As we come to the end of 2022, now is the time to consider ways to reduce your 2022 federal tax implications. We rounded up some of the top tips from the Lodovico & Associates tax professionals. Read on for potential tax strategies. Look for ways to defer taxable income: During inflation, consider deferring taxable …
A reference guide for your 2022 income tax return Read More »
While student debt relief distribution remains on pause, many have asked, “what should I do?” Currently, applications are open, and if you believe you qualify, the application for one-time student loan relief is simple. As we wait for legal contingencies to be determined, keep the following in mind. How to apply and determine eligibility While …
As we round out the end of 2022, there is no time to sleep on implementing key tax strategies to impact your business’s tax implications. Immediately acting on a proactive, year-end tax plan has the potential to make a big difference on your next return. When evaluating your 2022 tax strategy to close out …
Business Tax Planning: Top Strategies for 2022 Returns Read More »
Amid rising inflation, the IRS has announced several changes coming for 2023, including higher federal income tax brackets and standard deductions. As the cost of food, energy and other essentials increase, the four-decade high inflation we’re currently experiencing could impact tax bills for many Americans next year. While tax rates are generally adjusted for inflation, …
New Inflation Adjustments: 2023 Updated Brackets, Standard Deductions and More Read More »
If you are self-employed or working in a job that doesn’t provide a typical W2, you may have irregular income and pay quarterly, estimated tax payments. If you are a W-2 employee, it’s likely your employer withholds taxes from your paychecks. In either scenario, when you complete your income tax returns your actual tax liability is …
Understanding the Safe Harbor rule and how to avoid penalty Read More »
If you’ve dined with a client or hosted an employee event this year, you may be wondering which of your expenses are tax deductible. New for tax years 2021 and 2022, business meals are temporarily 100% deductible. See the chart below to understand allowable business deductions and contact our tax advisors to best navigate your …
Don’t forget that the deadline for personal tax return extensions is October 15th! Be sure to contact us or drop off your documentation ASAP so you don’t miss the due date! You are welcome to stop into our offices any time M-F from 8:30am – 5pm
