Withum

NOVEMBER 17, 2022

Failing to prepare for a tax examination at the outset of a move jeopardizes the ability to ultimately prevail at the audit. Failing to plan = planning to fail. 2022 Year-End Tax Planning Resources. Continue to monitor changes to economic nexus and tax laws. Sales and Use Tax Planning Considerations.

tax planning 52

tax planning Tax income tax CPA 52

LyfeAccounting

MARCH 16, 2021

Today, we have a major update for you – business meals are now 100% deductible as of the year 2021. This is going to help you minimize your tax liability by writing off 100% of your business meals, which in turn, is helping the restaurant industry bounce back from a devastating recession.

Tax 52

Tax Entertainment tax return tax preparation 52

Withum

NOVEMBER 17, 2022

The income tax deduction will be limited to $6,000,000, and $4,000,000 in charitable contributions can be carried forward for the next 5 years. In 2021, the deduction would have been the full $10,000,000. 2022 Year-End Tax Planning Resources. Let Withum’s Private Client Services Team help you today.

tax planning 52

tax planning tax return income tax Tax 52

Withum

MAY 16, 2022

In 2021, the building is subject to a first mortgage of $110,000 and a second mortgage of $90,000. The FMV of the building in 2021 is $150,000. In 2021, Julia’s bank agrees to reduce the second mortgage debt from $90,000 to $30,000, resulting in cancellation of debt income of $60,000. Business Tax Services.

Real Estate 131

Real Estate Tax income tax tax return 131

Withum

JUNE 1, 2022

Company A sold widgets in 2021 for $150 per unit. In addition, Company A’s inventory was as follows: Year Quantity Purchase Price 2018 100 $7,000 ($70 per unit) 2019 200 $14,800 ($74 per unit) 2020 250 $20,000 ($80 per unit) 2021 275 $27,500 ($100 per unit) LIFO Example 1. Assume Company A sold 275 units in 2021. Wait and See.

business tax 119

business tax Tax income tax tax return 119

Withum

MAY 4, 2022

During the state of emergency (but not to extend beyond December 31, 2021) employees obligated to work outside of New York during COVID-19 still count as New York employees for certain tax credit and incentive programs. . With proper planning and implementation, PTET elections can be a valuable state tax planning strategy.

income tax 112

income tax New York Tax New Jersey 112

Withum

NOVEMBER 17, 2022

Most of the income tax proposals in the 2021 “Build Back Better” bill did not make it into the IRA. General Income Tax Planning. Doing so may enable you to claim larger deductions, credits, and other tax breaks for 2022 that are phased out over varying levels of adjusted gross income (AGI).

tax planning 98

tax planning Tax Construction income tax 98