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Tax Tip, Consolidated Appropriations Act, Secure 2.0 Act of 2022, Increasing Participation and Savings, Automatic Enrollment, Saver's Credit, Small Incentive, Catch-up Limits, SIMPLE Plans, Matching Student Loan Payments, Small Employers, Business Consulting Ana Mendez Tax Tip, Consolidated Appropriations Act, Secure 2.0 Act of 2022, Increasing Participation and Savings, Automatic Enrollment, Saver's Credit, Small Incentive, Catch-up Limits, SIMPLE Plans, Matching Student Loan Payments, Small Employers, Business Consulting Ana Mendez

Consolidated Appropriations Act, 2023

On December 29, 2022, President Biden signed the Consolidated Appropriations Act, 2023 into law. It reached the President's desk upon passage in the House by a vote of 225 to 201 on December 23. This followed passage in the Senate on December 22 by a vote of 68 to 29. The heavily negotiated omnibus legislative package includes all appropriations for the federal 2023 fiscal year. The Act does not include any major tax provisions or tax extenders. However, the omnibus bill does include the long-awaited SECURE 2.0 Act of 2022.

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Tax Tip, Sole Proprietor, Advantages, Full Ownership, Simplified Tax Reporting, Disadvantages, Limited Funding, Losses and Debts, Unlimited Liabilitiy, Self-Employment Taxes, Federal Taxes, State Taxes, Employment Taxes, Tax Deductions, General, Uncategorized Ana Mendez Tax Tip, Sole Proprietor, Advantages, Full Ownership, Simplified Tax Reporting, Disadvantages, Limited Funding, Losses and Debts, Unlimited Liabilitiy, Self-Employment Taxes, Federal Taxes, State Taxes, Employment Taxes, Tax Deductions, General, Uncategorized Ana Mendez

To Be or Not To Be A Sole Proprietor

Consulting, freelancing, starting a side business, there’s a lot of talk about flashy terms like these nowadays. This week’s article from Forbes Advisor gets a little more into the weeds, offering a detailed look into the sole proprietorship, one of the simplest business entities you can form. It goes over the definition, tax benefits, and risks of a Sole Proprietor. No matter what type of business you are involved in, always know the taxes involved.

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Tax Tip, Business Help, Individual Help, Tax Payment, Tax Payment Help, Loans, Online Payment Plans, Short-term Payment Plan, Long-term Payment plan, Delayed Collection, Penalty Relief, Offer in Compromise Ana Mendez Tax Tip, Business Help, Individual Help, Tax Payment, Tax Payment Help, Loans, Online Payment Plans, Short-term Payment Plan, Long-term Payment plan, Delayed Collection, Penalty Relief, Offer in Compromise Ana Mendez

There is Always a Way to Pay Your Taxes

Taxes usually aren’t much fun. They’re even less fun when one cannot afford to make payments without serious financial hardship. Don’t worry, the good old IRS has some ways to still get its money. This article, written by the IRS, details some avenues for paying your taxes when you can’t pay all at once, including getting a loan, payment plans, penalty relief, and more.

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Tax Tip, New Year, End of Year, W-2, W-2G, 1098-C, 1099-NEC, 1099-MISC, 1099-INT, 1099-DIV, 1099-B, 1099-C, 1099-K, K-1s, 1098 Ana Mendez Tax Tip, New Year, End of Year, W-2, W-2G, 1098-C, 1099-NEC, 1099-MISC, 1099-INT, 1099-DIV, 1099-B, 1099-C, 1099-K, K-1s, 1098 Ana Mendez

Happy New Year!

Happy New Year!

And get ready for the tax filing season.

Hopefully, you followed some of the suggestions outlined in Publication 552 to organize your records. If you did, great! This will make filing your tax returns a lot easier this year. It also means that you and your tax advisor can spend more time on tax and financial planning issues for 2023 vs. looking back to 2022.

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Tax Tip, Independent Contractor's, Taxes, Pay Taxes, Electronic Tax Filing, Estimating Fedeal Tax Liability, Calculating Self-Employment Taxes, Calculating Income Taxes, Uncategorized, General, Business Consulting, Business Advice Ana Mendez Tax Tip, Independent Contractor's, Taxes, Pay Taxes, Electronic Tax Filing, Estimating Fedeal Tax Liability, Calculating Self-Employment Taxes, Calculating Income Taxes, Uncategorized, General, Business Consulting, Business Advice Ana Mendez

The Independent Contractor's Tax Survival Guide

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.

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