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December 2022 Newsletter
Featured Articles
Advertising and Marketing Costs May Be Tax Deductible
December 2022
As a small business owner, you may be able to deduct advertising and marketing expenses that help bring in new customers and keep existing ones. Even better is that these deductions help small businesses save money on their taxes.
Tips To Avoid Credit Card Debt This Holiday Season
December 2022
Typically, credit card balances follow a seasonal pattern, increasing significantly in the fourth quarter and coinciding with holiday shopping. This year is no exception; unfortunately, it coincides with higher credit card interest rates. With more people than ever depending
Small Business Taxpayers: The Year in Review
December 2022
Here's what business owners need to know about tax provisions for 2022:
Standard Mileage RatesDue to inflation, there were two standard mileage rates in 2022: 62.5 cents per business mile driven (July 1-December 31, 2022) and 58.5 per business mile
Individual Taxpayers: The Year in Review
December 2022
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 ExemptionsPersonal exemptions are eliminated for tax years 2018 through 2025.
Standard DeductionsThe standard deduction for
Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.
December 2022 Newsletter
Tax Tips
Tax Due Dates for December 2022
December 2022
December 12
Employees who work for tips - If you received $20 or more in tips during November, report them to your employer. You can use Form 4070.
December 15
Corporations - Deposit the fourth installment of estimated income tax for 2022. A worksheet,
Relief Continues for Drought-stricken Farmers
December 2022
Farmers and ranchers forced to sell livestock because of drought conditions may have more time to replace their livestock and defer tax on any gains from the forced sales. If you are a farmer or rancher affected by drought
Take Retirement Plan Distributions by December 31
December 2022
For many years, IRS rules stated that taxpayers could not keep retirement funds in their retirement accounts indefinitely. They must start taking withdrawals from their IRA, SIMPLE IRA, SEP IRA, or retirement plan account when they reach age 70
Improperly Forgiven PPP Loans Are Taxable
December 2022
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 income. They must, instead, include in income the portion
Retirement Contributions Limits Announced for 2023
December 2022
Cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for 2023 are as follows:
401(k), 403(b), 457 plans, and Thrift Savings Plan. Contribution limits for employees who participate in 401(k), 403(b), most 457 plans, and the
Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.
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