Starting a business involves critical decisions, and selecting the right business structure is crucial. Each type of entity impacts taxes, personal liability, and the ability to raise capital. Here’s a detailed guide to help you make an informed choice. Sole…
You guessed it: All of them. And if possible, share the documents with your tax pro at the same time. As Congress has made the tax code more complex, taxpayers are receiving more and more tax documents that may need…
Request W-9 Forms By having current W-9 forms on file for the businesses and individuals you will be paying, you will be able to quickly identify who you may need to receive a 1099 form. Current W-9 forms will also…
Beginning January 1, 2023 the standard mileage rates are: Subscribe today to never miss a post!
Notice 2022-44 released the 2022-2023 special per diem rates for those in the transportation industry to be effective as of October 1, 2022. The new meal and incidental expenses (M&IE) rates for truckers is $69. This rate increased $3 from…
Due to the rise in fuel prices, the IRS issued an increase in standard mileage rates for the second half of the year. Effective from July 1, 2022 through December 31, 2022: 62.5 cents per mile for business miles driven…
Beginning January 1, 2022 the standard mileage rates are: 58.5 cents per mile for business miles driven (up from 56 cents in 2021) 18 cents per mile for medical or moving purposes (up from 16 cents in 2021) 14 cents…
As we see COVID cases and hospitalization rates increase in recent weeks, we would like to remind employers in Central Iowa that COVID relief legislation includes payroll tax credits (available through September 30, 2021) to help reduce the spread of…
As seems to be the ongoing trend….the Paycheck Protection Program (PPP) has changed again. Here’s what we know as of now! The Biden administration announced new rules, changing eligibility for self-employed (schedule C) businesses. PPP loans can now be based…
The Iowa Restaurant and Bar Relief Program will provide financial relief to some of the most impacted businesses during the COVID-19 pandemic, restaurants and bars. Eligible businesses must show a decrease in gross sales of at least 15% during the…