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LATEST NEWS & UpDATES
Smooth sailing: Tips to speed processing and avoid hassles this tax season
The IRS began accepting 2021 individual tax returns on January 24. If you haven’t prepared yet for tax season, here are three quick tips to help speed processing and avoid hassles. Tip 1. Contact us soon for an appointment to prepare your...
Tax limits for businesses have increased for 2022
Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here’s a rundown of those that may be important to you and your business. Social Security tax The amount of an...
2022 Q1 tax calendar: Key deadlines for businesses
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us...
Budgeting ideas for uncertain times
Budgeting, like many other things, was generally easier before COVID-19. Even though the pandemic isn’t over and much remains uncertain, not-for-profits need to plan their financial needs and project financial resources. But you might be...
Small businesses: There still may be time to cut your 2021 taxes
Don’t let the holiday rush keep you from considering some important steps to reduce your 2021 tax liability. You still have time to execute a few strategies. Purchase assets Thinking about buying new or used equipment, machinery or office...
New digital asset reporting requirements will be imposed in coming years
The Infrastructure Investment and Jobs Act (IIJA) was signed into law on November 15, 2021. It includes new information reporting requirements that will generally apply to digital asset transactions starting in 2023. Cryptocurrency...
Feeling generous at year end? Strategies for donating to charity or gifting to loved ones
As we approach the holidays, many people plan to donate to their favorite charities or give money or assets to their loved ones. Here are the basic tax rules involved in these transactions. Donating to charity Normally, if you take the...
Would you like to establish a Health Savings Account for your small business?
With the increasing cost of employee health care benefits, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). For eligible individuals, an HSA offers a...
Social Security wage base is increasing in 2022
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for 2022 (up from $142,800 for 2021). Wages and self-employment income above this threshold aren’t...
Consulting & Support Services
Holcombe, Holtzclaw & Ravan LLC offers a range of business support services to meet the diverse needs of our clients in Spartanburg, SC who own and manage businesses. We have four QuickBooks Pro Advisors on staff, all ready and able to help.
Professional Tax & Accounting Services
Accounting Resources
We have listed a few accounting and tax websites that you will find helpful and informative.