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November 2022 Newsletter
Featured Articles
Deducting Casualty Losses on a Tax Return
November 2022
Every year, hurricanes, tornadoes, floods, wildfires, and other natural disasters affect US citizens. The bad news is that recovery efforts after natural disasters can be costly. For instance, when hurricanes strike, they not only cause wind damage but can
Understanding IRAs: Terms to Know
November 2022
IRAs, or Individual Retirement Arrangements, provide tax incentives for people to make investments that can provide financial security for their retirement. To help people better understand this type of retirement savings account, here's a basic overview of terms to
Tips for Avoiding an IRS Tax Audit
November 2022
Although the chances of taxpayers being audited have declined in recent years, with taxes becoming more complicated every year, there is always the possibility that a tax mistake turns into an IRS tax audit. Avoiding "red flags" like the
Year-end Tax Planning Strategies for Business Owners
November 2022
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 2023 by delaying end-of-year invoices so that payment is
Year-end Tax Planning Strategies for Individuals
November 2022
With the end of the year fast approaching, now is the time to take a closer look at tax planning strategies that could reduce your tax bill for 2022.
General Tax Planning Strategies
General tax planning strategies for individuals include accelerating
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.
November 2022 Newsletter
Tax Tips
Tax Due Dates for November 2022
November 2022
During November
Employers - Income Tax Withholding. Ask employees whose withholding allowances will be different in 2023 to fill out a new Form W-4. The 2023 revision of Form W-4 will be available on the IRS website by mid-December.
November 10
Employees who
Avoid a Tax Surprise: Check Your Withholding
November 2022
While tax season may seem far away, the reality is that there are only two months left in the year. Now is the perfect time to review withholding and estimated tax payments to avoid a surprise tax bill next
Beware Third Parties Promoting Improper ERC Claims
November 2022
Taxpayers are always responsible for the information reported on their tax returns. Businesses are encouraged to be cautious of advertised schemes and direct solicitations promising tax savings that are too good to be true.
As such, employers should be wary
Taxpayer Alert: Significant Increase in Texting Scams
November 2022
To date, the IRS has identified and reported thousands of fraudulent domains tied to multiple text scams, known as smishing, targeting taxpayers. Recently, IRS-themed smishing has increased significantly. As such, taxpayers are reminded to be on the lookout for
Watch Out for Natural Disaster Donation Scams
November 2022
After a natural disaster, people often rally to help victims by donating money to charitable organizations that help disaster victims. Unfortunately, this can allow criminals to prey on them by soliciting donations from fake charities. As such, before donating
Eligible Families Can Claim Tax Benefits Until Nov. 17th.
November 2022
Starting in October, more than 9 million letters were sent out by the IRS to individuals and families who appear to qualify for a variety of key tax benefits - but did not claim them by filing a 2021
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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