Adjustments to federal tax brackets, deductions, credits, and more are not new—they happen every year. This year’s changes are small and are largely related to inflation, but regardless it’s important to be informed about them so you can make any necessary adjustments for next year’s taxes. Let’s take a look at the 2023 tax changes.
This blog was originally published on January 25th, 2022 but has been updated on January 18th, 2023. Tax season is upon us, which means it’s time to start preparations for your 2022 tax return. Whether this is your first or your fiftieth year filing taxes, preparing for tax season can be stressful and often frustrating.
As a small business owner, you might not be aware of all the deductions, credits, and other business income strategies that can help you lower your tax bill. That’s why we put together a list of 10 quick tips to help you keep your income where it belongs: out of the government’s coffers, and in.
Running a successful business requires taking on a multitude of responsibilities. But with all your other high-level tasks you have to handle as a business owner, you can’t be expected to do it all on your own. Many businesses choose to outsource certain responsibilities to both lift the burden off of themselves and to make.
For small businesses, bookkeeping is an essential part of the tax planning process. Bookkeeping involves keeping track of your company’s financial transactions on a regular basis. With an organized log of all business expenses, you’ll be able to make accurate financial decisions and tax preparations. Key Takeaways: Bookkeeping and accounting are technically two separate services–but.
Many people who seek out CPAs simply want their tax return filed. But there are plenty of online tax preparation services that can help you file your taxes. You don’t necessarily need to enlist the services of a Certified Public Accountant for that. So when do you need the services of a CPA? Well, most.
There’s no escaping it: everyone has to deal with taxes. At best, it’s a mildly stressful experience. At worst, it can be overwhelming. But what if we told you it doesn’t have to be? What if, with the right amount of tax planning and support, tax season could actually be an organized, straightforward, even easy.
For many folks, the only time they see their certified public accountant is during the weeks leading up to April 15th–also known as Tax Day. But what exactly do they get up to after that? Much like we used to assume our school teachers lived in their classrooms and evaporated into thin air once summer.
There are several different ways an inheritance can be taxed in the North Star State. Whether you’re preparing your own estate or have found yourself the beneficiary of one, it’s important that you understand all the tax implications (including any potential tax breaks) so you can plan accordingly. At Wood CPA, we make sure our.
Setting aside money for retirement or healthcare expenses through an IRA, 401(k), or HSA is a smart thing to do. So contributing as much as possible to these accounts is a great idea, right? Well…yes and no. What many people don’t realize is that you can contribute too much to these tax-advantaged accounts. The IRS.