Business Meals Deduction for 2021-2022 Tax Years

As an incentive to help restaurants recover economically due to the COVID-19 pandemic, Congress has temporarily allowed that expenses for business-related meals are 100 percent tax deductible from January 1, 2021 through December 31, 2022.  After that date, the federal tax deduction for business-related meals will return

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IRS 2022 Limits

Each year, the IRS adjusts tax rates, standard deduction amounts, and other limits to account for tax law updates and cost-of-living adjustments. Currently for 2022, there are seven tax brackets: 10%, 12%, 24%, 32%, 35%, and 37%. Your filing status (example: single, married filing jointly, head of

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How to Get Ready for Your Tax Accountant

It’s almost that time of year again…tax season! While it may still feel like you have plenty of time to prepare, planning ahead can help ensure that you file an accurate return and avoid potential delays in the processing of any refund you might be due. How

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Tax Provisions in the Infrastructure Investment and Jobs Act

While the Infrastructure Investment and Jobs Act of 2021 (IIJA) is primarily a bill that improves roads, bridges, and transit, as well as authorizing additional funding for energy, water, and broadband improvement, there are some tax-related provisions included. Employee Retention Credit Changes The Employee Retention Tax Credit

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The “Dirty Dozen” IRS Tax Scams

Each year, the IRS unveils its list of scams that target unsuspecting taxpayers.  Below are five of the most common tax scams impacting taxpayers today, as well as tips to not become a victim: Fake Charities are created to exploit natural disasters and other situations such as

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What Happens if the IRS Prepares Your Tax Return?

Have you ever wondered what happens if someone never files a tax return?  The IRS has the ability to create a return on your behalf called a Substitute for Return or SFR. Generally, unless you are self-employed, it’s easy for the IRS to create a return for

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Updates to the Employee Retention Credit

In early August of this year, the IRS released additional guidance on the Employee Retention Credit.  For 2021, the credit was expanded to allow businesses to receive a credit of up to $7,000 per employee per quarter if their operations were fully or partially shut down by

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Are Gains on Cryptocurrency Taxable?

The short answer to this question is: of course!  As cryptocurrency has become a more popular investment vehicle among younger investors, this is a good question and one that is getting more attention from the IRS. Buying and selling crypto, just like buying and selling a share

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