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2022 tax calendar

Keith Orr

Posted By: Keith Orr

Posted January 31, 2022 / No comments

To help you make sure you don’t miss any important 2022 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them. Date Deadline for  January 31

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Keeping meticulous records is the key to tax deductions and painless IRS audits

Timothy King

Posted By: Timothy King

Posted January 31, 2022 / No comments

If you operate a business, or you’re starting a new one, you know you need to keep records of your income and expenses. Specifically, you should carefully record your expenses in order to claim all of the tax deductions to which you’re entitled. And you want to make sure you can defend the amounts reported

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Smooth sailing: Tips to speed processing and avoid hassles this tax season

Timothy King

Posted By: Timothy King

Posted January 26, 2022 / No comments

The IRS began accepting 2021 individual tax returns on January 24. If you haven’t prepared yet for tax season, here are three quick tips to help speed processing and avoid hassles. Tip 1. Gather all documents needed to prepare an accurate return. This includes W-2 and 1099 forms. In addition, you may have received statements

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Numerous tax limits affecting businesses have increased for 2022

Cynthia Petschke

Posted By: Cynthia Petschke

Posted January 19, 2022 / No comments

Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here’s a rundown of those that may be important to you and your business. Social Security tax The amount of an employee’s earnings that is subject to Social Security tax is capped for 2022 at

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Debate continues in Congress over proposed tax changes

Cynthia Petschke

Posted By: Cynthia Petschke

Posted October 19, 2021 / No comments

Negotiations continue in Washington, D.C., over the future of President Biden’s agenda. Tax law changes may be ahead under two proposed laws, the Build Back Better Act (BBBA) and the Bipartisan Infrastructure Bill (BIB), also known as the Infrastructure Investment and Jobs Act. The final provisions remain to be seen, but the BBBA and, to

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Disasters and your taxes: What you need to know

Timothy King

Posted By: Timothy King

Posted September 17, 2021 / No comments

Homeowners and businesses across the country have experienced weather-related disasters in recent months. From hurricanes, tornadoes and other severe storms to the wildfires again raging in the West, natural disasters have led to significant losses for a wide swath of taxpayers. If you’re among them, you may qualify for a federal income tax deduction, as

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Here come the child tax credit payments: What you need to know

Robert Tighe

Posted By: Robert Tighe

Posted July 1, 2021 / No comments

The first advance payments under the temporarily expanded child tax credit (CTC) will begin to arrive for nearly 39 million households in mid-July 2021 — unless, that is, they opt out. Most eligible families won’t need to do anything to receive the payments, but you need to understand the implications and why advance payments might

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PPP application deadline extended

Robert Tighe

Posted By: Robert Tighe

Posted March 30, 2021 / No comments

President Biden has signed the PPP Extension Act of 2021. The new law extends the Paycheck Protection Program (PPP) application filing deadline from March 31, 2021, to May 31, 2021, thus providing potential PPP borrowers additional time to submit their applications. The law doesn’t provide the PPP with any additional funding. However, $7.25 billion in

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Did you make donations in 2020? There’s still time to get substantiation

Timothy King

Posted By: Timothy King

Posted February 27, 2021 / No comments

If you’re like many Americans, letters from your favorite charities may be appearing in your mailbox acknowledging your 2020 donations. But what happens if you haven’t received such a letter — can you still claim a deduction for the gift on your 2020 income tax return? It depends. What is required To support a charitable

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What are the tax implications of buying or selling a business?

Keith Orr

Posted By: Keith Orr

Posted February 26, 2021 / No comments

Merger and acquisition activity in many industries slowed during 2020 due to COVID-19. But analysts expect it to improve in 2021 as the country comes out of the pandemic. If you are considering buying or selling another business, it’s important to understand the tax implications. Two ways to arrange a deal Under current tax law,

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