Before filing taxes this tax season, it’s important for business owners to know what’s new for business taxes for 2023 and take advantage of the available deductions and credits. While some tax deductions are drawing back, the Inflation Reduction Act and SECURE 2.0 Act offer eligible businesses new and expanded tax credits and new deductions for retirement plans and going green.
Startup costs follow different rules than ongoing business expenses. The IRS provides clear guidelines for deducting these startup costs, and understanding them can help you maximize your tax benefits.
The Child Tax Credit (CTC) is a valuable financial benefit designed to help families with children offset the costs of raising kids. Whether you’re a new parent or have multiple children, understanding the CTC can provide significant savings on your tax bill. This post explains what you need to know about the credit.
For many companies, interest expenses constitute a significant portion of their operating costs, which is why the deduction of these expenses is a valuable tax benefit for businesses. Understanding this deduction can help business owners manage their finances more effectively and optimize their tax strategy.
The Saver’s Credit is a tax incentive designed to encourage individuals to contribute to their retirement savings, whether through an Individual Retirement Account (IRA) or an employer-sponsored retirement plan. It’s important to note that this credit is nonrefundable, meaning it can reduce your tax liability but will not result in a refund.