Homeownership and Taxes: Things Taxpayers Should Consider When Selling a House

This article was published by the IRS. It's important for taxpayers to understand how selling their home may affect their tax return. When filing their taxes, they may qualify to exclude all or part of any gain from the sale from their income. Here are some key things homeowners should consider when selling a home: Ownership [...]

What Small Business Owners Should Know about the Depreciation of Property Deduction

This article was published by the IRS. Depreciation is an annual tax deduction that allows small businesses to recover the cost or other basis of certain property over the time they use the property. It is an allowance for the wear and tear, deterioration, or obsolescence of the property. Small businesses can depreciate property when they [...]

What is Inflation?

Inflation is when prices rise, meaning your money doesn't buy as much as it used to. Inflation is not always bad. When it stays around 2%, inflation can mean the economy is healthy. But when it grows too fast or unexpectedly, it can feel like things are out of control. Unfortunately, there's not much you can [...]

Here’s How Businesses Can Deduct Startup Costs from Their Federal Taxes

This article was published by the IRS. When starting a business, owners should treat all eligible costs incurred before beginning to operate the business as capital expenditures that are part of their basis in the business. Generally, the business can recover costs for assets through depreciation deductions. For costs paid or incurred after September 8, 2008, [...]

IRS Announces 401(k) Limit Increases to $20,500

This article was published by the IRS. The Internal Revenue Service has announced that the amount individuals can contribute to their 401(k) plans in 2022 has increased to $20,500, up from $19,500 for 2021 and 2020. The IRS has also issued technical guidance regarding all of the cost‑of‑living adjustments affecting dollar limitations for pension plans and [...]

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