It’s possible (but not easy) to claim a medical expense tax deduction
It’s possible (but not easy) to claim a medical expense tax deduction One of your New Year’s resolutions may be to pay more attention to your health. Of course, that may cost you. Can you deduct your out-of-pocket medical costs on your tax return? It depends. Many expenses are tax deductible, but there are several…
Read ArticleA Cost Segregation Study May Cut Taxes and Boost Cash Flow
Is your business depreciating over 30 years the entire cost of constructing the building that houses your enterprise? If so, you should consider a cost segregation study. It may allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. Depreciation basics Business buildings generally have a 39-year depreciation period…
Read ArticleBusiness automobiles: How the tax depreciation rules work
Do you use an automobile in your trade or business? If so, you may question how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles classified as passenger autos (which include many pickups and SUVs) can result in it taking longer than expected to fully depreciate a vehicle.
Read ArticleWhat types of expenses can’t be written off by your business?
In the world of tax deductions, it’s crucial to know what you can’t claim. Explore this blog to unveil the expenses your business can’t write off and safeguard your financial compliance.
Read ArticleMoving Mom or Dad Into a Nursing Home? 5 Potential Tax Implications
More than a million Americans live in nursing homes, according to various reports. If you have a parent entering one, you’re probably not thinking about taxes. But there may be tax consequences. Let’s take a look at five possible tax breaks.
Read ArticleTraveling for business this summer? Here’s what you can deduct
If you and your employees are traveling for business this summer, there are a number of considerations to keep in mind. Read our blog to learn what you can deduct!
Read Article4 Tax Challenges You May Encounter If You’re Retiring Soon
Are you getting ready to retire? If so, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Read our blog for a brief rundown of four tax and financial issues you may contend with when you retire!
Read ArticlePaperwork You Can Toss After Filing Your Tax Return
Once you file your 2022 tax return, you may wonder what personal tax papers you can throw away and how long you should retain certain records. Read our blog to learn about what paperwork you can toss after filing your tax return!
Read ArticleA Guide to Deducting Home Office Expenses
If you’re self-employed and run your business from home, you might be able to claim deductions for home office expenses against your business income. Read our blog to learn more!
Read Article2022 Tax Filing Guide
This a reference guide for use with 2022 tax return filing. 2022 Tax Brackets and Federal Income Tax Rates Tax Rate Single Married Filing Joint Married Filing Separate Head of Household 10% $0 to $10,275 $0 to $20,550 $0 to $10,275 $0 to $14,650 12% $10,276 to $41,775 $20,551 to $83,550 $10,276 to $41,775 $14,651…
Read ArticleYear-End Tax Planning for 2022 for Individuals
It is important that, as the end of the year approaches, individual taxpayers review their year and get ready for next year’s tax return. Read our blog for a couple tips from us!
Read ArticleHow Can I Lower My Business Taxable Income?
As a small business owner, you are most likely in charge of your own taxes. That’s why we’ve put together some tips on how to reduce your taxable income. Discover what they are on our blog!
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