New tax reporting requirements for payment apps could affect you
If you run a business and accept payments through third-party networks such as Zelle, Venmo, Square or PayPal, you could be affected by new tax reporting requirements that take effect for 2022. They don’t alter your tax liability, but they could add to your recordkeeping burden, as well as the number of tax-related documents you […]
Why It Is Important to Take a Vacation
Did you know that taking vacations from work can help increase your productivity? It has been shown that when you take time off, you are improving your motivation, health, and happiness! Take time to spend with your family, discover new things, and come back to work with a fresh attitude! Motivation Burn-out can easily occur […]
Proposed regs for inherited IRAs bring unwelcome surprises
Back in late 2019, the first significant legislation addressing retirement savings since 2006 became law. The Setting Every Community Up for Retirement Enhancement (SECURE) Act has resulted in many changes to retirement and estate planning strategies, but it also raised some questions. The IRS has been left to fill the gaps, most recently with the […]
Businesses: Act now to make the most out of bonus depreciation
The Tax Cuts and Jobs Act (TCJA) significantly boosted the potential value of bonus depreciation for taxpayers — but only for a limited duration. The amount of first-year depreciation available as a so-called bonus will begin to drop from 100% after 2022, and businesses should plan accordingly. Bonus depreciation in a nutshell Bonus depreciation has […]
After tax day: Take these action steps
The April tax filing deadline has passed, but that doesn’t mean you should push your taxes out of your mind until next year. Here are three tax-related actions that you should consider taking in the near term (if you filed on time and didn’t file for an extension). Retain the requisite records Depending on the […]
Standard business mileage rate will increase for the second half of 2022
The IRS recently announced that it’ll increase the standard mileage rate for qualified business driving for the second half of 2022. The adjustment reflects the soaring cost of gasoline this year. In fact, as of June 13, the nationwide average price of regular unleaded gas was $5.01 a gallon, according to the AAA Gas Prices […]
Movies that Feature Accountants
Most accountants in movies are played by socially awkward individuals or nerds. As the D.K. Arndt Superheroes, we like to think we are fun to work with and outgoing. T.P. Man likes to think he brings the cool as a nerd!! The first movie many people think of is “The Accountant”. Ben Affleck plays Chris […]
How to Increase Your Social Security Benefits
Many future retirees are seeking ways to maximize their retirement income. Once retired they may plan to take more trips, they may have more healthcare costs, or they may need to cover their living costs. The good news is that there is a way to increase your social security benefits by 8%. If you draw […]
From Eval IRIS to Valiant
As a child I watched the superhero cartoons and read the comic books. At the time I found I was more fascinated with the villains. They had the cooler costumes and had the latest technology and gadgets. The villains appeared to just have more fun! And who doesn’t want to have fun, right? The […]
What It Is Like To Be A Superhero
Like so many kids, I grew up wanting to be a superhero. So when I had the opportunity to become a D.K. Arndt superhero, I did not hesitate. Being T.P Man has brought me great pride and honor. Saving someone in distress from E Val Iris is what you got to see. Throwing pens with […]
