Businesses and tax-exempt organizations should watch out for telltale signs of misleading claims involving the Employee Retention Credit. Scammers and unscrupulous promoters continue to run aggressive broadcast advertising, direct mail solicitations and online promotions for the credit. Many of these ads wildly misrepresent and exaggerate who can qualify for the ERC, which is sometimes alsoRead more…
Blog
Warning Signs of Employee Retention Credit Scams
August 9, 2023Deducting Medical/Dental Expenses on Your Tax Return
March 20, 2023If you itemize your deductions you may be able to deduct expenses you paid that year for medical and dental care for yourself, your spouse and your dependents. You may deduct only the amount of your total medical expenses that exceed 7.5% of your adjusted gross income. Deductible medical expenses may include but aren’t limitedRead more…
The IRS and ID.me
January 26, 2023PPL is requesting that you create an ID.me account with the IRS. Creating an ID.me account is beneficial to you and to PPL. One of the benefits of creating an ID.me account is your ability to electronically sign a Power of Attorney authorizing PPL to communicate with the IRS on tax related matters. 1) View,Read more…
10 Bookkeeping Tips for Small Business Owners
January 10, 2023Owing a small business can be overwhelming at times. Bookkeeping for small business owners can be even more overwhelming. Below are 10 bookkeeping tips to help you manage your bookkeeping. Tip # 1. Keep your business and personal finances separate. Comingling business and personal finances is a common mistake made by small business owners. NotRead more…
Business Use Mileage Rates for 2023
January 4, 2023The Internal Revenue Service today issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beginning on January 1, 2023, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 65.5 cents perRead more…
Capital Gains Tax Blog Series 5: Updates for 2023
November 29, 2022The thresholds for each tax rate are adjusted annually for inflation. The IRS has released the 2023 thresholds (click here for the 2023 inflation adjustments). Given the high inflation rates of late, the thresholds will increase at a greater rate for 2023 than they have in recent years. This is good for taxpayers, since itRead more…
Series 4: Tax Loss Harvesting and Carryover of Capital Losses
November 9, 2022What if you lose money on your investments? A tax loss can be a valuable asset if you use a strategy called “tax loss harvesting,” which is based on the ability to offset capital gains with capital losses so that you only pay tax on your net capital gains. However, there’s a certain sequence youRead more…
Series 3: Capital Gains Tax Rates
November 2, 2022Long-term capital gains are subject to lower rates of tax than short-term capital gains, which are taxed at ordinary income tax rates. You therefore need to know your holding period for any capital asset you sell. If you hold an asset for more than one year, the gain you realize when you sell it willRead more…
Series 2: When are Capital Gains Taxed and How to Calculate
October 27, 2022Capital gains are taxed when they’re “realized.” Your capital gain (or loss) is generally realized for tax purposes when you sell a capital asset. As a result, capital assets can continue to appreciate (increase in value) without becoming subject to tax as long as you continue to hold on to them. For example, loans againstRead more…
Series 1: What are Capital Gains?
October 13, 2022Capital gains are the profit you make from selling or trading a “capital asset.” With certain exceptions, a capital asset is generally any property you hold, including: Investment property, such as stocks, bonds, cryptocurrency, real estate, and collectibles; and Property held for personal use, such as a car, house, or home furnishings. There are, however,Read more…