{"id":36002,"date":"2023-01-16T14:39:40","date_gmt":"2023-01-16T19:39:40","guid":{"rendered":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/?p=36002"},"modified":"2023-01-16T14:39:40","modified_gmt":"2023-01-16T19:39:40","slug":"get-a-sense-of-where-you-stand-among-tips-for-small-businesses-looking-to-2023","status":"publish","type":"post","link":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2023\/01\/get-a-sense-of-where-you-stand-among-tips-for-small-businesses-looking-to-2023\/","title":{"rendered":"\u2018Get A Sense Of Where You Stand\u2019 Among Tips For Small Businesses Looking To 2023"},"content":{"rendered":"
\"\"
Dawn Doherty, partner, BST & Co. CPAs, LLP.
Courtesy BST & Co. CPAs, LLP.<\/figcaption><\/figure>\n

BST & Co. CPAs, LLP, an area accounting and management consulting firms, has released a series of year-end tax tips designed to help small businesses prepare for filing season.<\/p>\n

Dawn Doherty is a partner at BST & Co. and a certified public accountant and tax expert with more than 30 years of experience. She began her career with the Internal Revenue Service.<\/p>\n

Doherty shared the following tax considerations for Capital Region residents:<\/p>\n

\u2022 <\/b>Get a sense of where you stand.<\/p>\n

Many families will see smaller refunds when they file their 2022 taxes because pandemic-related tax provisions, such as the expanded child tax credit and the dependent care credit, have expired and these credits revert to pre-pandemic 2019 levels.<\/p>\n

Although tax tables and the standard deduction have favorably changed with inflation, taxpayers may still not have enough tax withheld or otherwise paid in throughout the year to avoid a balance due at tax filing time. Check your latest pay stub for taxable wages and withholdings. If underpaid, make an estimated tax payment on or before Jan. 15.<\/p>\n

The IRS has a tax withholding estimator on their website that can help with a simple calculation, but it may not be useful for complex situations, pension income, or for nonresident alien status filers.<\/p>\n

<\/span><\/span>If using a tax preparer or accountant, get in touch with them to notify them of transactions during the year, or changes in your circumstances.<\/p>\n

\u2022 <\/b>If you\u2019re in business and planning to purchase assets such as vehicles or equipment, consider purchasing and placing in service before the end of 2022.<\/p>\n

For tax year 2022, federal bonus depreciation of 100 percent of the cost is allowed for eligible tangible property used in a trade or business. That figure will be reduced to 80 percent in tax year 2023. The property must be both purchased and placed in service by year-end.<\/p>\n

\u2022 <\/b>If planning to make charitable contributions, bunch them into one tax year.<\/p>\n

For those with itemized deductions such as mortgage interest, charitable contributions and taxes (capped at $10,000) amounting to less than the standard deduction for 2022, you may consider bunching up charitable contributions you would otherwise make across a few tax years into one year to maximize the tax benefit. Unlike prior years, there is no $300 ($600 for married filing joint) adjustment to AGI for charitable contributions, regardless of whether itemizing or using the standard deduction.<\/p>\n

\u2022 <\/b>Contribute to your retirement account(s).<\/p>\n

If you are covered by an employer plan and have not fully maximized your 401(k), depending on your employer\u2019s set up and cycle time you may be able to make a last-minute change and increase your contribution before your last paycheck. For those with an IRA, self-employed plan or other qualified retirement plan, you still have time to contribute and have it count toward your 2022 taxes.<\/p>\n

\u2022 <\/b>Get organized and start gathering your records now.<\/p>\n

Whether receiving your tax documents electronically or in paper form, set up your folders now to collect the documents you\u2019ll need to prepare your tax filing; it will make tax time much smoother. For example:<\/p>\n

Those who received a STAR check for property taxes will likely have the check stub to document the amount received.<\/p>\n

Place a copy of your last pay stub for the year in the folder to compare to your W-2.<\/p>\n

Stash your stamped paid property tax bills in the folder as you receive them.<\/p>\n

If you used a Health Savings Account (HSA), it will be helpful to have your receipts for co-pays and medical expenses that were paid from or reimbursed from your HSA account in one place to validate the distributions.<\/p>\n

It is also prudent to have a copy of any qualified education costs in the tax folder; this will help with figuring any tax credits the taxpayers may be eligible for, as well as verifying distributions from a 529 plan.<\/p>\n

Many information documents, such as 1099s, W-2s, and 1098s are issued in January and early February. Save these important documents in your tax folder.<\/p>\n

You want to ensure that your tax records are complete before filing. One item that\u2019s new in 2022 is the 1099-K. This form is issued by third-party payment platforms such as MasterCard, Visa, PayPal, Venmo and Square for payments in excess of $600 for goods and services.\u00a0 <\/span>These forms need to be sent out by payment settlement entities by Jan. 31.<\/p>\n","protected":false},"excerpt":{"rendered":"

BST & Co. CPAs, LLP, an area accounting and management consulting firms, has released a series of year-end tax tips designed to help small businesses prepare for filing season. Dawn Doherty is a partner at BST & Co. and a certified public accountant and tax expert with more than 30 years of experience. She began […]<\/p>\n","protected":false},"author":89,"featured_media":36003,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"yoast_head":"\r\n\u2018Get A Sense Of Where You Stand\u2019 Among Tips For Small Businesses Looking To 2023 - Glens Falls Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2023\/01\/get-a-sense-of-where-you-stand-among-tips-for-small-businesses-looking-to-2023\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"\u2018Get A Sense Of Where You Stand\u2019 Among Tips For Small Businesses Looking To 2023 - Glens Falls Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"BST & Co. 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