Interest rates have gone up over the last few years. Saving grace: You may be able to deduct interest expenses depending on the type of expense incurred. Notably, there are four main categories for tax purposes. Mortgage interest: Generally, you can deduct mortgage interest paid during the year. To qualify, you must be legally obligated [...]
We get this question a lot this time of year. Now! is almost always the answer. See this video response from shareholder Rachel Taylor: When should I bring my #tax information to you? #taxtwitter #loveyourCPA pic.twitter.com/hDoG4qwY6w — JamisonMoneyFarmer (@JMFCPAs) February 22, 2023
Viki Gryska, a tax manager from our International Practice Group, and Bobby Bragg talk to Sean King about the opportunities and issues related to companies coming into the US (inbound) and companies going out to new foreign markets (outbound). We tackle myths for structuring options for inbound companies investing in the US, also known as [...]
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 [...]
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 [...]
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 [...]
For those of us who worked in the 80s and 90s, the Superfund Excise Tax is not a new thing. In fact, it originally ended in the mid-1990s. However, effective July 1, 2022, the Superfund Excise Tax is back (typed in my best Boy Band voice). The reinstatement of the Superfund Excise Tax was [...]