Taxes 2023 – DougFreemanCPA.com

Filing jointly or separately as a married couple: What’s the difference?

Income Tax, Individual Income Tax, Tax Return, Taxes 2023, Taxes 2024 / Douglas Freeman

When you file your tax return, a tax filing status must be chosen. This status is used to determine your standard deduction, tax rates, eligibility for certain tax breaks and your correct tax. The five filing statuses are: Single Married filing jointly, Married filing separately, Head of household, and Qualifying surviving spouse. If you’re married, […]

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Don’t overlook taxes when contemplating a move to another state

Estate Tax, Federal Income Tax, Federal Taxes, Income Tax, Individual Income Tax, Local Taxes, Taxes 2023 / Douglas Freeman

When you retire, you may think about moving to another state — perhaps because the weather is more temperate or because you want to be closer to family members. Don’t forget to factor state and local taxes into the equation. Establishing residency for state tax purposes may be more complex than you think. Pinpoint all

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4 ideas that may help reduce your 2023 tax bill

Charitable Contributions, Federal Tax Deductions, Retirement, Small Business, Small Business Owners, Small Business Tax Tips, Stocks, Taxes 2023 / Douglas Freeman

If you’re concerned about your 2023 tax bill, there may still be time to reduce it. Here are four quick strategies that may help you trim your taxes before year-end. 1. Accelerate deductions and/or defer income. Certain tax deductions are claimed for the year of payment, such as the mortgage interest deduction. So, if you

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There still may be time to reduce your small business 2023 tax bill

Business Income Tax, Depreciation Deduction (Section 179), Federal Taxes, Small Business, Small Business Owners, Small Business Tax Tips, Tax Savings, Taxes 2023 / Douglas Freeman

In the midst of holiday parties and shopping for gifts, don’t forget to consider steps to cut the 2023 tax liability for your business. You still have time to take advantage of a few opportunities. Time deductions and income. If your business operates on a cash basis, you can significantly affect your amount of taxable

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Investment swings: What’s the tax impact?

(LTCG) Net Long-Term Capital Gain, 401K, Capital Gains, Federal Taxes, Investment, Investment Income Tax (NIIT), Roth IRA, Self Employed, Self Employment Tax, Simplified Employee Pension (SEP), Stock Market, Tax Planning, Tax-Deferred Retirement Accounts, Taxes 2023, Traditional IRA / Douglas Freeman

If your investments have fluctuated wildly this year, you may have already recognized some significant gains and losses. But nothing is decided tax-wise until year-end when the final results of your trades will reveal your 2023 tax situation. Here’s what you need to know to avoid tax surprises. Tax-favored retirement accounts and taxable accounts. If

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Being a gig worker comes with tax consequences

Federal Taxes, Gig Economy, Independent Contractors, Individual Income Tax, Side "Gig", Small Business Tax Tips, Taxes 2023 / Douglas Freeman

In recent years, many workers have become engaged in the “gig” economy. You may think of gig workers as those who deliver take-out restaurant meals, walk dogs and drive for ride-hailing services. But so-called gig work seems to be expanding. Today, some nurses have become gig workers and writers in Hollywood who recently went on

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Some taxpayers qualify for more favorable “head of household” tax filing status

2022 Tax Return, Head of Household, Tax Return, Taxes 2023 / Douglas Freeman

When preparing your tax return, we’ll check one of the following statuses: Single, married filing jointly, married filing separately, head of household or qualifying widow(er). Filing a return as a head of household is more favorable than filing as a single taxpayer. For example, the 2023 standard deduction for a single taxpayer is $13,850 while

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Key tax issues in M&A transactions

Assets, Business Income Tax, Capital Gains, Federal Income Tax, LLC, Merger & Acquisition, Partnerships, S Corporation, Small Business, Small Business Tax Tips, Sole Proprietors, Stocks, Taxes 2023 / Douglas Freeman

Merger and acquisition activity dropped dramatically last year due to rising interest rates and a slowing economy. The total value of M&A transactions in North America in 2022 was down 41.4% from 2021, according to S&P Global Market Intelligence. But some analysts expect 2023 to see increased M&A activity in certain industries. If you’re considering

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Many tax limits affecting businesses have increased for 2023

HSA, Retirement, Savings Incentives Match Plans for Employees (SIMPLEs), Small Business, Small Business Tax Tips, Social Security, Taxes 2023 / Douglas Freeman

An array of tax-related limits that affect businesses are indexed annually, and due to high inflation, many have increased more than usual for 2023. Here are some that may be important to you and your business. These are only some of the tax limits and deductions that may affect your business and additional rules may

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