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2022 Tax Considerations
(Date posted: November 8, 2022)
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- Individual Income Tax Provisions
- Education
- Trust and Estate Income Tax
- Estate, Gift and Generation-Skipping Transfer Taxes
- Pension and IRA Provisions
- Business Provisions
- Sole Proprietorships, S Corporations & Partnerships Tax Changes
- Inflation Reduction Act of 2022
- Illinois Makes Changes in 2021 Affecting Various Taxes
- Things to Consider Before the End of 2022
- 2022 Tax Rate Schedule
- 2023 Tax Rate Schedule
2023 Q4 tax calendar: Key deadlines for businesses and other employers
(Date posted: September 28, 2023)
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.
Note: Certain tax-filing and tax-payment deadlines may be postponed for taxpayers who reside in or have businesses in federally declared disaster areas.
Casualty loss tax deductions may help disaster victims in certain cases
(Date posted: September 26, 2023)
This year, many Americans have been victimized by wildfires, severe storms, flooding, tornadoes and other disasters. No matter where you live, unexpected disasters may cause damage to your home or personal property. Before the Tax Cuts and Jobs Act (TCJA), eligible casualty loss victims could claim a deduction on their tax returns. But currently, there are restrictions that make these deductions harder to take.
Evaluate whether a Health Savings Account is beneficial to you
(Date posted: September 19, 2023)
With the escalating cost of health care, many people are looking for a more cost-effective way to pay for it. For eligible individuals, a Health Savings Account (HSA) offers a tax-favorable way to set aside funds (or have an employer do so) to meet future medical needs. Here are four tax benefits:
- Contributions made to an HSA are deductible, within limits,
- Earnings on the funds in the HSA aren’t taxed,
- Contributions your employer makes aren’t taxed to you, and
- Distributions from the HSA to cover qualified medical expenses aren’t taxed.
Spouse-run businesses face special tax issues
(Date posted: September 14, 2023)
Do you and your spouse together operate a profitable unincorporated small business? If so, you face some challenging tax issues.
