Improperly Forgiven PPP Loans Are Taxable
Recipients of Paycheck Protection Loans (PPP) should be aware that when a taxpayer’s loan is forgiven based upon misrepresentations or omissions, they are not eligible to exclude the forgiveness from…
Small Business Taxpayers: The Year in Review
Here’s what 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…
Individual Taxpayers: The Year in Review
As we close out the year and get ready for tax season, here’s what individuals and families need to know about tax provisions for 2022. Personal Exemptions Personal exemptions are…
Eligible Families Can Claim Tax Benefits Until Nov. 17th.
Eligible Families Can Claim Tax Benefits Until Nov. 17th. Starting in October, more than 9 million letters were sent out by the IRS to individuals and families who appear to…
Understanding IRAs: Terms to Know
Understanding IRAs: Terms to Know IRAs, or Individual Retirement Arrangements, provide tax incentives for people to make investments that can provide financial security for their retirement. To help people better…
Year-end Tax Planning Strategies for Business Owners
Several end-of-year tax planning strategies are available to business owners to reduce their tax liability. Let’s take a look: Deferring Income Businesses using the cash method of accounting can defer…
Year-end Tax Planning Strategies for Individuals
With the end of the year fast approaching, now is the time to take a closer look at tax planning strategies that could reduce your tax bill for 2022. General…
Tax Deductions for Homeowners
For many people buying a home – whether it’s a fixer-upper in an up-and-coming neighborhood or that custom home you’ve always dreamed of – is a milestone event. While there…
Cash Management Tips for Small Businesses
Cash flow is the lifeblood of every small business but many business owners underestimate just how vital managing cash flow is to their business’s success. In fact, a healthy cash…
Understanding Marginal vs. Effective Tax Rates
Understanding marginal and effective tax rates are important for tax planning purposes; however, many taxpayers don’t fully understand the differences. Let’s take a closer look: Marginal Tax Rate The United…