Small Business Financials

Did your New Year’s resolution involve saving more money? If so, you’re not alone. Here are some tips for spending less in 2023 and the little things you can do to stick to your financial goals as we head into February and beyond. According to a WalletHub ® survey , one in three Americans planned to make finance-related resolutions for the 2023 New Year. The same survey also found that 31 percent of Americans who made a financial resolution want to save more, and 60 percent of people are anxious about their financial situation coming into the new year. With the inflation rate so high, this is hardly surprising. So, what can you do to ensure you achieve your personal finance goals in 2023? Here are our top tips for some popular New Year’s resolutions. Resolution 1: Saving more money We all want to save more money, right? Unfortunately, this is often easier said than done. One of the best steps you can take to start saving money or building an emergency fund is to know where you...

Updated for tax year 2022 If you frequently drive your car for business purposes, you know how car expenses can quickly add up. And it’s not just the cost of gas, which fortunately has gone down from its high a few years ago. Every time you drive your car, you use oil, weaken your brake pads, clog up your air filter and wear down your tires – the list goes on and on. All of this wear and tear on your vehicle for business purposes ultimately requires more servicing, plus your car depreciates in value. You may even pay more in car insurance when you drive your car more miles. Fortunately, there is a silver lining. When it comes time to file your taxes, your car expenses can also help lower your tax bill if you can deduct them as a business expense. Here’s how to make sure you get the deductions you deserve. 1. Understand the standard mileage rate vs. actual expenses You can deduct your vehicle expenses in one of two ways. You can track all your car expenses, including gas, oil, ...

Our Mileage Reimbursement Calculator helps to determine the compensation of travel while you are on official business. This amount is calculated as a baseline or minimum by IRS to ensure employees are fairly compensated for their travel expenses. Mileage Reimbursement Basics If you frequently drive your car for work, you can deduct vehicle expenses on your tax return in one of two ways. The first and most comprehensive method is to document all of your car expenses, including gas, maintenance, insurance, and depreciation. Then deduct the portion of those total costs that apply to your business miles. If that sounds too daunting, you can choose the second method, which allows you to deduct a flat rate for every business mile you drive. That is known as the standard mileage deduction,   and the rate varies from year to year. You can also write off car expenses related to charity work or moving purposes. But, you still must choose between one of the two methods to calculate the d...

You may have heard about new tax reporting rules for businesses using third-party payment apps such as PayPal, Cash App, Venmo, etc. This has caused some confusion for app users, but we’re here to help you understand how it will (or won’t) affect your taxes next year. These changes were originally supposed to go into effect for tax year 2022, but the IRS recently delayed these changes by one year. Now, the $600 threshold mentioned below will not officially go into effect until tax year 2023. Form 1099-K frequently asked questions What’s changed? Previously, payment platforms were not required to report business transactions to the IRS unless you made at least 200 separate transactions totaling at least $20,000 in a calendar year. After the IRS delay, this still holds true for tax year 2022. Beginning Jan. 1, 2023, these thresholds dropped drastically — as a new rule, payment apps now must report business transactions totaling $600 or more in a year, regardless of the number of ...

Iowa State Tax Filing Deadlines 2023 The State of Iowa government has issued the following guidance concerning income tax filing deadlines and extensions: The tax filing due date for 2022 Iowa income tax returns is May 1, 2023. Qualifying taxpayers who file and pay by this date will not be subject to late-filing or underpayment penalties. Interest on unpaid taxes, however, will accrue starting May 1st, 2023. Iowa residents are not required to file for a personal extension as it is automatic. To avoid penalties, it is advised that at least 90% of the individual’s Iowa tax liability is paid by May 1st, 2023. By fulfilling this requirement, the individual’s filing deadline will be extended to October 31st, 2023. You can also look at Iowa tax brackets or check your Iowa state tax refund status . The post Iowa State Tax Due Date for 2023 appeared first on TaxAct Blog . from TaxAct Blog https://ift.tt/Sk4bDHE via CFO Blog

Iowa State Tax Brackets 2023 The state of Iowa collects income tax from its residents at the same rate regardless of filing status. Here’s a breakdown of those rates for tax year 2022. Iowa state taxes are due May 1, 2023. For married taxpayers filing jointly Taxable Income     Tax       Over But Not Over Tax Rate Of Excess Over $0 $12,000 $0.00 + (4.40% x $0) $12,000 $60,000 $528.00 + (4.82% x $12,000 $60,000 $150,000 $2,841.60 + (5.70% x $60,000) $150,000 ------ $7,971.60 + (6.00% x $150,000) For all taxpayers other than married taxpayers filing jointly Taxable Income     Tax       Over But Not Over Tax Rate Of Excess Over $0 $6,000 $0.00 + (4.40% x $0) $6,000 $30,000 $264.00 + (4.82% x $6,000 $30,000 $75,000 $1,420.80 + (5.70% x $30,000) $75,000 ------ $3,985.80 + (6.00% x $75,000) Iowa Standard Tax Deductions I...

One of the hardest parts about doing your taxes? Waiting for that refund to hit your bank account. If you’re expecting a tax refund this year, here’s how you can check your tax refund status — and when you can expect to have that cash in hand. Ways to check the status of your tax refund There are three different ways to easily track the status of your refund. Where’s My Refund? – This is the IRS’s official online tool for tracking the status of your refund. IRS2Go mobile app – This IRS app is an easy way to check the status of your refund from any mobile device. IRS TeleTax System – You can also call the IRS TeleTax System at 1-800-829-4477 and use their automated telephone system to check the status of your refund. For all methods listed above, taxpayers will need to input their Social Security number, filing status, and exact refund amount. All methods are available in both English and Spanish. How soon can I track my tax refund status? How quickly you can track the st...