What’s New in 2022
Here are some key changes to the tax code for 2022. Use this information to help manage your tax obligation, a practice that can pay rich benefits if reviewed throughout the year. Tax brackets and rates While there is much … Continued
Withholding Review Required Now- Avoid tax surprises with a simple review
With tax season in the rear view mirror, now is the time to take a hard look at your federal and/or state withholdings to ensure next year’s tax bill does not surprise you. A review is more important than ever … Continued
A Tax Nightmare on Your Horizon- MUST READ if using digital payment tools or reselling tickets
A recent tax law change by this edition of Congress now requires transaction reporting to the IRS for anyone receiving more than $600 in payments through digital payment tools like PayPal, Venmo, and CashApp. It also impacts anyone using transaction … Continued
Maximizing the Tax Benefit of Charitable Deductions
Your charitable contribution deductions are still a great tax savings tool, but they now require more planning. Now is a great time to look at this area as part of your tax planning exercise. Background Typically, cash and non-cash charitable … Continued
If You’re Expecting a Refund, Read This!
If you’re getting a refund, here are four useful tips to know. 1. The average refund is more than $3,500. Through February 18, the IRS reports the average refund is $3,536, which is up 22% versus the same time last … Continued
It’s Tax Time! Estimated Taxes are Due.- Now is the time to file your taxes and make your estimated tax payment.
Both your individual tax return AND first quarter estimated tax payment are due by Monday, April 18th. Here is what you need to know. First quarter due date: Monday, April 18, 2022 The estimated tax payment rule You are required … Continued
April Fools! You’ve Been Scammed.- Great tips to identify scams BEFORE they happen
In honor of the traditional day of practical jokes and harmless antics, instead of chasing the hottest new tax scam, why not arm yourself with traits that will help identify even the most recent version of them. Here is what … Continued
Yikes! It’s that Bad?- The 1040 tax instruction publication lays it all out
Any way you look at it, the federal government’s spending habits are a big mess. As required by law, in every Form 1040 instruction booklet there’s a section that shows where our federal government gets its money and where it … Continued
Make Your Child a Tax-Free Millionaire!
Want to jump start your child’s retirement with a million dollar tax-free account? Consider this: The million dollar idea As soon as your child begins to earn income, open a Roth IRA and set a contribution goal to reach before … Continued
Why is the IRS Sending Me This?!?- IRS turns off some notices
In a recent announcement, the IRS is telling taxpayers it’s turning off some of its automated notices. Here is what you need to know. Background With the pandemic, incredibly late tax law changes from Congress, the congressional imposition on the … Continued