November 2022

With the end of the year fast approaching, now is the time to take a closer look at tax planning strategies that could reduce your tax bill for 2022.

Business owners can reduce their tax liability using one or more of these end-of-year tax planning strategies. Learn which ones could benefit your business.

With taxes becoming more complicated every year, avoiding “red flags” like these could prevent a tax mistake from turning into an IRS tax audit.

IRAs, or Individual Retirement Arrangements, provide tax incentives for people to make investments that provide financial security for their retirement. The terminology, however, can be confusing.

Every year, natural disasters wreak physical, emotional, and financial havoc on homeowners. The good news is that tax relief is available – but only if you meet certain conditions.

Employers – Income Tax Withholding. Ask employees whose withholding allowances will be different in 2023 to fill out a new Form W-4. The 2023 revisions of Form W-4 will be available on the IRS website by mid-December.

Employees who work for tips – If you received $20 or more in tips during October, report them to your employer. You can use Form 4070.

Employers – Social Security, Medicare, and withheld income tax. File Form 941 for the third quarter of 2022. This due date applies only if you deposited the tax for the quarter in full and on time.

Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in October.

Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in October

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Please call us at (727) 785-5228 if you have any questions.

Sean Davis CPA PA

29605 U.S. Hwy 19 N., Suite 260

Clearwater, FL 33761

(727) 785-5228