May 202323il 2023

You Filed Your 2022 Tax Returns, Now Let’s Look Ahead

Now that the tax season is over, we can take a minute and reflect on the past year before moving forward. What went right and what goals can we set to make next year easier? In this article, I will provide tips for planning and how you can plan in the upcoming year to make the next tax season easier.

Bolster Wealth Management With Trusts

Trusts can help affluent individuals and families manage, protect and grow their wealth. But there are a wide variety to choose from, so it’s important to understand the basic concepts behind trusts before choosing one. This article defines trusts and provides an example of how one popular trust type works. A sidebar looks at another example: intentionally defective grantor trusts.

Three Things To Know After Filing Your Tax Return

Most people feel a sense of relief after filing their tax returns each year. But even those who’ve successfully filed their 2022 returns with the IRS should still keep some issues in mind. This article discusses three considerations: checking on a refund, filing an amended return and retaining records.

Business Bartering Is Taxable

During these times of high inflation, many cash-challenged businesses have bartered for goods and services instead of paying dollars for them. Companies that get involved in such transactions need to keep in mind that the fair market value of goods they receive is taxable income. And if a business exchanges services with another business, the transaction results in taxable income for both parties.

Can Individual Taxpayers Deduct Vehicle Expenses?

It’s not just businesses that can deduct vehicle-related expenses on their tax returns. Individuals also may be able to deduct them in certain circumstances. Under current law, the deduction is less than it was years ago; although, due to the high price of gas, the IRS has raised the amount per mile that is deductible.

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About Dannible & McKee, LLP

Dannible & McKee, LLP has been providing audit, tax, accounting and financial management consulting services to clients nationwide since 1978. Throughout this forty-plus years' history, we have been wholly dedicated to the success of our clients. Every aspect of our business has been guided by our values and our commitment to putting each client's interests first. In a complex profession, we have found our greatest rewards in the simplicity of helping good people prosper. Delivering confidence in every financial decision is our goal for our clients, and it's also the most significant way we can contribute to their long-term success.

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To learn more about Dannible & McKee, visit us at: www.dmcpas.com.