Naturally, corporations can claim large business expense deductions, but that does not mean that small business owners, including self-employed individuals, are left out in the cold. Following are seven common write-offs available to self-employeds. Health and dental insurance: Yes, a self-employed individual can currently deduct the full cost of health and dental insurance, just like [...]
The Alabama Department of Labor has released its 2023 Tax Rate Notices in the last few weeks. Since paper copies of these notices are no longer mailed, employers should log into their Alabama Department of Labor eGov account to access the 2023 rate notice. We have seen significant changes in the rates for 2023, so it [...]
Tax season is right around the corner, so we want you to be prepared. As we typically do, we have created this year-end tax planning letter to assist you with certain tips that you should consider before December 31st. This is the time to reassess your overall tax picture for 2022 so you can maximize the tax [...]
On October 18, the IRS announced a number of inflation adjustments for the 2023 tax year. The tax year 2023 adjustments described below generally apply to tax returns filed in 2024, and two key changes affect estate and gift taxes. The annual gift tax exclusion is increasing from $16,000 per recipient to $17,000 per recipient. [...]
Carl Jamison and Bobby Bragg are joined by guest Alex Flachsbart of OPAL or Opportunity Alabama. "Opportunity Zones” were created in the Tax Cuts and Jobs Act of 2017. Tax nerds call that the TCJA. It’s hard to believe that we are now almost five full years from their creation. These zones encourage private sector [...]
New law revamps electric vehicle credits (Image above is of Mercedes EQS, built in Tuscaloosa) Are you thinking about purchasing an electric vehicle (EV) or plug-in hybrid? The new Inflation Reduction Act (the IRA) green lights tax credits for many taxpayers who buy EVs in 2023. However, other individuals may hit some unexpected roadblocks. [...]
Lauren Roberts and Kim Smith discuss IRS notices and the best ways to avoid them! These two tax accountants share war stories on IRS notices, including some of the most common reasons notices are triggered and how to create an IRS online account. And of course, IRS scams - beware! Hosts: JamisonMoneyFarmer PC CPAs Lauren [...]
We are really excited to share that we are launching a new podcast to help people grow as business owners. We advise many thousands of business owners every year, and as a result, felt it was time to start having those on camera to help leverage those discussions for more people to enjoy. We also [...]
The IRS often contests an employer’s classification of workers as independent contractors as opposed to employees. If a worker is labeled as an independent contactor, the employer does not have to pay its fair share of federal payroll taxes, nor does it have to provide costly fringe benefits available to employees. This can result in [...]
After numerous twists and turns, the Inflation Reduction Act (the IRA) was finally signed into law by the president on August 16. Among other aspects, the new law addresses climate control, extends health insurance subsidiaries and permits Medicare to negotiate drug prices. But it also includes the following key tax provisions for individuals and [...]