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News &
Updates

2023 – 07/05 – That email or text from the IRS: It’s a scam!

August 25, 2023
file 9 Wade Stables P.C. - Certified Public Accountants

“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. The scams may come in through email, text messages, telephone calls or regular mail. Criminals regularly target both individuals and businesses and often prey on the elderly. Important: The IRS will never contact you by email, text or social media channels about a tax bill or refund. Most IRS contacts are […]

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2023 – 07/31 – The advantages of using an LLC for your small business

August 24, 2023
file 7 Wade Stables P.C. - Certified Public Accountants

If you operate your small business as a sole proprietorship, you may have thought about forming an LLC to protect your assets. Like corporate shareholders, LLC owners (or members) generally aren’t liable for the debts of the business except to the extent of their investments. So their personal assets are protected from the entity’s creditors. Plus, partnership earnings aren’t subject to an entity-level tax. Instead, they “flow through” to the […]

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2023 – 07/18 – Retirement account catch-up contributions can add up

August 23, 2023
file 5 Wade Stables P.C. - Certified Public Accountants

If you’re age 50 or older, you can probably make extra catch-up contributions to your tax-favored retirement account(s). It is worth the trouble? Yes! Eligible taxpayers can make extra catch-up contributions of up to $1,000 annually to a traditional or Roth IRA. If you’ll be 50 or older as of Dec. 31, 2023, you can make a catch-up contribution for 2023 by April 15, 2024. However, there are income limits […]

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2023 – 07/10 – Use an S corporation to mitigate federal employment tax bills

August 22, 2023
file 3 Wade Stables P.C. - Certified Public Accountants

If you own an unincorporated small business, you know your self-employment (SE) tax bills are high. In 2023, SE tax is imposed at a rate of 15.3% on the first $160,200 of net SE income. This includes 12.4% for Social Security tax and 2.9% for Medicare tax. Above $160,200, Medicare tax continues at a 2.9% rate on all income before increasing to 3.8% at higher income levels due to the […]

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2023 – 07/03 – Starting a business? How expenses will be treated on your tax return

August 22, 2023
file 2 Wade Stables P.C. - Certified Public Accountants

Government officials saw a large increase in the number of new businesses launched during the COVID-19 pandemic. And the U.S. Census Bureau reports that business applications are still increasing slightly (up 0.4% from April 2023 to May 2023). Entrepreneurs often don’t know that many start-up expenses can’t be currently deducted. Some likely have to be amortized over time. You might be able to elect to deduct up to $5,000 currently, […]

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Hannibal, MO

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