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Tax Planning vs. Tax Preparation: What is the Difference?
January 3, 2022
By: HintonBurdick
Many people assume tax planning is the same as tax preparation, but the two are quite different. Let’s take a closer look: What is Tax Preparation? Tax preparation is the process of preparing and filing a tax return. Generally, it is a one-time event t …
Important Tax Changes for Individuals and Businesses
January 3, 2022
By: HintonBurdick
Every year, it’s a sure bet that there will be changes to current tax law and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here’s a checklist of tax changes to help you plan the year ahead. Indi …
Getting Ready for the 2022 Tax Filing Season
January 3, 2022
By: HintonBurdick
While filing your tax return promises to be just as complicated as always – especially if you received stimulus payments or advance child tax credit payments – there are steps that taxpayers can take right now to make sure their tax filing experience g …
Tax Credit for Hiring Long-Term Unemployed Workers
December 1, 2021
By: HintonBurdick
With many businesses facing a tight job market, employers should know about a valuable tax credit available to them for hiring long-term unemployment recipients and other groups of workers facing significant barriers to employment. If your business is …
Important Information About Charitable Giving This Year
December 1, 2021
By: HintonBurdick
For many nonprofits and taxpayers alike, Giving Tuesday is the start of the charitable giving season. While most organizations are legitimate, taxpayers should always research charities before donating. It is also a good idea to understand the expanded …
Reminder: Deferred Payroll Taxes Due in December
December 1, 2021
By: HintonBurdick
If you’re a household employer or self-employed and chose to defer paying some Social Security taxes under the CARES Act the deferred Social Security taxes are due by December 31, 2021 and December 31, 2022. If you also deferred the employee share of S …
Small Business: Deducting Startup Costs
December 1, 2021
By: HintonBurdick
If you’ve recently started a business – or are thinking about starting a business – you should know that as an owner, all eligible costs incurred before beginning to operate the business are treated as capital expenditures. As such, they are part of th …
Retirement Contributions Limits Announced for 2022
December 1, 2021
By: HintonBurdick
Cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for 2022 are as follows: 401(k), 403(b), 457 plans, and Thrift Savings Plan. Contribution limits for employees who participate in 401(k), 403(b …
Highlights of the Infrastructure Investment and Jobs Act
December 1, 2021
By: HintonBurdick
While the recently passed Infrastructure Investment and Jobs Act primarily addresses infrastructure-related issues, it includes several tax provisions affecting individuals and small business taxpayers. Let’s take a look: Individuals Cryptocurrency Rep …
Tips To Avoid Credit Card Debt This Holiday Season
December 1, 2021
By: HintonBurdick
Credit card balances typically follow a seasonal pattern, increasing significantly in the fourth quarter, coinciding with holiday shopping, and millions of taxpayers are still carrying debt from last year’s holiday season. Whether you are diligent abou …
