This article was published by the IRS. The Internal Revenue Service is encouraging taxpayers to take important actions this month to help them file their 2022 federal tax returns. This is the second in a series of reminders to help taxpayers get ready for the upcoming tax filing season. A "Get Ready" page outlines steps taxpayers [...]
This article was published by the IRS. The Internal Revenue Service is reminding IRA owners age 70½ or over of their option to transfer up to $100,000 to charity tax-free each year. These transfers, known as qualified charitable distributions or QCDs, offer eligible older Americans a great way to easily give to charity before the end [...]
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 [...]
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, [...]
Deferred tax assets and liabilities may be terms you’ve seen added by your accountant to your small business balance sheet. They are financial items on a company’s balance sheet that exist because the income on the tax return is different than the income in the accounting records. Learn how to evaluate, make sense of, and take [...]
