As 2022 draws to a close, the time to consider tax-saving opportunities for you and/or your business is before year-end. You may want to consider opportunities to reduce or defer your annual tax obligation. Please call your Machen McChesney trusted advisor today if you need assistance with year-end tax planning. 

Table of Content

1. Inflation Means You and Your Employees Can Save More for Retirement in 2023
2. 2023 Limits for Businesses That Have HSAs - Or Want to Establish Them
3. Reap the Benefits of QuickBooks Software Solutions
4. New Accounting Rules for Supplier Finance Programs
5. Computer Software Costs: How Does Your Business Deduct Them?
6. 2022 Year-End Tax Planning for Individuals
7. 2022 Year-End Tax Planning for Businesses
8. Preparing for Year-End Inventory Counts
9. What's New at Machen McChesney

Inflation Means You and Your Employees Can Save More for Retirement in 2023

How much can you and your employees contribute to your 401(k)s next year — or other retirement plans? In Notice 2022-55, the IRS recently announced cost-of-living adjustments that apply to the dollar limitations for pensions, as well as other qualified retirement plans for 2023. The amounts increased more than they have in recent years due to inflation. Continue reading.

2023 Limits for Businesses That Have HSAs - Or Want to Establish Them

No one needs to remind business owners that the cost of employee health care benefits keeps going up. One way to provide some of these benefits is through an employer-sponsored Health Savings Account (HSA). For eligible individuals, an HSA offers a tax-advantaged way to set aside funds (or have their employers do so) to meet future medical needs. Here are the key tax benefits: Continue reading.

Reap the Benefits of QuickBooks Software Solutions

Bookkeeping is essential to running a business. QuickBooks® is one of the most popular software programs for this purpose because it offers numerous features that other programs may not have. Continue reading. 

Computer Software Costs: How Does Your Business Deduct Them?These days, most businesses buy or lease computer software to use in their operations. Or perhaps your business develops computer software to use in your products or services or sells or leases software to others. In any of these situations, you should be aware of the complex rules that determine the tax treatment of the expenses of buying, leasing, or developing computer software. Continue reading. 

2022 Year-End Tax Planning for Individuals

With rising interest rates, inflation, and continuing market volatility, tax planning is as essential as ever for taxpayers looking to manage cash flow while paying the least amount of taxes possible over time. As we approach year-end, now is the time for individuals, business owners, and family offices to review their 2022 and 2023 tax situations and identify opportunities for reducing, deferring, or accelerating their tax obligations. Continue reading. 

2022 Year-End Tax Planning for Businesses

U.S. businesses are facing pressure to drive revenue, manage costs and increase shareholder value, all while surrounded by economic and political uncertainties. Disruptions to supply chains brought about by the pandemic have continued into 2022. Inflation and rising interest rates have made the cost of debt, goods and services more expensive and cooled consumer spending. The stock market has declined sharply, and the prospect of a recession is on the rise. What’s more, the outcomes of the upcoming November U.S. congressional elections — which as of the publication of this article are as yet unknown — will shape future tax policies. How do businesses thrive in uncertain times? By turning toward opportunity, which includes proactive tax planning. Tax planning is essential for U.S. businesses looking for ways to optimize cash flow while minimizing their total tax liability over the long term. Continue reading.

Preparing for Year-End Inventory Counts

How accurate is the amount reported in your company’s perpetual inventory system? To best answer that question, a physical count is essential at year-end. For calendar-year entities, year-end is fast approaching on December 31. Continue reading.

What's New at Machen McChesney?

Sponsorships, new hires, announcements
Continue reading. 

We hope you found value in The Value Report you've received this month. We look forward to finding even more ways to Return Value to you in the future.