188 results for author: Daniel Morris


2022 Last-Minute Year-End Retirement Deductions

The end of the year is near, so this week I'll speak to your Year-End Retirement Deductions since your retirement is one year closer as your clock continues to tick. The good news is that you still have time before December 31 to take steps that will help you fund the retirement you desire. You might find several thousand dollars (and maybe much more) in your pocket by taking the actions in this article pertaining to your Year-End Retirement Deductions. But you’ll need to act now to get the cash. Big Picture Here are the four opportunities we explain in this article: Establish your 2022 retirement plan before December 31 so ...

2022 Last-Minute Year-End Tax Strategies for Marriage, Kids, and Family

If you have children under the age of 18 and you file your business tax return as a proprietorship or partnership, you can find big savings in the work your children do for your business. And if you operate as a corporation, don’t neglect to hire your children; there are good savings for you there, too. In this article, you will find five year-end tax-deduction strategies that apply if you are getting married or divorced, have children who did or could work in your business, and/or have situations where you give money to relatives and friends. 1. Put Your Children on Your Payroll Did your children under age 18 help you in your ...

2022 Last-Minute Vehicle Purchases to Save on Taxes

Do you need a replacement business car, SUV, van, or pickup truck? Do you need tax deductions this year? Do you need a tax credit to offset what you owe to the IRS? If you answered yes to any of these questions, you need to examine this article and get ready to smile. Thanks to the Tax Cuts and Jobs Act (TCJA), you can write off the cost of a vehicle purchase in 2022—including, in many cases, up to 100 percent of the cost—faster than ever before. And if you plan on purchasing an electric car or a plug-in hybrid electric vehicle, you may qualify for a tax credit of up to $7,500. Get the Timing Right Donʼt procrastinate. If ...

2022 Last-Minute Year-End General Business Income Tax Deductions

The purpose of this article is to get the IRS to owe you money. Of course, the IRS will not likely cut you a check for this money—although, in the right circumstances, that will happen. But in most cases, youʼll probably realize the cash when you pay less in taxes. This article gives you six powerful business tax deduction strategies you can easily understand and implement before the end of 2022. 1. Prepay Expenses Using the IRS Safe Harbor You have to thank the IRS for its tax-deduction safe harbors. IRS regulations contain a safe-harbor rule that allows cash-basis taxpayers to prepay and deduct qualifying expenses up to 12 ...

New Law Improves Energy Tax Benefits for Biz Owners and Landlords

The newly enacted Inflation Reduction Act contains tax credits and depreciation benefits for owners of commercial property and residential rental properties. If you implement various types of renewable energy improvements, you can qualify for hefty tax credits or deductions. Caution: The rules are complex. That said; bear with the rules because the benefits are worthwhile. Business Energy Investment Tax Credit The Business Energy Investment Tax Credit (ITC) is used primarily for solar panel installations on commercial buildings and residential rentals. The ITC has been available and continues for small wind power installations, Fuel ...

Baseball Cards and Memorabilia as Office Decorations

With the United States baseball championship well underway in this year's 2022 World Series, I received an interesting question about Sports Memorabilia (Baseball Cards) the other day and I thought I'd share this as a quick post. Question I have an extensive baseball card collection and other baseball memorabilia, such as autographed baseballs, signed jerseys, and photographs. I would like to achieve some tax deductions for these items. Could I decorate my office with these items and then depreciate them for tax purposes? Answer No. In Simon v Commissioner, the court said you depreciate property that suffers exhaustion, wear, and tear, or ...

Buying an Electric Vehicle? Know These Tax Law Changes

Are you thinking of buying an electric vehicle or a plug-in hybrid? And are you looking to benefit from the $7,500 tax credit? If so, you have much to consider—thanks to the newly enacted Inflation Reduction Act. The Electric Vehicle Credit for 2022 The maximum $7,500 credit for fully electric cars or plug-in hybrid electric vehicles that applies to both business and non-business vehicles remains in place through December 31, 2022, subject to one significant change. The Significant Change Begins August 17, 2022 Electric vehicles purchased and placed in service after August 16, 2022, qualify for the tax credit only if they are ...

New Law: Business Tax Credits for Your Electric Vehicle Purchases

Three things to know about this new law: The existing electric vehicle tax credit that applied to both business and personal vehicles remains unchanged from January 1 to August 16, 2022. The new and difficult North America assembly rules apply from August 16 through December 31, 2022, and require tax planning if you want to buy an electric vehicle this year. Beginning in 2023, buying an electric vehicle for your business escapes the draconian rules that haunt 2023 personal-use electric vehicle purchases. What’s the Deal for the Remainder of 2022? Here’s what you need to consider for the remainder of 2022: The 200,000-vehicle ...

Part 2: California’s Pay Transparency Act (SB 1162) – Are You Ready?

Last week I reported that more pay transparency was coming to California. The Golden State is joining New York City, Colorado, and Washington in requiring employers to disclose pay ranges in job ads. Under the law, employers with 15 or more workers will be required to include pay ranges in job postings and those with at least 100 representatives or workers for hire should report mean and median pay data as well as payment data of employees supplied by labor contractors in pay data reports in each combination of race, ethnicity, and sex. Regardless of where you sit on this law; proponents claim that this will be an important step in equalizing ...

Part I: California’s New Law Requires Companies Post Salary Ranges on Job Listings

California just signed into legislation (09.27.22, Senate Bill 1162) that will require all employers based or hiring in the state to post salary ranges on all job listings. The new legislation also makes significant changes to California’s existing pay data reporting requirements. The legislation will require California-based organizations in excess of 100 employees to show their median gender and racial pay gaps — a first for a U.S. state. In recent years, more states have adopted an array of transparency laws to fight the stubborn gender and racial pay gaps. California would join Colorado, New York City, and Washington State in ...