Each tax season, one of the top questions on the minds of taxpayers is: “When will I receive my refund?” Based on past years and current estimations from the IRS, a few factors may be able to help predict when a refund will be processed. It’s not too early to begin thinking about your upcoming …
Tax Time 2023: When to anticipate your income tax refund 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 last months 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 …
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 …
With the end of the 2021 quickly approaching, income tax return season will arrive before we know it! Start planning now to minimize the tax implications in your next return. Read on to understand what’s new and updated from the previous year, and as always, contact your tax advisors at Lodovico & Associates for tailored …
For many business owners, properly classifying workers can make a significant impact in their tax implications or other business expenses such as social security payments. When it comes to determining if a worker is an employee or independent contractor, understanding the key differences could help in reducing tax obligations and minimizing overpayment. Review the scenarios …
The year 2020 proved to be a year like no other. From unemployment to stimulus payments, in preparing for your upcoming tax return filing, there may be various documents to include that weren’t needed in the past. Continue reading for a quick reference on common facts and figures to consider. Then, refer to the chart …
Nearly three years after the Tax Cuts and Jobs Act (TCJA) deemed many entertainment, amusement and recreation expenses nondeductible, we continue to encounter questions about the deductibility of meals, food and beverages. In 2020, the IRS adopted some clarifying points to determine the deductibility of various items. Here are some basic items to keep in …
Calculating deductions: Are business meals and entertainment tax deductible? Read More »
