Buying a new business vehicle? A heavy SUV is a tax-smart choice
If you’re buying or replacing a vehicle that you’ll use in your business, be aware that a heavy SUV may provide a more generous tax break this year...
1 min read
Maurice La Verdure
:
Feb 8, 2023 10:02:19 AM
An array of tax-related limits that affect businesses are indexed annually, and due to high inflation, many have increased more than usual for 2023. Here are some that may be important to you and your business.
Social Security tax
The amount of employees’ earnings that are subject to Social Security tax is capped for 2023 at $160,200 (up from $147,000 for 2022).
Deductions
Retirement plans
Other employee benefits
These are only some of the tax limits and deductions that may affect your business and additional rules may apply. Contact us if you have questions.
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