If you didn’t get around to contributing to an IRA in 2021 and you’re looking for ways to lower your tax bill, you may still have an option. Qualified taxpayers can make deductible contributions to traditional IRAs until the tax filing date of April 18, 2022, and claim the benefit on their 2021 returns. Who…
Edmond Tax Blog
Hiring? You may be eligible for a valuable credit
Are you a business owner who needs to hire? Be aware that a law enacted at the end of 2020 extended through 2025 a credit for employers that hire individuals from one or more targeted groups, listed below. Employers can qualify for a tax credit known as the Work Opportunity Tax Credit (WOTC) that’s worth…
3 financial lessons of the pandemic
The onset of the COVID-19 pandemic in March 2020 disrupted the personal finances of many families who were negatively affected by job losses, reduced income, sickness and other challenges. This included families across the economic spectrum and workers in a wide range of both blue- and white-collar industries. The virus’s rapid and continued spread —…
Get more worms by filing your taxes early
They say the early bird gets the worm. Early federal income tax filers may get a couple worms, which is a good thing in this metaphor. Although it may seem like a quaint tradition to wait until the deadline — usually April 15, but actually April 18 in 2022 — there’s more than one valid…
Numerous tax limits affecting businesses have increased for 2022
Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here’s a rundown of those that may be important to you and your business. Social Security tax The amount of an employee’s earnings that is subject to Social Security tax is capped for 2022 at…
2022 Q1 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. January…
