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Returning Value Blog

Many Tax Limits Affecting Businesses Have Increased For 2023

Posted by Lesley L. Price, CPA on Feb 03, 2023

An array of tax-related limits that affect businesses are indexed annually, and due to high inflation, many have increased more than usual for 2023. Here are some that may be important to you and your business.

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Posted in Business Tax

Planning to Deduct for Losses This Tax Season? Be Sure to Read the Fine Print.

Posted by Lesley L. Price, CPA on Jan 26, 2023

Deducting losses is a high-priority item for taxpayers in the highest marginal income tax bracket. The topic will be especially relevant during the 2022 tax compliance season because of recent declines in the stock market and a challenging overall business environment.

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Posted in Business Tax

Form W-2 and 1099-NEC Are Due to Be Filed Soon

Posted by Murry Guy, CPA on Jan 24, 2023

With the 2023 filing season deadline drawing near, be aware that the deadline for businesses to file information returns for hired workers is even closer. By January 31, 2023, employers must file these forms:

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Posted in Accounting & Outsourcing

5 Benefits of Outsourcing Your Accounting Needs

Posted by Jessica L. Pagan, CPA on Jan 18, 2023

CPA firms do more than audits and tax returns. They can also help you with everyday accounting-related tasks, such as bookkeeping, budgeting, payroll, and sales tax filings. Should your organization outsource its accounting needs? Here are five potential advantages to consider when evaluating this decision.

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Posted in Business Advisory

New Law Ushers in Major Retirement Changes

Posted by Marty Williams, CPA on Jan 12, 2023

There's been buzz about new retirement plan provisions for weeks, and now they're final, bringing about changes to various federal rules and adding flexibility for current and future retirees. The Secure 2.0 Act of 2022, part of the Consolidated Appropriations Act of 2023, includes the following modifications, some of which are immediate and others that will take effect in the future.

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Posted in Business Advisory

Staying Current on Payroll Rules

Posted by Amber Malik on Jan 11, 2023

Hiring staff? Good for you! It means your business is thriving. Now is the time to get up to speed or reacquaint yourself with any labor laws you’ll need to be compliant with. Labor laws were created to protect employees’ rights. If you’re vigilant, you can avoid financial headaches. Here’s some advice to stay on track with labor law requirements:

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Posted in Payroll, HR & Benefits

6 Steps to Becoming Sales and Use Tax Compliant

Posted by Nick Wheeler, CPA on Jan 10, 2023

Most U.S. states require businesses to collect and remit sales and use taxes even if the business has no in-state physical presence, only an economic presence within their state. Remote sellers, licensors of software, and other businesses that provide services or deliver their products to customers from a remote location must comply with state and local taxes.

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Posted in Taxation

FAQs About QuickBooks

Posted by Chris Earnest on Jan 09, 2023

Almost 40 years after its launch, QuickBooks® remains the leading accounting software program for small and medium-sized businesses. If you decide to use QuickBooks for your bookkeeping needs, you may have questions about implementation and using it to run your operations. Here are answers to some basic frequently asked questions (FAQs) to help you get started.

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Posted in Business Tax

2023 Q1 Tax Calendar: Key Deadlines For Businesses and Other Employers

Posted by Jessica L. Pagan, CPA on Jan 06, 2023

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. If you have questions about filing requirements, contact us. We can ensure you’re meeting all applicable deadlines.

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Posted in Business Tax

The Standard Business Mileage Rate Is Going Up in 2023

Posted by Murry Guy, CPA on Jan 05, 2023

Although the national gas price is a bit lower than it was a year ago, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will increase in 2023. The IRS recently announced that the 2023 cents-per-mile rate for the business use of a car, van, pickup, or panel truck is 65.5 cents. These rates apply to electric and hybrid-electric automobiles, as well as gasoline and diesel-powered vehicles.

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Posted in Business Tax

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