by ABIP | Apr 13, 2023 | Accounting, Business, Individuals, News, Newsletter, Taxes
While the Net Investment Income Tax (NIIT) most often affects wealthier individuals, in certain circumstances, it can also affect moderate-income taxpayers whose income increases significantly in a given tax year. What Is the NIIT? The NIIT is a 3.8 percent tax on...
by ABIP | Apr 13, 2023 | Business, Individuals, News, Newsletter, Taxes
Businesses that make structural adaptations or other accommodations for employees or customers with disabilities may be eligible for tax credits and deductions. Here’s an overview of the tax incentives designed to encourage employers to hire qualified people...
by ABIP | Apr 13, 2023 | Accounting, Business, Individuals, News, Newsletter, Taxes
Obtaining a six-month extension to file is relatively easy, and there are legitimate reasons for doing so; however, there are also a few downsides. If you need more time to file your federal income tax return this year, here’s what you need to know. What Is an...
by ABIP | Mar 3, 2023 | Business, Individuals, News, Newsletter, Taxes
When a family member employs someone, the tax implications depend on the relationship and the type of business. Taxpayers and employers need to understand their tax situation. Here is what to know: Married People in Business Together Generally, a qualified joint...
by ABIP | Jan 6, 2023 | Accounting, Business, Individuals, Newsletter, Taxes
The $1.66 trillion Consolidated Appropriations Act, 2023, was signed into law on December 29, 2022, by President Biden. Included in the 4,155-page bill is the SECURE Act 2.0 of 2022, which contains a number of tax provisions relating to retirement. Let’s take a...
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...
