If you’re looking to save on taxes and invest in your future retirement, an Individual Retirement Account (IRA) can be a great option. One potential benefit of an IRA is the ability to deduct contributions from your taxable income. In this blog, we’ll explore the ins and outs of IRA tax deductions. Firstly, it’s important […]
Maximizing Taxes with IRA Contributions Read More »
The IRS is encouraging and reminding taxpayers to make an estimated quarterly tax payment for 2022 by January 17. The IRS has already indicated that many taxpayers will have smaller refunds because many of the pandemic stimulus credits have expired and for those taxpayers that did not withhold enough already will likely end up with
IRS Encourages Making Estimated Tax Payment by January 17 Read More »
With the new tax season approaching, many will soon be in the midst of organizing their tax documents to begin tax preparation and filing. Unlike the prior years which included many pandemic tax benefits, taxpayers need to brace for a tax year with smaller refunds. Pandemic tax benefits like the expanded child tax credit, expansions
Expect Your 2023 IRS Tax Refunds To Be Smaller Read More »
Many were dreading the requirement for payment service entities (PSE) like PayPal, Venmo, and Cash App to issue a 1099-K for taxpayers receiving $600 or more for goods and services. The legislation requiring this was part of the American Rescue Plan Act of 2021. Congress was poised the delay this measure but Congressional Action failed.
IRS to Delay Required Issuance of 1099-K for Payment Platforms Read More »
Taxpayers are able to take advantage of increased contributions limits in 2023. As part of its changes to a group of cost-of-living adjustments, which includes increases in social security and income tax bracket changes, the federal government announced that individual employee contribution limits will increase to $22,500 from the $20,500 in 2022. Defined plan provisions
IRS Increases Retirement Contribution Limits for 2023 Read More »
Inflation has permeated every aspect of living these days and the government continues to fight against rising costs. Following last week’s Social Security Administration adjustment to cost of living increase with an increase of 8.7% for benefits, the IRS has announced adjustments to income tax brackets for 2023. While it is not new news that
Inflation Adjustments Cause Big Percentage Changes to Income Tax Brackets for 2023 Read More »
For those taxpayers that filed an extension in April, the deadline is right around the corner. About 1 in 8 taxpayers have filed an extension this year. The deadline is extended 6 months from the tax due date. This year, however, the deadline falls on October 17 than the typical deadline of October 15 since the
October 17th Extension Deadline Approaching Read More »
The deadline for business returns including s-corporation and partnership returns are coming up on March 15. The IRS allows a 6 month extension for these returns but will need to be applied for. Single-member LLC or sole proprietorships are due on April 15 but those taxpayers that have an s-corporation or partnership will need the
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Due to shortage of resources and processing delays, the IRS is reassigning workers to handle a backlog of unprocessed papers and returns. There are approximately 23.5 million tax returns and other documents that still need to be process from the 2020 tax return season. Some of the delays are due to the IRS checking stimulus
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No one likes to have an audit by the IRS but the examination that people worry about the most happen less than another type of audit referred to as adjustment audit letter. Adjustment letters simply let taxpayers know they owe additional money or that there is a change in their refund amount. This may happen
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