Some Key Tax Law Adjustments for 2024

Maicher CPA Pllc provides a full range of tax services to individuals and businesses.  Now that the calendar has flipped over into tax year 2024 there are several key tax law changes in effect.   Social Security/Medicare Tax. The rate of social security tax on taxable wages is 6.2% for the employer and employee. The social […]

Some Tax Strategies Businesses Might Consider as Year-End Approaches

Maicher CPA Pllc provides a full range of tax services to businesses.  The end of tax year, 2023, draws near.   Below are some tax strategies businesses might consider before year end.   Utilize the Qualified Business Income Tax Deduction.  If your business is a pass-through entity (a sole proprietorship, an S corporation, LLC, or partnership) […]

Some Key Tax Terms Important to Know

Maicher CPA Pllc provides a full range of tax services to individuals and businesses.  The tax code is rife with terminology.  We are committed to effectively communicating with our clients in a way which makes the tax laws and our related tax strategies understandable.  Below are some key tax terms important to know.    Adjusted Gross […]

Some Key Year End Tax Strategies for Individuals in 2023

Maicher CPA Pllc provides a full range of tax services to individuals as well as businesses.  The end of tax year 2023 is less than four months away and now is an excellent time for individuals to do a final review of their tax strategies with us.   Below are some key strategies we can […]

How Long Should Tax Related Documents Be Retained?

Maicher CPA Pllc provides a full range of tax services to businesses and individuals. Proper document retention is essential for accurately claiming deductions and for effectively proving income and expenses in the case of an audit. Taxpayers have the burden of proof. Below is a non-exclusive summary of some key timelines for document retention under […]

IRS Audit Notices: Some Basics 

In 2022,  the IRS audited slightly over 600,000 returns, or roughly .4% of filed returns. The audit process commences by the IRS sending a written notice to the taxpayer.  Maicher CPA Pllc represents business and individual clients in responding to audits.   Here is some basic information concerning audits every taxpayer needs to know: If you […]

Maximizing the Deductibility of Expenses for Business Travel

Maicher CPA Pllc helps clients find tax deductions.   Summer’s here and so is a period of peak travel.   If you are a business owner, there are tax deductions, potentially large ones, for certain expenses arising from business trips – if certain conditions are met.   The General Rule.   Certain expenses incurred in business […]

Some Often Overlooked Tax Breaks

Maicher CPA Pllc is skilled at helping clients find tax breaks.  This includes those that are sometimes overlooked.   What are some significant examples?    Child/Dependent Care Credit While parents work or search for work, the child/dependent care tax credit applies  to the following expenses for a child (those generally under 13):  (a) education expenses related […]

Some Key Terms for Understanding Your 2023 Tax Return

The deadline for filing individual, 2023, tax returns is right around the corner – April 18.  Maicher CPA Pllc prepares returns and  provides strategies for reducing clients’ tax obligations.  The tax code, however, is filled with numerous key, though often obscure terms, essential to understanding these strategies.  What are some of the terms?     Above-the-Line Deductions.  […]

Deducting the Business Use of Vehicles in 2023

At Maicher CPA Pllc, we provide comprehensive tax services to help businesses and individuals reduce taxes by maximizing deductions.  One common deduction covers the business use of vehicles.  The 2023 tax year marks an increase in the standard mileage rate for this deduction.  What are the parameters of the standard deduction?  What are the parameters […]