QBI Deduction Basics and How to Qualify
If you own a business, you may wonder if you’re eligible to take the qualified business income deduction (QBI deduction).
What are the New Tax Credits in the Inflation Reduction Act?
On August 16, 2022, the Inflation Reduction Act was signed into law. Included in this act are several tax credits focused on green initiatives. You may be wondering… what are these new tax credits in the Inflation Reduction Act? And how can I benefit? Here’s how to take advantage of the new tax credits in
How Section 179 Can Lower Your Business Tax Liability in 2022
Did your business purchase equipment, like new computers for the team or vehicles for deliveries, this year? If so, Section 179 is a worthwhile piece of tax law that may help you lower your business tax liability in 2022. In This Article: Section 179 allows for qualified software, equipment, and business expenses to be deducted
IRS Adjusts Retirement Plan Contribution Limits for 2023
How much can you and your staff put into your 401(k)s or other retirement plans for the upcoming year? The IRS has announced cost-of-living changes that increase most retirement plan contribution limits for 2023. Inflation caused the amounts to rise more than they did in prior years. 401(k) plans Employees who participate in 401(k) plans
Avoid Capital Gains Tax with a 1031 Exchange
Do you own investment or commercial property where the value has significantly increased? If you sell the property, you might owe a sizable amount in capital gain taxes. Consider a Section 1031 exchange, sometimes referred to as a like-kind exchange, where you trade qualified properties while paying little to no current tax as a possible
2023 Social Security Salary Base Will Increase
According to a recent announcement from the Social Security Administration, the wage base used to calculate Social Security tax will rise to $160,200 for 2023 (from $147,000 for 2022). There is no Social Security tax on wages or self-employment income above this threshold. Fundamentals of Social Security Employers, employees, and self-employed individuals are all subject
18 Tax Deductions for Small Businesses
If you operate a pass-through entity like a sole proprietorship, general partnership, or LLC, there are several business expenses you can make on your personal tax return to lessen your tax liability. What expenses are tax deductions for small businesses? Here are 18. 18 tax deductions for small businesses Business Meals Typically, you can deduct 50%
Which Local Transportation Costs can A Company Write Off?
Each year, you and your small business are likely to spend money on various local transportation costs. These expenses have a number of tax implications. But what does “local transportation” mean? It describes travel where you don’t spend enough time away from your tax home (the city or general area where your main place of
Landmark’s Hannah Oyler Honored by Arkansas Tech University as Outstanding Alumni
FORT SMITH, Arkansas, October 19, 2022 – Landmark PLC, Certified Public Accountants is pleased to announce Hannah Oyler, CPA, was selected as a winner of the 2022 Arkansas Tech University 19 of the Last 9 award. Oyler was presented the award at ATU’s homecoming celebration on October 15. ATU’s 19 of the Last 9 recognizes
Increase Tax Savings with the Fuel Tax Credit
The fuel tax credit should not be overlooked by businesses looking to lower their tax bills or boost their refunds. It is applicable to fuel used for nontaxable purposes that were taxed at the federal level. When is the federal fuel tax applicable? The federal fuel tax is levied on consumers of gasoline, undyed diesel
Capital Gains Tax — What You Need to Know for 2022
A capital gains tax is a tax levied on the profit — a “gain” — of the sale of an investment. For example, let’s say you realize a $20,000 gain on a stock sold. You’ll owe capital gains tax on that profit for the tax year it was sold. The exact capital gains tax rate you