Do you have a tax-saving flexible spending account (FSA) with your employer to help pay for health care expenses? For 2021, FSA participants could contribute up to $2,750 of pre-tax dollars to pay for medical expenses that might not otherwise be deductible (the amount rises to $2,850 for 2022). FSA contributions are also not subject [...]
It’s an awful feeling to learn that someone has used your credit or debit card to make fraudulent charges. Whether you’re liable for charges typically depends on the type of card, whether you still possess the card and when you alert the issuer. CREDIT CARDS If your credit card is lost or stolen and you [...]
Are you a business owner who needs to hire? Be aware that a law enacted at the end of 2020 extended through 2025 a credit for employers that hire individuals from one or more targeted groups, listed below. Employers can qualify for a tax credit known as the Work Opportunity Tax Credit (WOTC) that’s worth [...]
If you didn’t get around to contributing to an IRA in 2021 and you’re looking for ways to lower your tax bill, you may still have an option. Qualified taxpayers can make deductible contributions to traditional IRAs until the tax filing date of April 18, 2022, and claim the benefit on their 2021 returns. WHO [...]
Memorized, Commented, and Scheduled Reports in QuickBooks Have you explored what you can do with QuickBooks reports once you’ve created them? QuickBooks reports are your reward for tracking your business income and expenses conscientiously. Rather than scanning through lists of customer invoices to see which ones are past due, you can run an A/R Aging [...]
Business owners, 2022 is well underway. So, don’t forget that a provision tucked inside the Consolidated Appropriations Act suspended the 50% deduction limit for certain business meals for calendar years 2021 and 2022. That means your business can deduct 100% of the cost of business-related meals provided by a restaurant. As you may recall, previously [...]