IRS provides further details on additional relief for certain partnerships preparing schedules K-2 and K-3 for 2021 WASHINGTON – The IRS today provided further details on additional transition relief for certain domestic partnerships and S corporations preparing the new schedules K-2 and K-3 to further ease the change to these new schedules. Those eligible for […]
Transaction Privilege Tax Changes and News – From Arizona Department of Revenue Website 2022 TPT LICENSE RENEWALS A transaction privilege tax license is used for collection and remittance of state, county and city taxes. Businesses licensed with ADOR were required to renew their TPT license by January 1, 2022. If you have not already done […]
Here’s a quick review of some of the tax changes you’ll see from 2021 to 2022 as a result of inflation adjustments and new tax laws. Provision 2021 2022 +/- Business equipment Sec. 179 expensing deduction $1,050,000 $1,080,000 +$30,000 Total purchase limit for full Sec. 179 expensing deduction $2,620,000 $2,700,000 +$80,000 Standard mileage rate: business […]
Corporate tax rates and Section 179 expense limits are noted here for your use. C Corporations Flat 21% corporate tax rate. Includes personal service corporations. No alternative minimum tax (AMT). Pass-Through Entities (S corps, partnerships and sole proprietors) Taxed as ordinary income. 20% qualified business income deduction available. Income threshold is $170,050 in 2022 for […]
What is the Gig Economy? The gig economy—also called sharing economy or access economy—is activity where people earn income providing on-demand work, services or goods. Often, it’s through a digital platform like an app or website. Gig Economy Income is Taxable You must report income earned from the gig economy on a tax return, even […]
