How much can you and your staff put into your 401(k)s or other retirement plans for the upcoming year? The IRS has announced cost-of-living changes that increase most retirement plan contribution limits for 2023. Inflation caused the amounts to rise more than they did in prior years. 401(k) plans Employees who participate in 401(k) plans
Do you own investment or commercial property where the value has significantly increased? If you sell the property, you might owe a sizable amount in capital gain taxes. Consider a Section 1031 exchange, sometimes referred to as a like-kind exchange, where you trade qualified properties while paying little to no current tax as a possible
If you operate a pass-through entity like a sole proprietorship, general partnership, or LLC, there are several business expenses you can make on your personal tax return to lessen your tax liability. What expenses are tax deductions for small businesses? Here are 18. 18 tax deductions for small businesses 1. Business Meals Typically, you can
Each year, you and your small business are likely to spend money on various local transportation costs. These expenses have a number of tax implications. But what does “local transportation” mean? It describes travel where you don’t spend enough time away from your tax home (the city or general area where your main place of
FORT SMITH, Arkansas, October 19, 2022 – Landmark PLC, Certified Public Accountants is pleased to announce Hannah Oyler, CPA, was selected as a winner of the 2022 Arkansas Tech University 19 of the Last 9 award. Oyler was presented the award at ATU’s homecoming celebration on October 15. ATU’s 19 of the Last 9 recognizes
The fuel tax credit should not be overlooked by businesses looking to lower their tax bills or boost their refunds. It is applicable to fuel used for nontaxable purposes that were taxed at the federal level. When is the federal fuel tax applicable? The federal fuel tax is levied on consumers of gasoline, undyed diesel
A capital gains tax is a tax levied on the profit — a “gain” — of the sale of an investment. For example, let’s say you realize a $20,000 gain on a stock sold. You’ll owe capital gains tax on that profit for the tax year it was sold. The exact capital gains tax rate you
A recent law extended the Work Opportunity Tax Credit for hiring individuals from one or more targeted groups. Learn about WOTC eligibility in this article.
The updated lease accounting standard, released back in 2016, is finally taking effect this year for all organizations that haven’t already adopted it. You might be surprised at how many “leases” you have under the Financial Accounting Standards Board’s (FASB) Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) — whether for real estate, vehicles, machinery
On August 16, President Biden signed the Inflation Reduction Act (IRA), which includes numerous provisions pertaining to taxes, energy and the environment. The effect of the law on big businesses has received a lot of media attention. For instance, the IRA imposes a new 15% alternative minimum tax on large, profitable corporations. The law also