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lower your income tax bill

Running a business from home can help you lower your income tax bill

If you use part of your home for business, you might be able to deduct home business expenses. You must meet some requirements per IRS publication 334. You can deduct a percentage of many of the costs of running your home, such as utilities, rent, insurance, depreciation, mortgage interest, real estate taxes and that percentage …

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Health savings Account

IRS raises HSA limits for 2023 amid soaring inflation

The Internal Revenue Service issued its annual inflation-adjusted amounts Friday for health savings accounts next year as the inflation rate surged to the highest level in decades. In Revenue Procedure 2022-24, the IRS said for calendar year 2023, the annual limitation on deductions for an individual with self-only coverage under a high deductible health plan is …

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gift tax

The new 2020 higher Estate and Gift tax threshold will allow married couples to pass on $720,000 more Tax Free

The federal estate and gift tax exemption is set to climb to $12.06 million per individual for deaths occurring in 2022, up from $11.7 million in 2021, according to new Internal Revenue Service inflation-adjusted numbers. The gift tax annual exclusion amount will also rise starting 2022 to $16,000,up from $15,000 The IRS announced the new …

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Latest tax plan targets, the hunt for cash to fund social spending agenda!

Democrats have leaned into the wallets of the wealthy in their demand for cash to fund an outsized social spending agenda. The latest proposals could lead to higher taxes for working professionals and business owners who make good money but aren’t crazy rich – a stark contrast to his earlier focus on billionaires.   After …

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Crypto Taxes

The Internal Revenue Service (IRS) recently said it is in the process of mailing 10,000 educational letters to taxpayers it suspects owe government taxes on virtual currency transactions. The federal agency may well have based its recipient list on customer data it acquired from crypto currency exchange Coin base. Those who do not report their …

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Employer Retention Credit (ERC), most recent update

Employer Retention Credit (ERC): The employee retention credit (“ERC”) was introduced and enacted as part of the CARES Act to provide a refundable payroll credit for eligible employers, including nonprofit organizations, whose businesses have been negatively impacted by the pandemic. An employer qualifies for the ERC if it (1) fully or partially suspends its operations …

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