The Fair Tax Act of 2023 is not a new idea. It was first proposed to the House of Representatives in 1999. Since then, it has been brought up again before Congress several times—this time by the Republicans in January 2023. The main idea behind the Fair Tax Act, says FairTax, is to eliminate the…
A Closer Look at the Fair Tax Act
February 9, 2023
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Life Insurance Tactics for Small-Business Owners
Having a small business often means that it is the only income available to support a family. Fluctuations in business can result in money being tight at times. In the event of the business owner dies, the family can suddenly be put into dire straits financially, with the only way out being to sell the…
IRS Proposes New Program for Reporting Tips Across Service Industry
February 7, 2023
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The Internal Revenue Service (IRS) on Feb. 6 issued proposed guidance for a voluntary tip-reporting program between the agency and employers across an array of service industries. Notice 2023-13 contains a proposed revenue procedure that would establish the “Service Industry Tip Compliance Agreement” (SITCA) program, which the IRS says would serve as the sole tip-reporting compliance program between…
Ask Kip: Factors That Increase Your Chance of an Audit
By Joy Taylor From Kiplinger’s Personal Finance Question: With the Internal Revenue Service (IRS) getting billions added to its budget, does that mean the chance of being audited rises substantially? Answer: Most of the enforcement effects from the IRS’ $80 billion windfall won’t be felt by taxpayers for at least a couple of years. And…
Meal and Entertainment Deductions—What You Should Know
Meals and entertainment have long been used as marketing tools by both big and small businesses. For many, they’re a legitimate business expense. But the Internal Revenue Service rules regarding deducting these expenses have changed over the decades. It’s essential to know the current rules for the tax year 2022. This lets you take the…
Changes to the Child Tax Credit—What This Means to Families
Families might see their tax bill increase for 2022. Changes in the Child Tax Credit will affect all income levels. First enacted in 1997, the Child Tax Credit has helped American families weather the cost of raising children. The amount has been changed several times. But this time, it’s going down. What is the new…
Six Last-Minute Tips for Filing Income Taxes
The tax-filing deadline on April 18 is looming. And you might be scrambling to prepare your 2022 tax returns. But you can make the process go smoother and more efficiently. You want to lower your tax burden. It’s still possible, even though Dec. 31, 2022, has come and gone. Here are six tips for filing…
HSA vs. FSA: What Are the Key Differences?
January 26, 2023
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By Entrepreneur Staff When researching the best healthcare plan for you, thoroughly exploring your options is vital. Throughout your search, you may come across HSAs and FSAs. For more information on what they are, their pros and cons and the key differences between the two, check out the information below. What Is an HSA? A…
The IRS Increased the Standard Mileage Deduction for 2023
Due to the recent high fuel costs, the Internal Revenue Service has raised the standard mileage deduction for the business use of a vehicle. It means you can recover more of the costs of operating your business vehicles. In 2023, the IRS raised the standard mileage rate for businesses by $0.03. It brings it up…
Family Finances: Voters Weigh in on State Taxes
By Sandra Block From Kiplinger’s Personal Finance While control of Congress received most of the attention during the November midterm elections, voters in more than a dozen states also voted on a smorgasbord of ballot initiatives that could affect your state tax bill. As was the case with many congressional elections, the results were all…
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