Tax season is finally behind us, and for small business owners, that often means a sigh of relief. But as you catch your breath, it’s important to shift your focus from past filings to future financial strategies before time gets away from you. Here are some key...
IRS Audits Likely to Increase Due to Inflation Reduction Act The IRS has been given an unprecedented budget of $80 billion under the Inflation Reduction Act, which was passed in August 2022. This funding will go towards enhancing taxpayer services, enforcement,...
Business owners will be able to deduct three cents more per mile in 2023 when operating vehicles for business use, according to the Internal Revenue Service (IRS). The IRS recently announced the 2023 optional standard mileage rates used to calculate the deductible...
Register your Business to Attend Are you ready to offer a pension plan to your employees but not sure where to start? Join the team at Stitely & Karstetter January 19 at 3 p.m. at the Capital Grille in Fairfax for a free seminar: Small Business Pension Plans: What...
Business owners who purchase electric vehicles will be able to take advantage of a new tax credit worth up to $40,000 next year. Last August, President Joe Biden signed The Inflation Reduction Act, which incentivizes purchasing electric cars, trucks, and other...
If you are a Virginia resident, you may be eligible for a new Virginia tax rebate. According to Virginia Tax, an agency of the Commonwealth of Virginia, the 2022 Virginia General Assembly passed a law earlier this year giving taxpayers with a liability a rebate of up...
