Tax

The IRS is delaying the $600 Form 1099-K reporting threshold for third-party settlement organizations for the 2023 tax year.

Small business owners still have time to reduce their federal income tax bills for this tax year. Here are five tax-smart moves to consider between now and year end. The good news is it appears there won't be any significant unfavorable federal tax changes that will take effect next year, which simplifies year-end tax planning for 2023.

Due to today's relatively high standard deduction amounts, fewer taxpayers are itemizing deductions on their federal returns than they did before the Tax Cuts and Jobs Act became effective in 2018. However, if your total itemizable expenses are close to the standard deduction, it's usually advantageous to itemize, if possible. Here are some last-minute ideas that could allow you to itemize for 2023.

Have you made moves to lower your federal income tax obligation for 2023? Fortunately, there's still time — and this year, tax planning may be simpler, because Congress isn't expected to pass any additional tax-related legislation that will affect your 2023 or 2024 tax situation. Here are seven ideas for you to consider before year end.

Updated rules have been approved that will require more detailed disclosures on income taxes to help stakeholders better understand your company’s tax position. Here’s what you should know.

Take these 2024 cost-of-living adjustments into consideration as you work on your year-end tax planning.

Concerned about your 2023 tax liability? Consider these year-end tax planning strategies.

Making time for year-end tax planning time now may prove beneficial come tax-filing time next year.

The IRS has created a path that businesses can use to withdraw unprocessed ERTC claims if they determine the claims are invalid.

Self-employment (SE) tax can be a major expense for small business owners — and many self-employed individuals are blindsided by this tax when they file their first tax return with SE income. This article provides answers to questions you may have regarding SE tax, including how much it is, who owes it, whether it's deductible, how to pay it and more.

Catch-up contributions allow people age 50 and older to turbo-charge their retirement savings. Account holders should be aware that recent legislation has changed the federal income tax rules for making catch-up contributions to employer-sponsored retirement plans. The good news is that the changes won't go into effect until January 1, 2026. Here are the details.

With fraudulent Employee Retention Tax Credit claims on the rise, the IRS has suspended claim processing through year end.