by ABIP | Jan 5, 2023 | Accounting, Business, News, Newsletter, Taxes
Here’s what small business owners need to know about tax law changes and inflation adjustments for the year ahead. Standard Mileage Rates In 2023, the rate for business miles driven is 65.5 cents, up 3 cents from the midyear increase setting the rate for the...
by ABIP | Jan 3, 2023 | Accounting, Business, Individuals, News, Newsletter, Taxes
Filing your 2022 tax return promises to be just as complicated as always; however, there are steps that taxpayers can take right now to ensure their tax filing experience goes smoothly. Let’s look at what’s new for 2022 and some key items taxpayers should...
by ABIP | Dec 6, 2022 | Accounting, Business, News, Newsletter, Taxes
Recipients of Paycheck Protection Loans (PPP) should be aware that when a taxpayer’s loan is forgiven based upon misrepresentations or omissions, they are not eligible to exclude the forgiveness from income. They must, instead, include in income the portion of...
by ABIP | Nov 4, 2022 | Accounting, Individuals, News, Newsletter
Understanding IRAs: Terms to Know IRAs, or Individual Retirement Arrangements, provide tax incentives for people to make investments that can provide financial security for their retirement. To help people better understand this type of retirement savings account,...
by ABIP | Oct 5, 2022 | Accounting, Business, News, Newsletter
Cash flow is the lifeblood of every small business but many business owners underestimate just how vital managing cash flow is to their business’s success. In fact, a healthy cash flow is more important than your business’s ability to deliver its goods and...
by ABIP | Oct 3, 2022 | Accounting, News, Newsletter, Taxes
When the IRS needs to ask a question about a taxpayer’s tax return, notify them about a change to their account, or request a payment, it often mails a letter or notice to the taxpayer. Taxpayers should know that the IRS sends millions of these letters and...
