Tag: Business Taxes

Are you up to date on the latest tax law changes that could affect your manufacturing business? Barring further legislation, certain key provisions have expired or have begun to phase out. Here are three that Read More

Inflation has been surging this year. The July 2022 consumer price index (CPI) was up 8.5% year over year, according to the latest data from the U.S. Bureau of Labor Statistics. The rate of inflation Read More

If your organization has met the IRS qualifications to be considered tax-exempt, the income you receive — such as donor contributions — is exempt from federal income tax. However, it's still possible for not-for-profits to Read More

Recently House Democrats released a draft proposal of federal tax changes. Included in the proposal are numerous tax increases. These are proposals only at this point but provide some insight into changes that may eventually Read More

During the COVID-19 pandemic, many employers shut down their regular workplaces, either partially or wholly, as a safety precaution and instructed their employees to work from home. While some employees have returned to work, many Read More

If you're self-employed as a sole proprietor, partner or limited liability company (LLC) member, COVID-relief legislation passed in 2020 included tax breaks that may affect your 2020 personal federal income tax return. In some cases, Read More

Attempts to claim write-offs for bad debt losses have fueled controversies with the IRS for many years. Unfortunately, bad debt losses are increasingly common during the COVID-19 pandemic. Here's an overview of the federal income Read More

Good news! Business taxpayers may still be able to take actions to lower their federal income tax liabilities for 2020, as well as for future years. Consider these ideas for reducing your tax bill before Read More

The following table provides some important federal tax information for 2021, as compared with 2020. Some of the dollar amounts are unchanged and some changed only slightly due to inflation. Social Security/ Medicare 2021 2020 Social Read More

3/20/2020 - UPDATE - Filing Deadline Moved to 7/15/2020 The IRS just announced that the tax FILING deadline is being moved to 7/15/2020 along with the previously announced tax payment deadline. 3/19/2020 - Tax Filing Read More