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Author: taxsecretsblog

Year End Tax Planning Issues

Article Highlights: Benefits Sunsetting After 2021 Benefits Sunsetting After 2022 Not Needing to File May Be an Opportunity Maximize Education Tax Credits Employer Health Flexible Spending Accounts Maximize Health Savings Account Contributions Roth IRA Conversions Avoid Required Minimum Distribution (RMD) Penalties Recognizing Capital Losses Take

Ways To Save on Your Taxes If You are Laid Off

If you've been following the news recently, you're no doubt aware of a massive round of layoffs that struck one of the most popular social media sites in existence, Twitter. Under the direction of new owner Elon Musk, it was estimated that as many as

Steps Your Business Can Take to Survive a Recession

According to one recent study, there is a 96% chance that the United States will experience some form of economic recession within the next 12 months. If you needed a single statistic to underline the importance of planning ahead when it comes to your business,

The Tax Consequences of Closing Your Small Business

The possibility of a recession looms large. According to one recent study, approximately 20% of all small businesses that open their doors today will close within the first year. Of the number that survives, about 30% will close just one year later. By year five,

Managing Gains and Losses in a Turbulent Year

Article Highlights: Rough Year for the Stock Market Year End Approaching Annual Capital Losses Are Limited Be Aware of Wash Sale Rules Off-Set Short-Term Gains with Long-Term Capital Losses Planning for Zero Tax on Long-Term Capital Gains Converting a Traditional IRA to a Roth It's

IRS Plans On Targeting Abusive ERTC Claims

Article Highlights: Television Promotions Payroll Tax Credit Applicable Years Qualifications Business Operations Curtailed Significant Decline in Gross Receipts Potential Abuse Have you seen those ads on television or received email solicitations promoting a large tax credit? The large tax credit they are referring to is

IRS Unveils Retirement Plans Inflation Adjustments for 2023

Article Highlights: Planning for the Future Inflation-adjusted Contribution Amounts IRAs Employer 401(k)s HSAs TSAs SE Retirement Plans SEPs Are you ignoring your future retirement needs? That tends to happen when you are younger, retirement is far in the future, and you believe you have plenty

November 2022 Due Dates

November 2022 Individual Due Dates November 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during October, you are required to report them to your employer on IRS Form 4070 no later

When to Hire a Fractional CFO

Every entrepreneur starts their company with their own vision of what the future holds. Maybe you thought you’d just work from a home office, managing every function and loving every minute of it. Maybe you always knew you were going to make it big and

Four Popular Platforms for Finding Gig Work

There was once a time when the only people who used the word “gig” were musicians chatting about a booking. Today, virtually every newspaper and magazine features the booming gig economy — or how to make the most of it — on a regular basis.