CPA Blog

Why you might want to file early and answers to other tax season questions

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Published: Tuesday, 24 January 2023 09:51

Written by Phillip Strickler, CPA.CITP

The IRS announced it opened the 2023 individual income tax return filing season on January 23. That’s when the agency began accepting and processing 2022 tax year returns. Even if you typically don’t file until much closer to the mid-April deadline (or you file for an extension), consider filing earlier this year. The reason is you can potentially protect yourself from tax identity theft.

Here are some answers to questions taxpayers may have about filing.

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Is now the time for your small business to launch a retirement plan?

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Published: Wednesday, 18 January 2023 12:14

Written by Phillip Strickler, CPA.CITP

Many small businesses start out as “lean enterprises,” with costs kept to a minimum to lower risks and maximize cash flow. But there comes a point in the evolution of many companies — particularly in a tight job market — when investing money in employee benefits becomes advisable, if not downright mandatory.

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Tax-saving ways to help pay for college — once your child starts attending

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Published: Tuesday, 17 January 2023 12:22

Written by Phillip Strickler, CPA.CITP

If you have a child or grandchild in college — congratulations! To help pay for the expenses, many parents and grandparents saved for years in tax-favored accounts, such as 529 plans. But there are also a number of tax breaks that you may be able to claim once your child begins attending college or post-secondary school.

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Employers should be wary of ERC claims that are too good to be true

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Published: Monday, 09 January 2023 16:57

Written by Phillip Strickler, CPA.CITP

The Employee Retention Credit (ERC) was a valuable tax credit that helped employers that kept workers on staff during the height of the COVID-19 pandemic. While the credit is no longer available, eligible employers that haven’t yet claimed it might still be able to do so by filing amended payroll returns for tax years 2020 and 2021.

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