By month: November 2023

The ERC Story: From Double Benefits to IRS Warnings

From its origins in the 2020 CARES Act to the 2023 IRS alerts and warnings, the Employee Retention Credit (ERC) has undergone significant shifts. Discover the pivotal changes, and see how this tax credit’s twists and turns could impact your business.

2023 Last-Minute Vehicle Purchases to Save on Taxes

Here’s an easy question: Do you need more 2023 tax deductions and credits? If so, continue reading. Next easy question: Do you need a replacement business vehicle? If so, you can simultaneously solve or mitigate both the first problem (needing more deductions and credits) and the second problem (needing a replacement vehicle), but you need to get your replacement vehicle in service on or before December 31, 2023. This article helps you find the right vehicle for the deduction or credit you desire.

Don’t Let Your Weekend Gambling Create a Tax Nightmare

If you gamble but are not a tax-law-defined professional gambler, you need to know the gambling rules to avoid a tax nightmare. One rule to know: the casino or other payor of your winnings may report your winnings to the IRS.

2023 Last-Minute Year-End General Business Income Tax Deductions

Your year-end tax planning doesn’t have to be hard. This article takes your daily business activities and identifies easy year-end tax-planning moves you can make today. Our six strategies will increase your tax deductions or reduce your taxable income so Uncle Sam gets less of your 2023 cash.

2023 Last-Minute Year-End Tax Deductions for Existing Vehicles

Yes, December 31 is just around the corner. That’s your last day to find tax deductions available from your existing business and personal (yes, personal) vehicles that you can use to cut your 2023 taxes. In this article, you will learn how to find and release tax deductions that the tax code trapped inside your existing business cars, SUVs, trucks, and vans. And you will learn how the Tax Cuts and Jobs Act makes it possible for you to find a big deduction from your existing personal vehicle (note the terms “existing” and “personal”).

2023 Last-Minute Tax Strategies for Marriage, Kids, and Family

Are you thinking of getting married or divorced? If so, you need to consider December 31, 2023, in your tax planning. Here’s another question: Do you give money to family or friends (other than your children who are subject to the kiddie tax)? If so, you need to consider the zero-tax planning strategy. And now, consider your children who are under age 18. Have you paid them for work they’ve done for your business? Have you paid them the right way? You’ll find the answers here.

Tax Implications of Dual Citizenship: What You Need to Know

If you are a citizen of both the U.S. and another country, you need to know about taxes in each of the two countries. In this article, you will learn how to take advantage of tax breaks to minimize the taxes you owe as a dual citizen.

2023 Last-Minute Year-End Retirement Deductions

Does your business have a retirement plan for you and, if you have employees, your employees? It should. You have more new reasons in 2023 to get your retirement plan in place and perhaps make changes in existing plans.

2023 Last-Minute Year-End Tax Strategies for Your Stock Portfolio

When you take advantage of the tax code’s offset game, your stock market portfolio can represent a little gold mine of opportunities to reduce your 2023 income taxes. The tax code contains the basic rules for this game, and once you know the rules, you can apply the correct strategies. In addition to saving taxes with the game of offset, you can avoid paying taxes on stock appreciation by gifting stock to charity, your parents, and your children who are not subject to the kiddie tax.

2023 Last-Minute Year-End Medical Plan Strategies

Are you eligible for COVID-19 tax credits for yourself and/or your employees? Have you reimbursed your employees (including your employee spouse) as stipulated in your health reimbursement arrangements? And if you operate as an S corporation, do you have your health insurance set up correctly for your best tax deduction? In this article, we help with these matters and more.

2023 Last-Minute Section 199A Tax Reduction Strategies

Remember to consider your Section 199A deduction in your 2023 year-end tax planning. If you don’t, you could end up with a useless $0 for your deduction amount. We’ll review three year-end moves that simultaneously (a) reduce your income taxes and (b) boost your Section 199A deduction.


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