Robert /Bob/ Stewart, CPA

Wishing you and your loved ones a wonderful holiday and a Happy New Year.

Tax opportunities to consider as we close out 2022.

Businesses:

Bonus Depreciation has allowed a 100% deduction for the purchase of many personal property products as well as qualified real estate improvements in the year the project is complete.

Starting in 2023 bonus depreciation is reduced to 80% of the dollars spent with the remainder being spread over the tax life of the asset ranging from 3 to 39 years.

Individuals:

The government has a host of events that may qualify for a tax credit. Tax credits are great because they reduce the tax amount dollar for dollar. Here is a short list of categories where tax credits are available:

* Family and Dependent Care
* Income and Savings
* Home Improvements
* Electric Vehicle
* Health Care
* Education

A more detailed list is available at www.rbstewart-cpa.com

2022 is drawing to a close and it’s time to think about taxes.

For small businesses that file partnership or s-corporation income tax returns the opportunity exists to deduct the state income tax payments on the business return and achieve 100% tax deduction regardless of the limit placed on individuals reporting taxes on their Schedule A of their personal tax return.

For individuals summary info regarding itemized deductions is available.

Please go to www.rbstewart-CPA.com for more complete information

Bob Stewart CPA | Colorado CPA. Reliable. Experienced. Trustworthy. A CPA You Can Rely On Robert (Bob) Stewart is the perfect answer to accounting, tax, business processes and financial services sought by individuals, small and medium businesses. Our practice offers the flexibility to create a custom package of services to meet your individual and business needs. Tr...