Tax Archives - Page 2 of 9 - Payne Nickles & Company - Ohio Accounting Firm, Business CPAs & Advisors

The Top 12 Tax Scams to Avoid According to the IRS

Fraud. Scam. Phishing. Regardless of what you call these illicit activities, it’s important to protect yourself against the bad players that take advantage of weaknesses for their gain. Not only is it inconvenient, but there’s often a financial cost when you’re a victim of fraud. The IRS releases an annual ‘Dirty Dozen’ list featuring the …

As a business owner, you understand the importance of making the right decisions and keeping your finances to survive. When you want to thrive, however, you need the kind of insight and experience that will drive strategy and deliver results. The sharp financial perspective of a CFO can make a world of difference in a …

Will your tax bracket change in 2023?

The IRS has released the updated tax brackets, deductions, and credits for the 2023 tax year. While tax filing for this year won’t happen until early 2024, it’s important to pay attention to your tax rate. Strategizing now can help minimize your tax liability and maximize your income potential. Here are the updated numbers for …

The IRS recently released the 2023 mileage rates for businesses to use as guidance when reimbursing workers for applicable miles driven within the year. The rates tend to increase yearly to account for rising fuel and vehicle and maintenance costs and insurance rate increases.   Businesses can use the standard mileage rate to calculate the deductible …

The following are guidelines for preparation of 1099’s for 2022. As always, we would be happy to prepare these information returns for you, if you wish. We ask that you complete the attached information sheet and return it to us by January 13, 2023 in order for us to meet filing deadlines. We recommend you …

Throughout the year, the Federal Emergency Management Agency (FEMA) will designate incidents that adversely affect residents in the affected areas as disasters. This FEMA designation puts relief efforts in motion, both short and long-term. While immediate needs like food, water, and shelter are at the top of the list, long-term efforts, like relief options through …

On October 21, 2022, the Internal Revenue Service (IRS) announced the updated contribution limits to retirement plans in Notice 2022-55. The new limits are valid beginning in tax year 2023. These limits are important, as they cap the tax benefits that can be realized from retirement plan savings contributions each year and are adjusted to …

A key provision of the American Rescue Plan Act passed in 2021 includes lowering the thresholds that trigger a Form 1099-K – Payment Card and Third-Party Network Transactions. This means businesses and individuals may receive this form for tax year 2022, something they may not have seen in previous years. New Form 1099-K Guidelines For …

By law, everyone must pay tax as they earn income. Generally taxpayers must pay at least 90 percent of their taxes throughout the year through withholding, estimated or additional tax payments or a combination of the two. If they don’t, they may owe an estimated tax penalty when they file. Some taxpayers earn income not …

The Internal Revenue Service will raise the optional standard mileage rate for the final six months of 2022 to help offset the rise in gas prices nationwide. The new rates to calculate the deductible costs of operating an automobile for business and certain other purposes become effective July 1, 2022, and will remain in place …