When you’re filing your tax returns, what expenses can you deduct from business income? It’s a complex question. To start with, a business expense must be both ordinary and necessary to be deductible, according to the IRS. An ordinary expense is one...
Tax Preparation Info: The IRS is offering some help to taxpayers in getting organized so the filing season can be as easy as possible for everyone. “Having all needed documents on hand before taxpayers prepare their return helps them file it completely and...
Getting older has its perks, including tax breaks. Your income threshold for filing a tax return at all is higher, you get a bigger standard deduction and you can defer or avoid taxes on more money. Below are the details of some tax breaks you’ll qualify for...
Retirement limits for 401(k) and similar plans are up. The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased to $20,500, up from $19,500. IRA limits have changed for...
You have lots of expenses when running a business. Are any of them deductible? To begin with, a deductible business expense must be both ordinary and necessary. An ordinary business expense is one that is common and accepted in your trade or business. A necessary...
As it does each year, the IRS has announced changes for health savings accounts, which are associated with high-deductible health plans. The figures for 2022: Self-only: $3,650 (a $50 increase from 2021). Family: $7,300 (a $100 increase from 2021). According to the...
