by Megan Kosciolek, MST | Dec 22, 2022 | Blog, Business, Tax
There are a few partnership-specific provisions in the Tax Cuts and Jobs Act (TCJA) that could impact how you compensate yourself. Specifically, if you receive a guaranteed payment, you should make sure you’re aware of how the QBI deduction works along with current...
by Megan Kosciolek, MST | Dec 15, 2022 | Blog, Business, Tax, Uncategorized
If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or the Section 199A deduction. The QBI deduction is: Available to owners of sole...
by Megan Kosciolek, MST | Dec 4, 2022 | Blog, Business, Tax
Businesses shut down for many reasons. Some of the reasons that businesses shutter their doors: An owner retirement, A lease expiration, Staffing shortages, Partner conflicts Increased supply costs. If you’ve decided to close your business, we’re here to assist you in...
by Megan Kosciolek, MST | Nov 9, 2022 | Blog, Tax
The effects of inflation are all around. You’re probably paying more for gas, food, health care and other expenses than you were last year. Are you wondering how high inflation will affect your federal income tax bill for 2023? The IRS recently announced next year’s...
by Megan Kosciolek, MST | Oct 10, 2022 | Blog, Business, Tax
IRS audit rates are historically low, according to a recent Government Accountability Office (GAO) report , but that’s little consolation if your return is among those selected to be examined. Plus, the IRS recently received additional funding in the Inflation...
