own Boss? There are a lot of positives, and one is that you have a lot more options regarding tax deductions. The good news is, when you are self-employed, there are many strategies you can take advantage of, which create big opportunities for tax savings. The bad news is that you have
2024 Federal Income Tax Brackets and Rates
It’s never too early to start planning ahead to save money on taxes. The new inflation adjustments just announced are for tax year 2024, for which taxpayers will file tax returns in early 2025. With the brackets rising, some clients may get larger paychecks after taxes in 2024 as their effective rates go down for
TAX PLANNING MAY MEAN YOU KEEP MORE OF WHAT YOU MAKE
Making more money does not always have to mean paying more taxes, but you do need a plan, and more than just a prediction. Whether you are an individual or a business owner, don’t wait till yearend like most folks, when it is generally too late to do much, focus on what you can do
IRS Audit Red Flags For the Self Employed
The IRS has audited only 1% of all individual returns recently, so most taxpayers can sleep at night. But if you file a Schedule C to report profit or loss from a business, your odds of drawing additional IRS scrutiny increase. Schedule C is a “gold mine” of tax deductions for the self-employed. IRS agents
Inflation Adjustments a Silver Lining for Tax Breaks, Deductions, & Retirement Accounts
Inflation is running rampant right now. Fortunately, the IRS takes inflation seriously and does its part to ease the sting to your wallet by making cost-of-living (COLA) adjustments every year. Not all sections of the Internal Revenue Code are tied to inflation but, the IRS takes a look at these numbers and, when warranted, adjusts
BUCKLE UP FOR BIDEN’S INFLATION REDUCTION ACT AND TAXES
President Biden signed the Inflation Reduction Act—a climate, energy, healthcare, and tax law that increases IRS funding, includes several tax credits, and changes some tax policy to raise tax revenue. Basically, it is a re-brand of the Build Back Better Plan missing some controversial line items. The Inflation Reduction Act of 2022, is a sweeping
8 MID-YEAR CHECKUP TIPS FOR YOUR MEDICAL OR HEALTHCARE PRACTICE
Spending a little time on mid-year planning will make for a smoother and more successful 2022! Doctors, dentists, surgeons, and other medical practitioners should take a hard look at the last 6 months, and see how close they have come to their operational and financial goals. It may be time to reevaluate and refocus on
Build Back Better Bill Sets Bar High for Millionaires Tax
Looks like affluent investors can relax over the holidays after all! Many of them are off the hook from the tax hikes embedded in the Biden administration’s $1.8 trillion “Build Back Better” Act. Almost 4.5 million folks making between $369,300 and $884,900 will actually pay $4,340 less in federal tax in 2022 under the tax
Expanded Charitable Tax Benefits for Individuals and Business Thru 2021
It feels good to be charitable, and even better to reap the tax benefits. Most of us have a lot to be thankful for every day, we don’t need the Thanksgiving holiday to remind us. Many, however, are not as fortunate. If you can spare it, consider giving to approved charities that can help out
Make the Most of Your Mobility–Related Tax Breaks
The new 2022 car and truck models will be in dealership showrooms soon. If you’re in the market for a vehicle for your self-employed business, don’t forget to factor taxes into the equation. You may deduct vehicle expenses in one of two ways. Actual expense method, which allows you to deduct your actual expenses based