Resources
February 2023 Newsletter
Featured Articles
Small Business: Deducting Startup Costs
February 2023
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 you began operating the business are treated as capital expenditures. As such,
What Is a Designated Roth Account?
February 2023
Many 401(k) plans allow taxpayers to make Roth contributions as long as the plan has a designated Roth account. Your plan may also allow you to transfer amounts to the designated Roth account in the plan or borrow money.
Check
Tax Breaks for Older Adults and Retirees
February 2023
Everyone wants to save money on their taxes, and retirees and older adults are no exception. If you're 50 or older, here are six tax tips that could help you do just that.
1. Standard Deduction for Seniors
If you and
Taxable vs. Nontaxable Income
February 2023
Are you wondering if there's a hard and fast rule about what income is taxable and what income is not? The quick answer is that all income is taxable unless the law specifically excludes it. But as you might
Do You Need To File a 2022 Tax Return?
February 2023
Most people file a tax return because they have to, but even if you don't, you might be eligible for a tax refund and not know it. The tax tips below should help determine whether you must file a
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.
February 2023 Newsletter
Tax Tips
Tax Due Dates for February 2023
February 2023
February 10
Employees - who work for tips. If you received $20 or more in tips during January, report them to your employer. You can use Form 4070.
Employers - Social Security, Medicare, and withheld income tax. File Form 941 for the fourth
How Filing Status Affects Your Tax Return
February 2023
A taxpayer's filing status defines the type of tax return form they should use when filing their taxes. Filing status can affect the amount of tax they owe, and it may even determine whether they need to file a
What Businesses Need To Know About the Excise Tax
February 2023
Excise tax is an indirect tax on specific goods, services, and activities. Federal excise tax is usually imposed on the sale of things like fuel, airline tickets, heavy trucks and highway tractors, indoor tanning, tires, tobacco, and other goods
Standard vs. Itemized Deductions
February 2023
When completing a tax return, taxpayers have two options: take the standard deduction or itemize their deductions. Most taxpayers use the option that gives them the lowest overall tax. Due to all the tax law changes in recent years,
Unemployment Tax Break Refunds Issued for 2020
February 2023
Final corrections for taxpayers who overpaid their taxes on unemployment compensation received in 2020 have been completed by the IRS. Approximately 14 million returns were corrected, resulting in nearly 12 million refunds totaling $14.8 billion.
Background
The American Rescue Plan Act
What Is the Saver's Credit?
February 2023
The Retirement Savings Contributions Credit, also known as the Saver's Credit, is a special tax credit for low-and moderate-income workers. In tax year 2020, the most recent year for which complete figures are available, Saver's Credits totaling more than
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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