Numerous tax limits affecting businesses have increased for 2022
A number of tax limits affecting businesses are annually indexed for inflation and many have increased for 2022. For example, the Section 179 expensing limit has gone up to $1.08 million from $1.05 million in 2021. Health Savings Account (HSA) contributions for individual coverage have increased to $3,650 (from $3,600). HSA family coverage contributions increased $100 to $7,300. Employees can contribute $20,500 to a 401(k) plan in 2022 (up from $19,500). 401(k) “catch-up contributions” are $6,500 (unchanged from 2021). And the deduction for business-related meals and beverages provided by a restaurant is 100% for 2022 (and 2021). We can answer any questions about taxes and your business.
Help safeguard your personal information by filing your 2021 tax return early
The IRS is opening the 2021 individual income tax return filing season on Jan. 24. Even if you usually don’t file until closer to the April deadline (or you file an extension), consider filing early. It can potentially protect you from tax identity theft. In these scams, a thief uses another person’s personal information to file a fraudulent return early in the filing season and claim a bogus refund. Another benefit of early filing is that if you’re getting a refund, you’ll get it faster. And if you were eligible for an Economic Impact Payment or advance Child Tax Credit payments last year and didn’t receive them, you can claim them on your 2021 return.
Trust Planning in Unprecedented Times
The cloud of uncertainty hanging over the state of our current and future health, politics, economy and tax legislature makes flexible trust planning more important now than ever. Modern trusts can be drafted, and existing trusts can be modified, to provide flexibility allowing a family the ability to navigate an unknown future and preserve family […]
Why You Should Use a Wealth Management Service
Since you’re reading this, my guess is that you’re at least a bit concerned about your financial future. That’s good. If you’re a reasonable adult, you’ve likely grasped that planning for that is a must, particularly in this era of uncertainty. After all, money worries and the stress they produce is one of the biggest […]
How to Ensure You Have a Successful New Year
It’s January, the beginning of a year of goals, dreams, changes, updates, and resolutions. There’s actually a designated day in January named National “Ditch New Year’s Resolution Day.” The truth is, that means that less than one in 24 New Year’s resolutions, or rather less than 4% of New Year’s resolutions we make are ever […]
Get the Latest on COVID-19 Vaccine Mandate and Quarantine Recommendations
In December, the courts cleared the way for implementation of OSHA’s employer vaccination and testing mandate. Just after, the CDC issued new guidance for return to work after COVID-19 exposure or diagnosis. Get the latest to help you plan your next steps in this video blog from MMA’s Mike Johnston and Dave Worthams. Polk & […]
How manufacturers can increase B2B revenue and improve customer loyalty
Manufacturers in the UK currently face a host of challenges. Having weathered COVID-19 and its subsequent lockdowns, they now face global supply chain issues and must navigate the realities of life after Brexit. At the same time, their customers expect manufacturers to provide the same level of experience they have become accustomed to in the […]
How manufacturers can mitigate supply chain disruption in the post-COVID world
Manufacturing supply chains aren’t glamorous and they’re certainly not regular features of front-page news. But when consumers experience delays with their online orders or they don’t show up at all, then supply chain issues suddenly become more mainstream. As a result, we’ve seen significantly more press coverage of global supply chain disruptions in recent times. […]
3 Ways To Increase Efficiency in Your Practice
Let’s look now at 3 ways to increase efficiency. Dental practices are businesses and businesses that are more efficient are more successful. As practices move through the natural evolution, they typically end up being less efficient over time. This is often compensated for by the hiring of additional team members, and while it may be […]
How to Ensure You Have a Successful New Year
It’s January, the beginning of a year of goals, dreams, changes, updates, and resolutions. There’s actually a designated day in January named National “Ditch New Year’s Resolution Day.” The truth is, that means that less than one in 24 New Year’s resolutions, or rather less than 4% of New Year’s resolutions we make are ever […]
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