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September 2022 Newsletter
Featured Articles
Homeowner Records: What to Keep and How Long
September 2022
Keeping full and accurate homeowner records is not only vital for claiming deductions on your tax return, but also for determining the basis or adjusted basis of your home. These records include your purchase contract and settlement papers if
Avoiding Tax Surprises When Retiring Overseas
September 2022
Are you approaching retirement age and wondering where you can retire to make your retirement nest egg last longer? Retiring abroad may be the answer. But first, it's important to look at the tax implications because not all retirement
Retirement Plan Options for Small Businesses
September 2022
According to the US Small Business Administration, small businesses employ half of all private-sector employees in the United States. However, a majority of small businesses do not offer their workers retirement savings benefits.
If you're like many other small business
Small Employer Health Reimbursement Arrangements
September 2022
Small employer HRAs or QSEHRAs (Qualified Small Employer Health Reimbursement Arrangements) allow small businesses without group health plans to set aside money, tax-free, for employees to use toward medical expenses - including the cost of buying health insurance. Here's
Key Tax Provisions of the Inflation Reduction Act of 2022
September 2022
The Inflation Reduction Act (IRA), signed into law on August 16, 2022, includes tax provisions affecting businesses, individuals, the clean-energy industry, healthcare, and more. Let's take a look:
Businesses
Sec. 461(l) Business Loss Limitation. The pass-through tax deduction for small business owners
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.
September 2022 Newsletter
Tax Tips
Tax Due Dates for September 2022
September 2022
September 12
Employees Who Work for Tips - If you received $20 or more in tips during August, report them to your employer. You can use Form 4070.
September 15
Individuals - Make a payment of your 2022 estimated tax if you are not
Penalty Relief for Certain 2019 and 2020 Tax Returns
September 2022
Penalty relief for struggling taxpayers affected by the COVID-19 pandemic is now available to most people and businesses who file certain 2019 or 2020 returns late. Eligible income tax returns must be filed on or before September 30, 2022,
Filing Payroll Taxes Electronically Using E-file
September 2022
Business owners can simplify things by filing payroll taxes electronically. E-file software performs calculations and populates forms and schedules using a step-by-step process. It will also alert the filer if they are missing information which reduces the chances of
What To Know About IRS Online Accounts
September 2022
Setting up an IRS Online Account is an easy and secure way for taxpayers to quickly get information about their IRS activity, such as any tax due balance, payments made, and tax records for the past several years. Taxpayers
Tips To Help You Figure Out if Your Gift Is Taxable
September 2022
If you've given money or property to someone as a gift, you may owe federal gift tax. Many gifts are not subject to the gift tax, but exceptions exist. Because gift tax laws can be confusing, here are seven
Extension Deadline Looming for 2021 Tax Returns
September 2022
Time is running short for taxpayers who requested an extra six months to file their 2021 tax return. As a reminder, Monday, October 17, 2022, is the extension deadline for most taxpayers. Taxpayers are encouraged to file a complete
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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