A 2023 Tax Break For Small Business Owners
With a recession more likely following the banking crisis in March, small business owners and those starting new businesses receive some relief from this new tax break that became effective in 2023.
With a recession more likely following the banking crisis in March, small business owners and those starting new businesses receive some relief from this new tax break that became effective in 2023.
Investments in Individual Retirement Accounts (IRAs) and other retirement accounts qualified under Federal law for tax advantages are the main source of funding retirement in America. The retirement financial system that the United States has built over many decades is a partnership between the U.S. government and private sector and it is unique to our free-enterprise capitalist system. Far from perfect, it’s complex but offers opportunities to build wealth and support a standard of living that is the envy of most of the rest of the world.
The U.S. economy created 311,000 new jobs in February, exceeding expectations of 225,000, according to the Bureau of Labor Statistics. The unemployment rate edged upward to 3.6%, but remains just above its lowest point in decades.
Our tips are designed to make you think about how you could reduce your tax bill for 2022. They’re reminders about ways to cut your federal tax bill by December 31, 2022 in specific situations of interest to business owners, doctors, and employees in executive management as well as middle managers, teachers, and other hard-working lifelong retirement investors.
The good news is that the Federal Reserve’s preferred measure of inflation may be bottoming, but the bad news is the American consumer’s purchasing power declined by -4.8% in the 12 months ended August 31.