In the wake of the pandemic, remote work has become the new norm for many American workers. As businesses across a wide range of industries have shifted to a remote model, employees and employers alike have experienced numerous benefits such as reduced overhead costs, increased employee satisfaction, and access to a broader talent pool. However, it has also introduced a complex web of tax implications, particularly for small and medium-sized businesses (SMBs).
As tax time approaches, here are some tax issues that taxpayers frequently overlook, ranging from obscure deductions to overlooked tax credits and benefits. Of course, not everything can be included since the tax law has grown significantly in complexity, and it would take a thick book to list everything. But besides what you are probably accustomed to, here are over 20 overlooked tax deductions you may not be aware of and that can save you tax dollars.
Are you aware of the tax breaks available when hiring your children in your family business? Not only can it be financially advantageous to employ family members instead of strangers, but it also offers tax-saving opportunities. Let’s explore the various tax breaks for hiring your children and how it can positively impact your family business.
Back in 2020, the Consolidated Appropriations Act (CAA) was signed in an effort to support restaurants impacted by the COVID-19 pandemic, and it allowed companies to deduct 100% of business expenses. However, the CAA ended on January 1, 2023, and now meal and entertainment deductions have reverted to the limits enacted under the Tax Cuts and Jobs Act (TCJA). For tax year 2023, a large percentage of business meal deductions will be 50% deductible, but entertainment deductions remain non-deducible under TCJA.
With the holiday celebrations coming to an end, now is the time to take a look at the changes that will impact your 2023 taxes when you file them in 2024.
As we enter the last quarter of 2022, year-end tax planning services in Dallas are a top priority. There are steps you need to take for year-end tax planning before December 31st in order to take advantage of any tax breaks for which you may qualify. The amount of taxes you or your business will need to pay in April directly corresponds to the financial decisions you make now. If you wait too long to get started on your 2022 taxes, it will be too late to make any changes.