MARK YOUR CALENDARS:
Do you receive 1099 wages? Making ESTIMATED TAX PAYMENTS can save you money by reducing underpayment penalties. The upcoming FOURTH PAYMENT due date is January 17th, 2023 for income earned between 9/1/22 and 12/31/22. Need help calculating? Contact our office for a consultation.
Regular Office Hours: Monday - Thursday 9am to 5pm, Friday 9am - noon "Gratitude is not only the greatest of virtues, but the parent of all the others." - Marcus Tullius Cicero Holiday Closures: November 24th and 25th - Thanksgiving Holidays (Thursday and Friday) December 26th through 30th - Christmas Holidays (Monday - Friday) April 21st - 26th, 2022 - our offices will be closed to the public beginning on Thursday, April 21st through Tuesday, April 26th for staff training.
Fourth Quarter is upon us, but it's not too late to proactively reduce your tax liability for the 2023 tax filing season. While the Third Quarter is an excellent time to deeply evaluate your business performance and make the necessary adjustments to reach your goals, there is still time to enact those strategies before 2022 ends. If you haven't already done so, now is the time to proactively reduce your tax liability for next year by: 1. Start a retirement plan 2. Max out retirement contributions 3. Make strategic business purchases - equipment, software/hardware upgrades, etc. 4. Employ a family member - your children should definitely be considered 5. Change your business structure - evaluate your current structure against other types for potential tax savings 6. Save for healthcare needs (HSA)
Can't pay the IRS what you owe? To avoid a penalty by filing and paying your tax by the due date even if you can't pay what you owe, the IRS has established an application for a payment plan to pay off your balance over time. Fees do apply but businesses and individuals can avoid painful late filing penalties. Apply at IRS.gov.
The IRS makes it easier to take your money. If you owe taxes to the IRS, you may visit their website and make a payment online. Just sign up for an account, if you don't already have one, and pay with a credit card, digital wallet or using your bank account. This system is fast, easy and provides a record of the exact date, time and amount that was received by the IRS.
Q4 Focus on SUCCESS
Payroll & Human Resources
2022 payroll changes are in effect as follows: 1. Social Security wage base increase from $147,000 which is up from $142,800 in 2021. 2. Retirement plan contributions have increased. 2022 401-k plan contributions are up $1000 from 2021 to $20,500. The limit for IRA contributions stays at $6,000. 3. HSAs - for employers that offer High Deductible Healthcare Plans with an HSA option, contributions are limited each year. *Employees with Self-Only coverage can contribute up to $3650 for 2022 (up $50 from 2021). *Employees with family coverage can contribute up to $7300 in 2022 (up $100 from 2021). *Employees 55+ can put an additional $1000 in catch up contributions.
Doing a paycheck checkup prior to year-end can save employees from tax time trouble and can save employers from a barrage of payroll adjustment headaches. Visit the Tax Withholding Estimator at IRS.gov for more info.
Issue #3 APR 2021 THE GENERAL LEDGER
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A QUARTERLY NEWSLETTER FROM CROWE-MALLETTE & ASSOCIATES
Focus on RISK
Are YOU in the know?
As you've probably heard, the IRS is going on a hiring spree. Some reports have mentioned that they'll be adding 87,000 new agents soon. Will these be auditors? Or, will the new employees simply fill customer service positions that are severely lacking at the IRS? We don't yet know. While the jury is still out regarding if these new employees will be coming after the middle class, small business owners, or wealth tax cheats, it's never a bad idea to make sure your house is in order. THREE TIPS TO REDUCE RISK: 1. SEPARATE EXPENSES. Be sure that your business and personal expenses are completely SEPARATE. Do not use the same bank account or credit card for both purchases. ALSO - separating your business from you personally (by creating an LLC or other entity) can help reduce crossover risks in the event of an audit 2. RECORDS ARE KEY. Separate accounts are great, but keeping RECEIPTS for EVERY PURCHASE will further protect you in the event of an audit. There are great receipt capture softwares available to make this task less stressful. 3. GET EXPERT ADVICE. Having a tax expert on your side is not only wise, it will save you money and mitigate risks! Take advantage of tax savings available to you by meeting with us regularly to be sure you're maximizing your tax savings potential. Book a Call with us TODAY to schedule your Year End Tax Check-Up. Click HERE now. https://meet.cmacpa.net/consult-30-kenhttps://meet.cmacpa.net/consult-30-ken https://meet.cmacpa.net/consult-30-ken https://meet.cmacpa.net/consult-30-ken. https://meet.cmacpa.net/consult-30-ken
Office Hours & Upcoming Closures
IRS TAX Filing Deadlines: Oct 11/Nov 10/Dec 12 - Form 4070 due - Tips for Previous Month 2022 Reported to Employer Oct 17 - Forms 1040 & 1120 (personal and business extended returns due) Oct 17 - Withdraw Excess IRA Contributions in 2021 to Avoid Penalty if Filing Form 1040 Was Extended. Oct 17 - Contribute to Solo 401(k) Plan or Simplified Employee Pension (SEP) Plan for 2021 by Self-Employed if Filing of Form 1040 Was Extended Dec 31 - Contribution to Employer-Sponsored Retirement Plan for 2022 Dec 31 - Required Minimum Distribution by Individuals 73 and over as of year end Bank Closures Affecting Payroll: Oct 10 - Columbus Day Nov 11 - Veterans Day Nov 24 - Thanksgiving Day Dec 26 - Christmas Day Sales Tax Filing Deadlines: Oct / Nov / Dec 20th** ** Information must be received at least 10 days prior to filing deadline. Estimated Tax Payments Due: January 17, 2023 - 4th Payment