NEUHAUS CPAS JANUARY 2023 NEWSLETTER

Neuhaus CPAs

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Important Tax Figures for 2023
Every year, the amounts allowed for various federal tax benefits are subject to change based on inflation adjustments and legislation. Here are some tax figures for 2023, compared with 2022, including the estate tax exemption, Social Security wage base, qualified retirement plan and IRA contribution limits, driving deductions and more. Good news: Many increases are higher than in past years due to inflation.

 

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Tax Blueprint for Deducting Demolition Costs
Under the tax law there are no current tax deductions for demolishing a commercial building — for example, if you’re tearing it down to replace it with a new one. There may be one way to claim some valuable write-offs for demolition costs. But it requires taking certain steps before the wrecking ball arrives.

 

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How Much Does the IRS Let Delinquent Taxpayers Live On?
The IRS sets up repayment plans for people who fall behind on their taxes. As part of these plans, the tax agency calculates how much individuals need to live based on their circumstances and where they live. From there, the IRS typically comes up with installment payments that will result in Uncle Sam being paid within certain time limits. How much income are delinquent taxpayers allowed to keep?

 

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How to Excel at Executive Hiring
Great business success can rarely, if ever, be accomplished alone. Most company owners reach a point where they simply must add some co-leaders to the organization to rise above the competition and reach that next level. This article describes a variety of best practices for executive hiring, including publicizing your intentions and preparing for the interview.

 

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