Important Tax Figures for 2022

  Important Tax Figures for 2022 The following table provides some important federal tax information for 2022, as compared with 2021. Some of the dollar amounts are unchanged and some changed only slightly due to inflation. Social Security/ Medicare 2022 2021 […]

Read More

Manufacturers: Don’t Miss Out on an R&D Tax Credit

Determining eligibility for the research and development (R&D) credit and calculating the amount can be complicated. Many manufacturers mistakenly think they won't qualify. But you shouldn't pass up the opportunity to benefit from this tax break. This article explains how to qualify for the R&D credit, clears up four common misconceptions and discusses how the credit amount is calculated.

Read More

How to Make the Most of the Annual Gift Tax Exclusion

Are you planning to gift cash or assets to family members this holiday season? The annual gift tax exclusion is $15,000 in 2021 and is increasing to $16,000 per recipient in 2022. Here's how annual gift-giving may result in major tax breaks for your family. But time may be limited. Today's favorable gift and estate tax rules are scheduled to change in 2026 — or possibly sooner depending on tax law developments.

Read More

Federal Tax News for Businesses

Court Limits Sole Proprietor's Auto Expense Deductions Business owners can generally deduct the ordinary and necessary costs of doing business if they keep good records. To claim vehicle expenses, a contemporaneous log must be kept showing odometer readings, dates, business […]

Read More

How Fast Can You Write off a Business Vehicle?

Before you purchase a business vehicle, it's important to review the tax implications. Limitations that stretch out allowable depreciation deductions can increase the after-tax cost of buying a vehicle. Likewise, if you're considering leasing a car to be used for business, remember that lessees of expensive cars must add back a small amount of their annual lease payments when calculating their allowable annual deductions.

Read More

9 Ideas to Potentially Lower Your Taxes for 2021

As we wind down 2021, you should evaluate your current tax position. Are there any last-minute moves that you can take that could help lower your federal income tax bill? The answer depends on your situation and what tax changes you expect under the Biden administration. A variety of proposed tax-law changes are on the table. With that thought in mind, here are some strategies to consider before year end.

Read More
BKR International logo.
Ohio Oil & Gas Association logo.
NACVA logo.
The Ohio Manufacturers' Association logo.
AICPA logo.
Team neo Cleveland+ logo.