January 2023 Newsletter

Happy New Year!

If you missed the 2022 IMPORTANT YEAR END communication that contains crucial information, click on the link below. Please contact our office if your email address has changed.

Tax Organizers Coming Soon!

A completed questionnaire and review of your organizer is one of the “must-haves” we need to start preparation on your return. Keep a look out for an email regarding these documents from SmartVault come mid-January.

Important Dates

Tuesday, January 17th

4th Quarter Estimated Payments Due

Tuesday, January 31st

- Due date for employers to send  W-2 forms

- Due date to send out 1099s

Tax Planning Tips For Landlords

Wise tax planning can make all the difference for real estate investors and landlords. In the current climate, tax planning for real estate investors has never been more vital. Below are some important tax planning tips:

1. Distinguish between repairs and capital improvements

2. Use depreciation to your benefit

3. Take advantage of 1031 exchanges

4. Purchase and inhabit a property for two years

5. Refinance

6. Take the 20% pass-through deduction

7. Explore investment in opportunity zones

8. Cost Segregation studies

9. Seek professional advice - contact Chandler & Knowles CPAs today!

**Employee Retention Credit**

If you are an employer that had 4 to 5 full-time employees making more than minimal wage in 2020, we recommend that you contact Christopher Skinner at American Incentive Advisors. Christopher can help determine if you are still eligible for this program, which laws have changed. 

Christopher Skinner

951-821-0405

chris@impactbsg.com

Estimated Tax Payments

Source: IRS Tax Tip Video

Do I need to make quarterly tax payments?