Are you feeling generous this year? Taxpayers can transfer large amounts free of gift taxes to loved ones each year with the proper use of the annual exclusion. For 2022, the exclusion amount is $16,000. The exclusion covers gifts that an individual makes to each recipient each year. So a taxpayer with three children can…
2022 – 11/02 – Reinforce your cybersecurity defenses regularly
Unlike the lock to a physical door, which generally protects property for a long time, a business’s cybersecurity measures need to be regularly updated and reinforced. Most cyberattacks fall into two categories: ransomware and social engineering. In a ransomware attack, hackers infiltrate a company’s computer network, encrypt or freeze critical data, and hold that data…
2022 – 11/09 – How should your marketing strategy change next year?
The U.S. economy has changed significantly this year. Your marketing strategy for 2023 should promote a business that’s nimbly adjusted to the playing field and can still offer customers great value. A good place to start is with your audience. Consider each prospect, customer or targeted group as an investment. Estimate your net profit after…
2022 – 11/16 – Like every business, a start-up needs a sensible budget
Per the U.S. Census Bureau, more than 430,000 new business applications for tax identification numbers were submitted in October 2022. One thing that every new company needs, along with a business plan, is a sensible budget. For the first year of operation, entrepreneurs can create one by forecasting the monthly numbers that will likely be…
The Deductibility of Medical Expenses
Individual taxpayers may be able to claim medical expense deductions on their tax returns. However, the rules can be challenging, and it can be difficult to qualify. Here are six points to keep in mind: 1. You must itemize to claim this deduction. To benefit from itemizing, your total itemized deductions must exceed your standard deduction.…
Which Business Website Costs Are Deductible?
Every business needs a website, but it’s not always easy to determine which costs of running one are deductible. Fortunately, established rules that generally apply to the deductibility of more long-standing business costs provide business owners with a basic idea of how to anticipate and handle the tax impact of a website. And the IRS…
