Enjoy the Holidays!

We are going to take a break from our tax and business tips this week. Instead, the family of Bradstreet & Company would like to wish you and your family the most joyous holiday season and best wishes for 2023.

I’m sure many of you have heard that the IRS has received $80 billion in funding. There’s been a lot of talk about what that means, with some saying that there will be over 80,000 new agents with guns and that there’s going to be a lot of audits. This informative article from The Wall Street Journal lays out what exactly is going to change and provides helpful context. We just hope it means they’ll finally start answering our phone calls without having to hold for 3 hours.

With a few exceptions, year-end tax planning must be completed by this New Year’s Eve. Some notable exceptions include contributions to certain retirement plans such as IRAs and Solo 401(k) plans and also HSA plans. Payments to these plans have various 2023 deadlines.

Welcome to the tax jungle, independent contractors! In this week’s tax tip we offer you a survival guide against the most dangerous of predators, the IRS. This article, provided by Forbes Advisor, instructs how to calculate the federal taxes you may be dealing with, including: self employment tax and income tax, and all the essentials you need to survive next tax season.

Many of our readers already know that the Federal Reserve has increased its rates. However, many do not know how exactly these rates affect their credit, payments, and more. Luckily, the Dayton Daily News has this article that is written to inform us of exactly that. This article shows the importance of being up to date on the current actions of the Fed for the very reasons that it lists.