January 2022
How Will Revised Tax Limits Affect Your 2022 Taxes?
While Congress didn’t pass the Build Back Better Act in 2021, there are still tax changes that may affect your tax situation for this year. That’s because some tax figures are adjusted annually for inflation. [...]
Businesses With Employees Who Receive Tips May Be Eligible For A Tax Credit
If you’re an employer with a business where tipping is customary for providing food and beverages, you may qualify for a federal tax credit involving the Social Security and Medicare (FICA) taxes that you pay [...]
Are You Eligible for a Medical Expense Tax Deduction?
You may pay out a bundle in out-of-pocket medical costs each year. But can you deduct them on your tax return? It’s possible but not easy. Medical expenses can be claimed as a deduction only [...]
Defer Tax with a Like-Kind Exchange
Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax bill on the gain is with a Section 1031 “like-kind” exchange where you exchange the [...]
California Tax Updates for 1/7
Update 1: Employers in California should know the state Employment Development Dept. released CA’s 2022 interest rates on delinquent payroll taxes. For the period of Jan. 1, 2022, through June 30, 2022, the interest rate [...]
Commission Fraud: When Salespeople Get Paid More Than They’ve Earned
Many employees — from retail workers to sales staffers involved in complex business-to-business transactions — receive part of their compensation from sales-related commissions. To attract and retain top talent, some companies even allow employees to [...]