Download a copy of your tax planning guide for helpful insights! Once again, it’s time to start thinking ahead to tax season! The last couple months of the year are a great time to make the most of your tax planning opportunities. Our 2023-2024 Tax Planning Guide is designed to support our clients and assist…
Businesses are constantly seeking innovative ways to optimize their operations, streamline financial management, and drive sustainable growth. For smaller organizations, this can become a daunting task. To navigate this terrain successfully, an increasing number of businesses are seeking out the expertise of fractional Chief Financial Officers (CFOs). While fractional CFOs are a foreign concept to…
On Dec. 29, 2022, the IRS announced the 2023 optional standard mileage rates, which are used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. The 2023 standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 65.5 cents per mile…
Download a copy of your tax planning guide for helpful insights! Once again, it’s time to start thinking ahead to tax season! The last couple months of the year are a great time to make the most of your tax planning opportunities. Our 2022-2023 Tax Planning Guide is designed to support our clients and assist…
The recently enacted Inflation Reduction Act of 2022 contains several new environment-related tax credits that are of interest to individuals and small businesses. The Act also extends and modifies some preexisting credits. Extension, Increase, and Modifications of Nonbusiness Energy Property Credit Before the enactment of the Act, you were allowed a personal credit for specified…
The IRS issued Notice 2022-03 showing the updated calculations for optional standard mileage rates of operating an automobile for business, charitable, medical or moving purposes. This notice went into effect January 1st, 2022. A quick breakdown of these calculations are below and can be found on the official IRS website: 58.5 cents per mile driven…
With the holiday season upon us and the end of the year approaching, we pause to give thanks for our blessings and the people in our lives. It is also a time when charitable giving often comes to mind. The tax benefits associated with charitable giving could potentially enhance your ability to give and should…
Form 1099-NEC is due to vendors by Jan. 31 for payments made the preceding year to non-corporate independent contractors. The IRS requires form W-9 to be completed before any payment is made to a vendor. Businesses do NOT have to issue a 1099 to any vendor that indicates on the Form W-9 that they are…
If you pay an individual (who is not an employee) or partnership for “services” rendered and the amount paid for the year is $600 or more, you must file an information return, Form 1099-MISC, with the IRS and provide a copy to the individual. Form 1099s are required to be filed and distributed by January…
With the holiday season upon us and the end of the year approaching, we pause to give thanks for our blessings and the people in our lives. It is also a time when charitable giving often comes to mind. The tax benefits associated with charitable giving could potentially enhance your ability to give and should…
