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3 summertime marketing ideas for 2022
- Jun 28, 2022
- By Dukhon Tax
- In Business
You can’t stop it; you can only hope to use it to your best business advantage. That’s right, summer is on the way and, with it, a variety of seasonal marketing opportunities for small to midsize companies. Here are three ideas to consider. 1. Support summer camps and local sports Soon, millions of young people will be attending summer camps,…
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The ins and outs of Series EE savings bond taxation
- Jun 24, 2022
- By Dukhon Tax
- In Tax Advice
Many people own Series E and Series EE bonds that were bought many years ago. They may rarely look at them or think about them except on occasional trips to a file cabinet or safe deposit box. One of the main reasons for buying U.S. savings bonds (such as Series EE bonds) is the fact that interest can build up…
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Businesses: Prepare for the lower 1099-K filing threshold
- Jun 21, 2022
- By Dukhon Tax
- In Uncategorized
Businesses should be aware that they may be responsible for issuing more information reporting forms for 2022 because more workers may fall into the required range of income to be reported. Beginning this year, the threshold has dropped significantly for the filing of Form 1099-K, “Payment Card and Third-Party Network Transactions.” Businesses and workers in certain industries may receive more…
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Could your business benefit from a PEO?
- Jun 17, 2022
- By Dukhon Tax
- In Uncategorized
Keeping up with employment regulations and health care benefits can be a struggle for many small to midsize businesses. One potential solution is engaging a professional employer organization (PEO). PEOs employ experts who understand the minutiae of many HR functions. Moreover, these firms can handle difficult, recurring tasks such as managing employment taxes and administering payroll and benefits. According to…
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Caring for an elderly relative? You may be eligible for tax breaks
- Jun 15, 2022
- By Dukhon Tax
- In Tax Advice
Taking care of an elderly parent or grandparent may provide more than just personal satisfaction. You could also be eligible for tax breaks. Here’s a rundown of some of them. 1. Medical expenses. If the individual qualifies as your “medical dependent,” and you itemize deductions on your tax return, you can include any medical expenses you incur for the individual along…
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Inflation enhances the 2023 amounts for Health Savings Accounts
- Jun 12, 2022
- By Dukhon Tax
- In Healthcare Tax, IRS Bulletins
The IRS recently released guidance providing the 2023 inflation-adjusted amounts for Health Savings Accounts (HSAs). High inflation rates will result in next year’s amounts being increased more than they have been in recent years. HSA basics An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA…
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Tighten up billing and collections to mitigate economic uncertainties
- Jun 03, 2022
- By Dukhon Tax
- In Uncategorized
While many economic indicators remain strong, the U.S. economy is still giving business owners plenty to think about. The nation’s gross domestic product unexpectedly contracted in the first quarter of 2022. Rising inflation is on everyone’s mind. And global supply chain issues persist, spurred on by events such as the COVID-19 lockdowns in China and Russia’s invasion of Ukraine. Obviously,…
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Valuable gifts to charity may require an appraisal
- May 30, 2022
- By Dukhon Tax
- In Tax Deductions
If you donate valuable items to charity, you may be required to get an appraisal. The IRS requires donors and charitable organizations to supply certain information to prove their right to deduct charitable contributions. If you donate an item of property (or a group of similar items) worth more than $5,000, certain appraisal requirements apply. You must: Get a “qualified…
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Businesses may receive notices about information returns that don’t match IRS records
- May 28, 2022
- By Dukhon Tax
- In Income Tax
The IRS has begun mailing notices to businesses, financial institutions and other payers that filed certain returns with information that doesn’t match the agency’s records. These CP2100 and CP2100A notices are sent by the IRS twice a year to payers who filed information returns that are missing a Taxpayer Identification Number (TIN), have an incorrect name or have a combination…
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Want to turn a hobby into a business? Watch out for the tax rules
- May 23, 2022
- By Dukhon Tax
- In Business, Business Taxes, Income Tax
Like many people, you may have dreamed of turning a hobby into a regular business. You won’t have any tax headaches if your new business is profitable. But what if the new enterprise consistently generates losses (your deductions exceed income) and you claim them on your tax return? You can generally deduct losses for expenses incurred in a bona fide…