The Standard Business Mileage Rate Is Going Up In 2023
Although the national price of gas is a bit lower than it was a year ago, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be [...]
Notification Of Change To Tax Accounting For Research Expenses
RESEARCH EXPENSES Under the Tax Cuts and Jobs Act (TCJA), for taxable years beginning after December 31, 2021, specified research or experimental expenditures must be capitalized and amortized over five years (15 years for expenditures which [...]
2023 Q1 Tax Calendar: Key Deadlines For Businesses And Other Employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply [...]
Happy Holidays From The Linkenheimer Team!
It’s the time of the year, where we reflect on all that is important to us: family, friends, health and hobbies. From everyone at Linkenheimer, we’d like to say thank you for your [...]
Answers To Your Questions About Taking Withdrawals From IRAs
As you may know, you can’t keep funds in your traditional IRA indefinitely. You have to start taking withdrawals from a traditional IRA (including a SIMPLE IRA or SEP IRA) when you reach age 72. [...]
Save For Retirement By Getting The Most Out Of Your 401(k) Plan
Socking away money in a tax-advantaged retirement plan can help you reduce taxes and help secure a comfortable retirement. If your employer offers a 401(k) or Roth 401(k), contributing to the plan is a smart [...]
Selling Stock By Year-End? Watch Out For The Wash Sale Rule
If you’re thinking about selling stock shares at a loss to offset gains that you’ve realized during 2022, it’s important to watch out for the “wash sale” rule. The loss could be disallowed Under this [...]
Strategies For Investors To Cut Taxes As Year-End Approaches
The overall stock market has been down during 2022 but there have been some bright spots. As year-end approaches, consider making some moves to make the best tax use of paper losses and actual losses [...]
Intangible Assets: How Must The Costs Incurred Be Capitalized?
These days, most businesses have some intangible assets. The tax treatment of these assets can be complex. What makes intangibles so complicated? IRS regulations require the capitalization of costs to: Acquire or create an intangible [...]
Choosing A Retirement Plan For Your Small Business
Most growing small businesses reach a point where the owner looks around at the leadership team and says, “It’s time. We need to offer employees a retirement plan.” Often, this happens when the company is financially [...]