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2022 Tax Considerations
(Date posted: November 8, 2022)PDF DOWNLOAD
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- Individual Income Tax Provisions
- 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
Changes in Sec. 174 make it a good time to review the R&E strategy of your business
(Date posted: March 16, 2023)
It’s been years since the Tax Cuts and Jobs Act (TCJA) of 2017 was signed into law, but it’s still having an impact. Several provisions in the law have expired or will expire in the next few years. One provision that took effect last year was the end of current deductibility for research and experimental (R&E) expenses.
The 2022 gift tax return deadline is coming up soon
(Date posted: March 14, 2023)
Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2022 gift tax return. And in some cases, even if it’s not required to file one, you may want to do so anyway.
Protect the “ordinary and necessary” advertising expenses of your business
(Date posted: March 10, 2023)
Under tax law, businesses can generally deduct advertising and marketing expenses that help keep existing customers and bring in new ones. This valuable tax deduction can help businesses cut their taxes.
However, in order to be deductible, advertising and marketing expenses must be “ordinary and necessary.” As one taxpayer recently learned in U.S. Tax Court, not all expenses are eligible. An ordinary expense is one that’s common and accepted in the industry. And a necessary expense is one that’s helpful and appropriate for the business.
Claiming losses on depreciated or worthless stock
(Date posted: March 9, 2023)
Have you bought stock in a company that later dropped in value? While you may prefer to forget such an ill-fated investment, at least you can claim a capital loss deduction on your tax return. Here are the rules that apply when a stock you own is sold at a loss or becomes completely worthless.