The IRS continues to provide tips to help tax professionals and taxpayers as we approach the 2023 tax filing season. The agency provides a page to help taxpayers “get a jump” on their 2023 taxes, which is updated periodically. Professionals struggling with late and unprepared clients – the top challenge that firms reported struggling with […]
What’s new and what to consider for the 2023 tax-filing season Read More »
After another year of tax law changes, there are significant updates for the 2022 filing season, with the possibility of a smaller refund or bigger tax bill. For some filers, certain tax credits have been reduced and it may be more difficult to claim the charitable deduction. You may get Form 1099-K for the first time, which
Tax season can be stressful, but it doesn’t have to be. By starting early and dividing the tax prep process into a series of simple tasks, you can save time and money — and manage both your finances and your mental health. Credit card accounts can come in handy by providing a record of your
End-Of-Year Tips To Get Ahead Of Tax Season | Bankrate Read More »
Tom Werner | DigitalVision | Getty Images Certain tax credits have been reduced One possible reason for a smaller tax refund is the child tax credit and the child and dependent care tax credit have been reduced for 2022, explained certified financial planner Cecil Staton, president and wealth advisor at Arch Financial Planning in Athens,
In 2022, as the world emerged from the COVID-19 pandemic, new economic uncertainties and challenges — spurred by soaring inflation rates, global conflicts and political discord — began to take shape. Here is a summary of the most impactful tax planning opportunities to consider before year-end. INVESTMENTS Review investments held outside of tax-deferred vehicles
2022 Year-End Tax Planning Strategies for Individuals | Marcum LLP Read More »
There’s still time to trim your tax bill or boost your refund before the end of the year. Depending on your 2022 income, you may consider deferring a holiday bonus, “bunching” medical expenses or a partial Roth conversion, experts say. Charles Taylor | Getty Images If you’ve had a strong year and expect lower earnings
3 lesser-known ways to trim your 2022 tax bill or boost your refund before year-end Read More »
The IRS on Tuesday warned taxpayers about the new $600 threshold for receiving Form 1099-K for third-party payments. The change applies to payments from third-party networks, such as Venmo or PayPal, for transactions such as part-time work, side jobs or selling goods. “It’s going to be a new form for a lot of people,” said Adam Markowitz, vice
IRS warns taxpayers about new $600 threshold for third-party payment reporting Read More »
iStock/Jirapong Manustrong If you are getting payments from the Fire Victim’s Trust and are worried about paying federal taxes, listen up. Congressman Mike Thompson along with the IRS are clarifying a number of existing tax provisions that may assist taxpayers in deferring or fully offsetting any tax liability arising from those payments. Thompson’s tax guide information
Tax Tips for Fire Victim’s Trust Recipients Read More »
stragegies to avoid paying more taxes due to the SALT CAP. getty The 2017 Tax Cuts and Jobs Act (TCJA) was billed as a giant tax cut for everyone, and for many, it has been. For others, the savings were mere pennies each year. However, for many high-income earners in (mostly) blue states, some of
California Tax Planning: How To Avoid Taxes Via A SALT CAP Workaround Read More »
