Author: Twila Wilt
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Year-end tax and financial planning letter for small businesses
Dear Valued Client, As we wrap up 2023, it’s important to take a closer look at your tax and financial plans and discuss steps to reduce taxes and help you save for your future. With the current political climate, there has been minimal tax legislation. Looking to the future, the potential for change is on…
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Year-end tax and financial planning letter for individuals
Dear Valued Client, As we wrap up 2023, it’s important to take a closer look at your tax and financial plans and discuss steps to reduce taxes and help you save for your future. With the current political climate, there has been minimal tax legislation. Looking to the future, the potential for change is on…
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Property tax reminder
If you are new in business or purchased personal property for your business during 2023 then you may be required to file a property tax listing. Please contact us by January 20th so that we can determine your filing requirements and get an account number to file an extension for the 2021 tax year. If…
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IRS clarifies required minimum distribution reporting
By Martha Waggoner March 8, 2023 The IRS provided guidance to financial institutions regarding reporting for required minimum distributions (RMDs), the rules for which were changed by the SECURE 2.0 Act. The SECURE 2.0 Act, which was enacted as Division T of the Consolidated Appropriations Act, 2023, P.L. 117-328, delayed the required beginning date for…
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Business standard mileage rate increases for 2023
By Martha Waggoner January 3, 2023 The IRS increased the optional standard mileage rate used to calculate the deductible costs of operating a vehicle for business to 65.5 cents per mile driven, up 3 cents from a rare midyear increase in 2022. The increased rate was effective as of Jan. 1, 2023 (Notice 2023-03). The…