Resources
March 2023 Newsletter
Featured Articles
Social Security Benefits: Are They Taxable?
March 2023
Social Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable. Generally, you pay federal income taxes on your Social Security benefits only if you have other
Refundable vs. Non-refundable Tax Credits
March 2023
Tax credits can reduce your tax bill or give you a bigger refund, but not all tax credits are created equal. While most tax credits are refundable, some credits are nonrefundable. Still, before we look at the difference between
Tax Implications When Employed in the Family Business
March 2023
When a family member employs someone, the tax implications depend on the relationship and the type of business. Taxpayers and employers need to understand their tax situation. Here is what to know:
Married People in Business Together
Generally, a qualified joint
What To Do if You're Missing Important Tax Documents
March 2023
As the April 18th tax deadline quickly approaches, last-minute tax filers should make sure they have all their documents before filing a tax return. You should have received a Form W-2, Wage and Tax Statement, from each of your employers
Five Overlooked Tax Breaks for Individuals
March 2023
Are you confused about which credits and deductions you can claim on your 2022 tax return? You're not alone. With tax law becoming more complicated every year, it's hard to remember which tax breaks are available in any given
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.
March 2023 Newsletter
Tax Tips
Tax Due Dates for March 2023
March 2023
March 1
Farmers and Fisherman - File your 2022 income tax return (Form 1040 or Form 1040-SR) and pay any tax due. However, you have until April 18 to file if you paid your 2022 estimated tax by January 17, 2023.
March
The Employee Business Expense Deduction
March 2023
Before tax reform, an employee could deduct unreimbursed job expenses and other miscellaneous expenses that were more than two percent of adjusted gross income (AGI) as long as they itemized instead of taking the standard deduction. Starting in 2018,
Small Business: Rent Expenses May Be Tax-deductible
March 2023
If you're a small business owner just starting out, you may not realize that some rent expenses may be deductible on your tax return. Here are some things small business owners should keep in mind when it comes to
New Online Option for Certain IRS Notices
March 2023
Taxpayers who receive certain notices requiring them to send information to the IRS can now submit their documentation online through IRS.gov. This new secure step will allow taxpayers or their tax professionals to upload documents electronically rather than mailing
State Payments Excluded From 2022 Federal Returns
March 2023
Taxpayers in 21 states received special payments related to general welfare and disaster relief in 2022. However, according to recently issued guidance from the IRS, they will not need to report these payments on their 2022 federal tax returns.
There's Still Time To Make an IRA Contribution for 2022
March 2023
If you haven't contributed funds to an Individual Retirement Account (IRA) for tax year 2022 or put in less than the maximum allowed, you still have time to do so. You can contribute to either a traditional or Roth
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.
Copyright Eisner Advisory Group LLC © 2024. All Rights Reserved.