Business Accounting, Tax

Helpful Fall Tax Tips

2023-09-05 | by Gene Reynolds

Tax Tips To Support Your Business Thoughts

It’s hard to believe that the year is almost over, isn’t it? We know that with all the deadlines and busy seasons, it can be overwhelming. But we’re here to support you. Let’s review some recent headlines and updates that caught our attention.

On September 14th, the IRS is hosting a free webinar for taxpayers interested in educational assistance programs. Employers and employees who use these programs can help pay their employees’ student loans, which is a great way to attract and retain workers who are considering alternative benefit options.

Eligible contractors who build energy-efficient homes, the IRS would like you to know that you might qualify for a tax credit up to $5,000 per home. This is for homes acquired in 2023 through 2032, which range from $500 to $5,000, depending on the standards met within the home build. To qualify, eligible contractors must construct or substantially reconstruct a qualified new energy-efficient home. They also must own the home and have a basis in it during the construction, and they must sell or lease the home to a person for use as a residence.

Fall Tax Due Dates

As Fall approaches, important deadlines loom. S-corporations and partnerships with extensions must file their 2022 business tax returns by September 15.  Importantly, estimated tax payments for the 3rd quarter of 2023 are due by September 15.

• October 16, 2023, is the deadline for filing extended 2022 tax returns, including C-Corporation returns, for those who filed an extension request.
• December 31, 2023, the required minimum distributions must be taken for individuals age 73 or older by the end of 2023. After taking your first RMD (for 2022) by April 1, 2023, if you turn 72 in 2022, you also need to take your 2023 RMD by the end of the year. This is also the deadline if you are otherwise required to take an RMD for 2023.

Link-ful Tax Tips

Requesting a Tax Transcript From the IRS
Common Business Expense Deductions
Standard Mileage Rates Increase
Applying for Tax-exempt Status 501(c)(3)

Closing Thoughts

1. The FBI employs over 2000 accountants in a variety of focus areas.
2. Income Tax was originally introduced as a temporary measure to finance a war.
3. The word accountant in the English language is derived from the Old French word “compter,” which is also derived from the Latin word “computare.”
4. Last year is never right. Please check your signature & ensure you have all documentation necessary.

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