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Corporate Transparency Act

Starting January 1, 2024, a significant number of businesses will be required to comply with the Corporate Transparency Act (“CTA"). The CTA was enacted into law as part of the National Defense Act for Fiscal Year 2021. The CTA requires the disclosure of the...

Investment swings: What’s the tax impact?

Investment swings: What’s the tax impact?

If your investments have fluctuated wildly this year, you may have already recognized some significant gains and losses. But nothing is decided tax-wise until year end when the final results of your trades will reveal your 2023 tax situation. Here’s what you need to...

Important Tax Aspects of Operating Your Business as a Sole Proprietor

Important Tax Aspects of Operating Your Business as a Sole Proprietor

If you’re in business for yourself as a sole proprietor, or you’re planning to start a business, you need to know about the tax aspects of your venture. Here are eight important issues to consider: 1. You report income and expenses on Schedule C of Form 1040. The...

There Still May Be Time To Cut Your Tax Bill With an IRA

There Still May Be Time To Cut Your Tax Bill With an IRA

If you’re getting ready to file your 2021 tax return, and your tax bill is more than you’d like, there might still be a way to lower it. If you’re eligible, you can make a deductible contribution to a traditional IRA right up until the April 18, 2022, filing date and...

Will the Standard Business Mileage Rate Go Up in 2022? Yes!

Will the Standard Business Mileage Rate Go Up in 2022? Yes!

After two years of no increases, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2022 by 2.5 cents per mile. The IRS recently announced that the cents-per-mile rate for the business...

2024 Filing Deadline

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