PSW Logo
21
JUN
2022
Businesses will soon be able to deduct more under the standard mileage rate

Businesses will soon be able to deduct more under the standard mileage rate

Business owners are aware that the price of gas is historically high, which has made their vehicle costs soar. The average nationwide price of a gallon of unleaded regular gas on June 17 was $5, compared with $3.08 a year earlier, according to the AAA Gas Prices website. A gallon...
03
MAY
2022
Valuable gifts to charity may require an appraisal

Valuable gifts to charity may require an appraisal

If you donate valuable items to charity, you may be required to get an appraisal. The IRS requires donors and charitable organizations to supply certain information to prove their right to deduct charitable contributions. If you donate an item of property (or a group of similar...
02
MAY
2022
Businesses may receive notices about information returns that don’t match IRS records

Businesses may receive notices about information returns that don’t match IRS records

The IRS has begun mailing notices to businesses, financial institutions and other payers that filed certain returns with information that doesn’t match the agency’s records. These CP2100 and CP2100A notices are sent by the IRS twice a year to payers who filed information returns...
27
APR
2022
No parking: Unused compensation reductions can’t go to health FSA

No parking: Unused compensation reductions can’t go to health FSA

Among the many lasting effects of the pandemic is that some businesses are allowing employees to continue working from home — even now that the most acute phases of the public health crisis seem to be over in some places. This decision is raising some interesting questions about...
26
APR
2022
Want to turn a hobby into a business? Watch out for the tax rules

Want to turn a hobby into a business? Watch out for the tax rules

Like many people, you may have dreamed of turning a hobby into a regular business. You won’t have any tax headaches if your new business is profitable. But what if the new enterprise consistently generates losses (your deductions exceed income) and you claim them on your tax...
07
MAR
2022
Does your business barter? Here are some facts you should know

Does your business barter? Here are some facts you should know

In today’s economy, many small businesses are strapped for cash. They may find it beneficial to barter or trade for goods and services instead of paying cash for them. Bartering is the oldest form of trade and the internet has made it easier to engage with other businesses. But...
27
DEC
2021
Will the standard business mileage rate go up in 2022? Yes!

Will the standard business mileage rate go up in 2022? Yes!

The price of gas is up about $1 a gallon from a year ago. How does this affect the amount your business can deduct for business driving in 2022?
24
NOV
2021
Business owners: If your company offers a qualified retirement plan, such as a 401(k), you need to know how the IRS recently adjusted many of the key dollar limits and thresholds related to plan administration.

IRS announces adjustments to key retirement plan limits

Business owners: If your company offers a qualified retirement plan, such as a 401(k), you need to know how the IRS recently adjusted many of the key dollar limits and thresholds related to plan administration.
26
OCT
2021

Thinking about participating in your employer’s 401(k) plan? Here’s how it works

If you’re fortunate to have an employer offering a 401(k) plan, you may wonder if you should participate. Here are the basic features of these plans.
05
OCT
2021
Are you an artist or collector interested in donating artwork to charity? Here are the basic rules to claim a tax deduction for your generosity.

Navigating the tax landscape when donating works of art to charity

Are you an artist or collector interested in donating artwork to charity? Here are the basic rules to claim a tax deduction for your generosity.