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Inflation-adjusted Tax Brackets for 2023

With the issuance of Rev Proc 2022-38, the Internal Revenue Service has released the inflation-adjusted tax brackets for 2023. 2022 saw extended periods of inflation, much more than 2021, and consequently, tax brackets were increased accordingly. As a result, this will change the tax due for any given taxpayer. Also, if a taxpayer’s income has…

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Providing fringe benefits to employees with no tax strings attached

Businesses can provide benefits to employees that don’t cost them much or anything at all. However, in some cases, employees may have to pay tax on the value of these benefits. Here are examples of two types of benefits which employees generally can exclude from income: A no-additional-cost benefit. This involves a service provided to…

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Cryptocurrency & Taxes Part I: Cryptocurrency Reporting Requirements

If someone asked you ten years ago if you had heard of cryptocurrency, what would your answer have been?  If asked about Bitcoin or a “soft fork,” would your mind have gone to an unfortunate penny that went through the garbage disposal?  How about a particularly flimsy piece of cutlery?  Or would you have been…

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Tips and Tricks to Navigating the IRS.gov Website

Many tax questions can be answered without leaving your home, waiting (and waiting) on hold with the IRS or calling your tax professional.  The Internal Revenue Service official webpage, www.irs.gov, is your source to find answers to a myriad of questions.  Here are some common questions that can be answered or tasks that be completed…

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Getting a divorce? Be aware of tax implications if you own a business

If you’re a business owner and you’re getting a divorce, tax issues can complicate matters. Your business ownership interest is one of your biggest personal assets and in many cases, your marital property will include all or part of it. Tax-free property transfers You can generally divide most assets, including cash and business ownership interests,…

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Switch on Tax Savings

Claiming the energy-efficient commercial buildings deduction Businesses that have invested in energy efficiency — or are considering doing so — shouldn’t overlook the Section 179D deduction for energy-efficient commercial buildings. This tax break offers valuable deductions (up to $1.80 per square foot) for the cost of energy-efficient improvements to new or existing commercial and some…

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coronavirus-related distribution

What Qualifies as a “Coronavirus-Related Distribution” from a Retirement Plan?

As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take a certain “coronavirus-related distribution” from their retirement plans without paying tax. So how do you qualify? In other words, what’s a coronavirus-related distribution? Early distribution basics In general, if you withdraw money from an IRA or…

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