Resources
October 2022 Newsletter
Featured Articles
Lending Money to a Friend? It Pays To Plan Ahead
October 2022
Lending money to a cash-strapped friend or family member is a noble and generous offer that just might make a difference. But before you hand over the cash, you need to plan ahead to avoid tax complications for yourself
Use These Strategies To Pass on Wealth to Heirs
October 2022
Individuals with significant assets should take advantage of proven tax strategies such as gifting and direct payments to educational institutions to transfer wealth to heirs tax-free and minimize estate taxes. Rising inflation, a volatile stock market, and relatively low
Cash Management Tips for Small Businesses
October 2022
Cash flow is the lifeblood of every small business but many business owners underestimate just how vital managing cash flow is to their business's success. In fact, a healthy cash flow is more important than your business's ability to
Understanding Marginal vs. Effective Tax Rates
October 2022
Understanding marginal and effective tax rates is important for tax planning purposes; however, many taxpayers don't fully understand the differences. Let's take a closer look:
Marginal Tax Rate
The United States has a progressive tax system. The more money you earn,
What To Know About IRS Letters and Notices
October 2022
When the IRS needs to ask a question about a taxpayer's tax return, notify them about a change to their account, or request a payment, it often mails a letter or notice to the taxpayer. Taxpayers should know that
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.
October 2022 Newsletter
Tax Tips
Tax Due Dates for October 2022
October 2022
October 11
Employees who work for tips - If you received $20 or more in tips during September, report them to your employer. You can use Form 4070.
October 17
Individuals - If you have an automatic 6-month extension to file your income tax
Early Withdrawals from Retirement Plans
October 2022
Many people find themselves in situations where they need to withdraw money from their retirement plan earlier than planned. Doing so, however, can trigger an additional tax on top of any income tax taxpayers may have to pay. Here
Federal Tax Obligations During Chapter 13 Bankruptcy
October 2022
The most common type of bankruptcy for individuals is Chapter 13, which allows individuals and small business owners in financial difficulty to repay their creditors. Often, it is a last resort for wage earners (individuals and those filing jointly
Closing a Business for Good
October 2022
If you're a small business owner who is thinking about closing your business for good, you should be aware that there is more to closing a business than laying off employees, selling office furniture, and closing the doors -
Tax Deductions for Homeowners
October 2022
For many people buying a home - whether it's a fixer-upper in an up and coming neighborhood or that custom home you’ve always dreamed of - is a milestone event. While there is often a steep learning curve associated
Business-related Travel Deductions
October 2022
Business travel deductions are available when employees travel away from their tax home or principal place of work for business reasons. With inflation on the rise, business travel is more costly than ever. Hotel bills, airfare or train tickets,
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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