Tax Changes – Page 11 – Fiducial Blog

You Can Expense Business IT Equipment Purchases

May 18, 2022

Businesses can now expense (write off as a deduction) IT equipment. However, it must be purchased and placed in service before the end of the year.

The 2022 IRS Interest Rate Hike Went Live April 1st

April 13, 2022

Are you required to pay quarterly estimated income tax? Then, a recent interest rate hike imposed by the IRS may directly impact on you.

Good News! Fully Deduct Business Meals in 2021 and 2022

April 8, 2022

The federal government is picking up the tab for certain business meals. The usual deduction for 50% of the cost of these meals doubled in 2022 (and 2021).

Got a Side Hustle? The IRS is Cracking Down with Form 1099-K

April 1, 2022

Got a Side Hustle? The IRS is cracking down with Form 1099-K. The ARPA of 2021 included a provision to reduce the reporting threshold to $600.

Don’t Think You Have to File a Tax Return? You May Be Missing Out!

March 30, 2022

The government uses your tax return for more than just collecting taxes. Fiducial wants you to know the reasons and benefits available when you file.

Do Tax Deductions and Tax Credits Result in the Same Tax Benefit?

March 28, 2022

Tax lingo can be confusing. Often taxpayers confuse the terms “tax deductions” and “tax credits.” Fiducial explains these terms for you below.

Hobby or For-Profit Activity? The Answer Matters for Tax Purposes

March 26, 2022

If you are engaged in an activity that produces income, we have a question for you. Is the activity a hobby or a business? Much hinges on the answer.

What’s Next for the Child Tax Credit? Families Want to Know

March 7, 2022

December 15th marked the last deposit for the child tax credit payment under the ARP. Many families have been left waiting and wondering what's next.