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While the recently passed Infrastructure Investment and Jobs Act primarily addresses infrastructure-related issues, it includes several tax provisions affecting individuals and small business taxpayers. Let's take a look: Individuals Cryptocurrency...

With many businesses facing a tight job market, employers should know about a valuable tax credit available to them for hiring long-term unemployment recipients and other groups of workers facing significant barriers to employment. If your business is hiring right...

For many nonprofits and taxpayers alike, Giving Tuesday is the start of the charitable giving season. While most organizations are legitimate, taxpayers should always research charities before donating. It is also a good idea to understand the expanded tax benefits of...

If you're a household employer or self-employed and chose to defer paying some Social Security taxes under the CARES Act the deferred Social Security taxes are due by December 31, 2021 and December 31, 2022. If you also deferred the employee share of Social Security...

If you've recently started a business - or are thinking about starting a business - you should know that as an owner, all eligible costs incurred before beginning to operate the business are treated as capital expenditures. As such, they are part of the cost basis for...

Cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for 2022 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...

Several end-of-year tax planning strategies are available to business owners to reduce their tax liability. Let's take a look: Deferring Income Businesses using the cash method of accounting can defer income into 2022 by delaying end-of-year invoices so that payment...

Credit card balances typically follow a seasonal pattern, increasing significantly in the fourth quarter, coinciding with holiday shopping, and millions of taxpayers are still carrying debt from last year's holiday season. Whether you are diligent about paying your...

Here's what business owners need to know about tax changes for 2021. Standard Mileage Rates The standard mileage rate in 2021 is 56 cents per business mile driven. Health Care Tax Credit for Small Businesses Small business employers who pay at least half the premiums...

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 2021. Personal Exemptions Personal exemptions are eliminated for tax years 2018 through 2025. Standard Deductions The standard deduction...