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Advance Child Tax Credit and EIP Must Be Reconciled on 2021 Return

Advance Child Tax Credit and EIP Must Be Reconciled on 2021 Return

In 2021, Congress passed the American Rescue Plan.This plan increased the child tax credit. It also implemented the advance child tax credit.
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Adopting Technology like Toast Helped Restaurants Survive the Pandemic

Adopting Technology like Toast Helped Restaurants Survive the Pandemic

Restaurants were among the hardest hit during the pandemic. Many businesses managed to survive and thrive with innovative technologies like Toast.
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Entrepreneurs and Taxes: Claiming Expenses on Tax Returns

Entrepreneurs and Taxes: Claiming Expenses on Tax Returns

Entrepreneurs are often unaware that many start-up expenses can’t be deducted right away. The way you handle initial expenses can affect your tax bill.
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Meticulous Records Are Key to Tax Deductions and Painless IRS Audits

Meticulous Records Are Key to Tax Deductions and Painless IRS Audits

All businesses need to keep records of income and expenses. Carefully record expenses in order to claim all of the tax deductions to which you’re entitled.
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Numerous Tax Limits Affecting Businesses Have Increased for 2022

Numerous Tax Limits Affecting Businesses Have Increased for 2022

Many tax limits that affect businesses are annually indexed for inflation. Fiducial has a rundown of those that may be important to you and your business.
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The IRS May Get a Big Budget Increase. Will It Impact the Rate of Audits?

The IRS May Get a Big Budget Increase. Will It Impact the Rate of Audits?

The Congressional Budget Office has announced a proposal to increase funding for the IRS. Does that mean that more people are about to receive audits?
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Complications to the Qualified Charitable Distribution (QCD) Provision

Complications to the Qualified Charitable Distribution (QCD) Provision

The tax code includes a provision called a Qualified Charitable Distribution (QCD). This allows retirees to make contributions for significant tax benefits.
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Reporting Requirement for Cryptocurrency Added by Infrastructure Bill

Reporting Requirement for Cryptocurrency Added by Infrastructure Bill

The IRS has been engaged in a virtual currency compliance campaign for 3 years. The campaign addresses tax noncompliance related to cryptocurrency use.
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How to Defer Tax with a Like-Kind Exchange

How to Defer Tax with a Like-Kind Exchange

One way to defer a tax bill on the gain is with a Section 1031 “like-kind” exchange. A like-kind exchange doesn't sell the property, it exchanges it.
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Cost Segregation Study: Get Your Piece of the Depreciation Pie Now

Cost Segregation Study: Get Your Piece of the Depreciation Pie Now

Is your business depreciating over a 30-year period the cost of constructing the building housing your operation? Then consider a cost segregation study.
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Outsourcing could relieve pressure in a tight labor market

Outsourcing could relieve pressure in a tight labor market

Many kinds of employers are struggling to find and hire qualified job candidates. Outsourcing certain job functions could offer temporary or even long-term relief.
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Businesses with Employees Receiving Tips May Be Eligible for Tax Credit

Businesses with Employees Receiving Tips May Be Eligible for Tax Credit

Are you an employer with a business where tipping is customary for providing food and beverages? Then you may qualify for a federal tax credit.
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IRS Issue Snapshot: Combination Retirement Plan Deduction Limits

IRS Issue Snapshot: Combination Retirement Plan Deduction Limits

What is a combination retirement plan? It occurs when an employer provides both a defined contribution (DC) and defined benefit (DB) retirement plan.
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Does Your Business Need to File Forms 1099-NEC or 1099-MISC?

Does Your Business Need to File Forms 1099-NEC or 1099-MISC?

Do you use independent contractors for your business? Have you paid $600+ to each one for the year? You must issue the worker and the IRS a Form 1099-NEC.
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Retroactive Termination of the Employee Retention Credit

Retroactive Termination of the Employee Retention Credit

Did you claim the employee retention credit in the Q4 2021? Congress has adopted a retroactive change affecting the ERC for the Q4 2021.
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The Standard Business Mileage Rate Increased for 2022!

The Standard Business Mileage Rate Increased for 2022!

The standard business mileage rate went up! The rate used to calculate the deductible cost of operating an automobile for business grew by 2.5 cents/mile.
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