401(k) and IRA Limits Increase in 2023

The IRS has announced that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. They have also announced increased contribution limits for Individual Retirement Arrangements (IRAs). Highlights of changes for 2023 The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, […]

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Overview of the Inflation Reduction Act

The Inflation Reduction Act (IRA) signed by President Biden in August 2022 includes a variety of tax provisions that will impact U.S. businesses and individuals. While some of the changes have received a great deal of media attention, others may come as a surprise to those who have not been following the legislative process closely. […]

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Tax Deductions for Educators

School is back in session in most areas, and students and teachers are again returning to the classroom. It’s unfortunate, but many teachers find themselves having to pay for necessary classroom supplies our of their own pocket. The educator expense deduction allows these eligible teachers and administrators to deduct part of the cost of technology, […]

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Is Your Worker a Contractor or an Employee?

As a business owner, you might pay an independent contractor and an employee for similar – or even the same – work, but there are key legal differences between the two. If you hire workers, it’s critical that you correctly determine whether these workers are employees or independent contractors. Here’s some information to help you […]

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IRAs Are One Tool in the Retirement Toolbox

There are many ways people plan for retirement. Individual Retirement Arrangements, or IRAs, are a common one. IRAs provide tax incentives for you to make investments that can provide financial security for you and your family once you retire. These accounts can be with a bank or other financial institution, a life insurance company, mutual […]

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Increased Mileage Rate for Remainder of 2022

The Internal Revenue Service announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes. For the final 6 months of 2022, the standard mileage rate for […]

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