RitaKeller

JANUARY 5, 2022

“Be courteous to all but intimate with few and let those be well-tried before you give them your confidence.” – George Washington. There was an interesting article in Accounting Today this week talking about practitioners getting ready for the 2022 tax season. One comment caught my eye and made me think of all the complaints I hear from my clients and other practitioners, it follows: “According to the findings of a recent Wolters Kluwer survey of more than 800 professiona

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Tax Washington accounting firms Account 45

RogerRossmeisl

JANUARY 5, 2022

After two years of no increases, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2022 by 2.5 cents per mile. The IRS recently announced that the cents-per-mile rate for the business use of a car, van, pickup or panel truck will be 58.5 cents (up from 56 cents for 2021).

CPA 246

CPA Tax business tax 246

SkagitCountyTaxServices

JANUARY 5, 2022

And the books turn over. As we step over the threshold into 2022, we’re all staring at much lower numbers in our P/L’s. It’s a new slate, and the possibilities are endless. What will you do in 2022? That’s the question of the hour … and it has much less to do with outside circumstances than it does with YOU. Your choices will make all the difference this year — not government policies, congress, sloppy vendors, or recalcitrant employees.

Tax 79

Tax CPA Construction California 79

RogerRossmeisl

JANUARY 5, 2022

The number of people engaged in the “gig” or sharing economy has grown in recent years. In an August 2021 survey, the Pew Research Center found that 16% of Americans have earned money at some time through online gig platforms. This includes providing car rides, shopping for groceries, walking dogs, performing household tasks, running errands and making deliveries from a restaurant or store.

Tax 246

Tax CPA 246

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Cheap Accounting

JANUARY 5, 2022

What is a Self Assessment? A Self Assessment is the Tax Return (referred to by the abbreviation SATR) that self employed people, or those with income not taxed at source, in the UK complete each year. Who has to complete a SATR? You will be asked to complete a Self Assessment Tax Return if you are self employed as a sole trader or in a partnership.

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tax return accounting and finance Tax Finance 40

RogerRossmeisl

JANUARY 5, 2022

Valuation experts often use discounted cash flow (DCF) techniques to determine the value of a business or estimate economic losses. A critical input in a DCF model is the cost of capital. This is the rate that’s used to discount future earnings into today’s dollars. Small changes in this rate can have a major impact on the expert’s conclusion, so it’s important to get it right.

CPA 245

CPA cpa firm 245

RogerRossmeisl

JANUARY 5, 2022

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 §1031 “like-kind” exchange where you exchange the property rather than sell it. With real estate prices up in some markets (and higher resulting tax bills), the like-kind exchange strategy may be attractive. A like-kind exchange is any exchange of real property held for investment or for productive use in your trade or business (relinquished property) for

Real Estate 244

Real Estate Tax CPA cpa firm 244

RogerRossmeisl

JANUARY 5, 2022

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 earn unlimited commissions. Unfortunately, some commission-compensated employees may be tempted to abuse this system by falsifying sales or rates.

CPA 224

CPA Sales Retail 224

RogerRossmeisl

JANUARY 5, 2022

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 to the extent your unreimbursed costs exceed 7.5% of your adjusted gross income. Plus, medical expenses are deductible only if you itemize, which means that your itemized deductions must exceed your standard deduction.

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Tax tax return Hospitality CPA 222