Small Business Taxpayers: The Year in Review
Here’s what business owners need to know about tax provisions for 2022: Standard Mileage Rates Due to inflation, there were two standard mileage rates in 2022: 62.5 cents per business mile driven (July 1-December 31, 2022) and 58.5 per business mile driven (January 1-June 30, 2022). Health Care Tax Credit for Small Businesses Small business […]
Retirement Contributions Limits Announced for 2023
Cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for 2023 are as follows: 401(k), 403(b), 457 plans, and Thrift Savings Plan. Contribution limits for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan increases to $22,500, up from $20,500. The catch-up contribution […]
Improperly Forgiven PPP Loans Are Taxable
Recipients of Paycheck Protection Loans (PPP) should be aware that when a taxpayer’s loan is forgiven based upon misrepresentations or omissions, they are not eligible to exclude the forgiveness from income. They must, instead, include in income the portion of the loan proceeds that were forgiven based upon misrepresentations or omissions. Background The PPP loan […]
Tips To Avoid Credit Card Debt This Holiday Season
Typically, credit card balances follow a seasonal pattern, increasing significantly in the fourth quarter and coinciding with holiday shopping. This year is no exception; unfortunately, it coincides with higher credit card interest rates. With more people than ever depending on credit cards to cover basic expenses due to inflation, this could lead to an ever-increasing […]
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