Checking the mileage rates for 2023? This article discusses each of the standard mileage rates for 2023 and how they apply. The Internal Revenue Service recently announced the inflation-adjusted 2023 optional standard mileage rates. These rates are used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning …
For Business
2023 Tax Year – Starting the Year Right
Individuals and small businesses should consider various ways of starting off on the right foot for the 2023 tax year. While the list below is a great start, the most important of these actions is keeping timely and accurate tax records. Top Considerations for Starting the 2023 Tax Year Right W-4 Updates Employed? If so, …
Wonder What A Tax Deduction Is Worth?
Individuals are always looking for a tax deduction that can reduce their tax liability. But what is the actual tax benefit derived from a tax deduction? There is no straightforward answer. Some deductions are “above the line” while others must be itemized. Some tax deductions must exceed a threshold amount before being deductible. Then there …
Your Annual Reminder To File Worker 1099s
Business tax filing deadlines aren’t on holiday, so don’t forget to file worker 1099s. If you use workers other than employees to perform services for your business and pay them $600 or more for the year, you are required to issue each one a Form 1099-NEC to avoid facing the loss of the deduction for …
Video: Individuals May Receive 1099-Ks For Sales Over $600
If you are you an individual who has received over $600 from any single customer last year, you may receive IRS form 1099-ks for sales. The IRS reminds taxpayers earning income from selling goods and/or providing services that they may receive Form 1099-K if they have received more than $600 for the year. IRS form …
Video: Individuals May Receive 1099-Ks For Sales Over $600Read More
5 Quickbooks Online Tasks To Do Before January 1
Here are 5 essential Quickbooks Online tasks to do before the end of the year slips by. For many, December is a month of the year that goes by in warp speed. It seems like you’ve just finished Thanksgiving dinner and it’s time to ring in the New Year! You could probably spend the entire …
Using QuickBooks Online Effectively: 7 Best Practices
Using QuickBooks Online can sometimes be intimidating, especially if you are new to the accounting platform. However, there are some best practices when it comes to making the most effective use of your time. These guidelines are not enforceable rules, though some managers may build them into their official policies. They just describe the way …
Using QuickBooks Online Effectively: 7 Best PracticesRead More
Mid-Year September Tax Planning Checklist
We’ve just finished putting together our annual mid-year tax planning checklist for Nissen and Associate clients. All too often, taxpayers wait until December to think about their taxes. But when you wait that long, you’re bound to miss opportunities that could reduce your tax liability. Worse, you miss out on options that you can financially …
You May Receive An IRS Form 1099-K This Year
Effective for 2022 and later years, Congress reduced the threshold for the Form 1099-K filing requirement from $20,000 to a mere $600. So, you might ask, what does that have to do with me? This change can impact taxpayers in several ways, some unexpected, so you may find yourself in for a surprise that can …
