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Business owners, lean into sales staff retention
- Mar 18, 2022
- By Dukhon Tax
- In Affordable Care Act, Business
Although there have been some positive signs for the U.S. economy thus far in 2022, many businesses are still reeling from last year’s “Great Resignation.” This trend of a historic number of workers voluntarily leaving their jobs, combined with the difficulty of hiring new employees, didn’t spare sales teams. However, one could say that the Great Resignation only threw gasoline…
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Married couples filing separate tax returns: Why would they do it?
- Mar 16, 2022
- By Dukhon Tax
- In Affordable Care Act, Business, Tax Advice
If you’re married, you may wonder whether you should file joint or separate tax returns. The answer depends on your individual tax situation. In general, it depends on which filing status results in the lowest tax. But keep in mind that, if you and your spouse file a joint return, each of you is “jointly and severally” liable for the…
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Prudent technology upgrades call for some soul searching
- Mar 14, 2022
- By Dukhon Tax
- In Affordable Care Act, Business, Business Taxes
By now, most business owners view technology upgrades as inevitable. Whether hardware or software, the tech your company relies on to operate will need to change slightly or even drastically for you to stay competitive. Strange as it may sound, technology upgrades demand a bit of soul searching. That is, before spending the money, you need to dig deep for…
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Let your financial statements guide you to optimal business decisions
- Mar 10, 2022
- By Dukhon Tax
- In Affordable Care Act, Business, Business Taxes
Now that 2022 is up and running, business owners can expect to face a few challenges and tough choices as the year rolls along. No matter how busy things get, don’t forget about an easily accessible and highly informative resource that’s probably just a few clicks away: your financial statements. Assuming you follow U.S. Generally Accepted Accounting Principles (GAAP) or…
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The Ins and Outs of IRAs
- Mar 08, 2022
- By Dukhon Tax
- In Affordable Care Act, Business, Retirement
Traditional IRAs and Roth IRAs have been around for decades and the rules surrounding them have changed many times. What hasn’t changed is that they can help you save for retirement on a tax-favored basis. Here’s an overview. Traditional IRAs You can make an annual deductible contribution to a traditional IRA if: You (and your spouse) aren’t active participants in employer-sponsored retirement…
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2022 deadlines for reporting health care coverage information
- Mar 03, 2022
- By Dukhon Tax
- In Affordable Care Act, Business, Business Taxes
Ever since the Affordable Care Act was signed into law, business owners have had to keep a close eye on how many employees they’ve had on the payroll. This is because a company with 50 or more full-time employees or full-time equivalents on average during the previous year is considered an applicable large employer (ALE) for the current calendar year.…
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Important tax aspects of operating your business as a sole proprietor
- Mar 01, 2022
- By Dukhon Tax
- In Business, Business Taxes
If you’re in business for yourself as a sole proprietor, or you’re planning to start a business, you need to know about the tax aspects of your venture. Here are eight important issues to consider: 1. You report income and expenses on Schedule C of Form 1040. The net income is taxable to you regardless of whether you withdraw cash from…
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Did you give to charity in 2021? Make sure you have substantiation
- Feb 21, 2022
- By Dukhon Tax
- In Business, Business Taxes
If you donated to charity last year, letters from the charities may have appeared in your mailbox recently acknowledging the donations. But what happens if you haven’t received such a letter — can you still claim a deduction for the gift on your 2021 income tax return? It depends.
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Numerous tax limits affecting businesses have increased for 2022
- Feb 04, 2022
- By Dukhon Tax
- In Business, Business Taxes
Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here’s a rundown of those that may be important to you and your business. Social Security tax The amount of an employee’s earnings that is subject to Social Security tax is capped for 2022 at $147,000 (up from $142,800 in…
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Help safeguard your personal information by filing your 2021 tax return early
- Feb 02, 2022
- By Dukhon Tax
- In Business, Business Taxes
The IRS announced it is opening the 2021 individual income tax return filing season on January 24. (Business returns are already being accepted.) Even if you typically don’t file until much closer to the April deadline (or you file for an extension until October), consider filing earlier this year. Why? You can potentially protect yourself from tax identity theft —…