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3 specialized IT leadership positions for growing businesses

2022 – 01/12 For many businesses, technology has changed from something they use to something they do. When a company reaches a point where IT plays a central role in operations and productivity, ownership might want to create one or more leadership positions to specifically oversee tech-related matters and strategy. Often, this means a Chief…

Tax Deadline April 18th

2022 – 01/11 The IRS announced that it will begin accepting and processing 2021 individual tax returns on Jan. 24, 2022. Tax returns are due on April 18, 2022, unless an individual requests an extension through Oct. 17, 2022. The tax agency also stated that it has updated its programming to accommodate recipients of advance…

Update Your Form W-4 Yearly

2022 – 01/11 Employees may want to update withholding information. The 2022 version of Form W-4, “Employee’s Withholding Certificate,” is used to tell an employer how much to withhold from paychecks. You may want to adjust your withheld amounts to reflect life changes that occurred in the past year. Some of these events include marriage,…

FAQ: Recovery Rebate Credit

2022 – 01/10  The IRS recently updated and added new FAQs on the 2020 Recovery Rebate Credit. Specifically, Question F4 provides updated information on how taxpayers can access their online accounts. Three new questions (F8, F9 and F10) discuss: when and how to request a payment trace for an Economic Impact Payment (EIP) that was…

2022 Covered Compensation Tables

2022 – 01/06 The IRS has released the covered compensation tables for the 2022 plan year. For purposes of determining covered compensation for the 2022 year, the taxable wage base is $147,000. The taxable wage base is the amount of an employee’s wages that is subject to Social Security tax. It is also used by…

Quarterly Estimated Tax Payments Due January 18th

2022 – 01/06  The IRS has issued a reminder about checking your 2021 tax liability to avoid being subject to estimated tax penalties, which apply if you underpay your taxes. Taxpayers who paid too little tax during 2021 can still avoid a surprise tax-time bill and possible penalty by making a quarterly estimated tax payment…

Defer tax with a like-kind exchange

2022 – 01/03 Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax bill on the gain is with a Section 1031 “like-kind” exchange where you exchange the property rather than sell it. With real estate prices up in some markets (and higher resulting tax…

Ordinary and Necessary Expenses

2021 – 12/30 The tax code allows a taxpayer to deduct ordinary and necessary expenses paid or incurred in carrying on a trade or business. In one case, a married couple deducted more than $25,000 in expenses related to an organic farming venture, including startup costs and amortization. They bought acreage and planned to procure…

Employee vs Independent Contractor

2021 – 12/30 How do you determine if a worker is an employee or an independent contractor? The IRS Office of Federal, State, and Local Government recently held a webinar to answer that question. Worker classification is determined by the relationship between a worker and the business, and whether the business can control how tasks…

The fundamentals of a solid salesperson

2021 – 12/22 As the year winds down, business owners have many calendar months to look back on to determine how successfully their products or services have sold. While reviewing the numbers, think about your people, too. To achieve success in 2022, you’ll need a strong sales team in place. However, it’s a difficult time…

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