Did you give to charity in 2021? Make sure you have substantiation
February 9, 2022
If you’re deducting a charitable contribution on your tax return of $250 or more, you need a written acknowledgment from the charity. What if you haven’t yet received a letter for a charitable donation you made in 2021? Here are the rules.
Important tax aspects of operating your business as a sole proprietor
February 8, 2022
Many small businesses operate as sole proprietorships. Here are eight tax issues involved in operating as this entity.
Keeping meticulous records is the key to tax deductions and painless IRS audits
February 1, 2022
A careful approach to keeping business records can protect your tax deductions and help make an IRS audit much less difficult. Here are two cases to illustrate some of the issues involved.
Numerous tax limits affecting businesses have increased for 2022
January 21, 2022
How much can your employees contribute to 401(k) plans this year? How much will your business be able to deduct for business meals, driving expenses and equipment in 2022? Here are the answers to these and other questions about tax inflation adjusted amounts and other changes affecting businesses.
How will revised tax limits affect your 2022 taxes?
January 14, 2022
How much can you contribute to a 401(k) plan for 2022? How much is the standard deduction? How much do you have to earn this year before you can stop paying Social Security on your salary? Here are some answers to these and other tax-related questions for 2022.
Are you eligible for a medical expense tax deduction?
January 13, 2022
One of your new year’s resolutions may be to take better care of your health. But can you deduct your out-of-pocket medical costs on your tax return?
