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Cash Management Tips for Your Small Business
Cash flow is the lifeblood of every small business but many business owners underestimate just how vital managing cash flow is to their business’s success. In fact, a healthy cash flow is more important than your business’s ability to deliver its goods and services.
File on time even if you can’t pay
Generally, taxpayers should file their tax returns by the deadline even if they cannot pay the total amount due, but if you can’t, there are several options.
There’s Still Time To Make an IRA Contribution for 2021
If you haven’t contributed funds to an Individual Retirement Account (IRA) for the tax year 2021, or if you’ve put in less than the maximum allowed, you still have time to do so. You can contribute to either a traditional or Roth IRA until April 18, 2022, due date (April 19 if you live in Maine or Massachusetts), not including extensions.
The 2022 Tax Filing Season: What You Need to Know
Monday, January 24, 2022, was the official start to this year’s tax season. By now, everyone should have received most of the information they need to make sure they file a complete and accurate return.
Tax Breaks for Older Adults and Retirees
Everyone wants to save money on their taxes, and retirees and older adults are no exception. If you’re 50 or older, here are six tax tips that could help you do just that.
Standard Mileage Rates for 2022
Starting January 1, 2022, the standard mileage rates for the use of a car, van, pickup, or panel truck are as follows:
58.5 cents per mile driven for business use, up 2.5 cents from the rate for 2021
18 cents per mile driven for medical or moving purposes for qualified active-duty members of the Armed Forces, up 2 cents from the rate for 2021, and
14 cents per mile driven in service of charitable organizations. The charitable rate is set by statute and remains unchanged.
Getting Ready for the 2022 Tax Filing Season
While filing your tax return promises to be just as complicated as always – especially if you received stimulus payments or advance child tax credit payments – there are steps that taxpayers can take right now to make sure their tax filing experience goes smoothly in 2022
Important Information About Charitable Giving This Year
The first step when deciding where to make donations is to visit IRS.gov and use the Tax Exempt Organization Search tool to search for information about an organization’s federal tax status and filings.
Tips To Avoid Credit Card Debt This Holiday Season
Credit card balances typically follow a seasonal pattern, increasing significantly in the fourth quarter, coinciding with holiday shopping, and millions of taxpayers are still carrying debt from last year’s holiday season. Whether you are diligent about paying your credit card in full every month or are still paying down debt from a previous spending spree, these tips will help you avoid overspending this year and keep credit card spending on track.
Business Owners: Year-end Tax Planning Strategies
Several end-of-year tax planning strategies are available to business owners to reduce their tax liability. Let’s take a look