IRS to Send Recap of Economic Impact and Child Tax Payments
The IRS recently announced it will be sending out a recap of payments sent to taxpayers for the multple rounds of Economic Impact Payments and Advanced Child Tax Payments. Here is what you need to know. Economic Impact Payments During … Continued
2022 Mileage Rates are Here!- New mileage rates announced by the IRS
This publication provides summary information regarding the subject matter at time of publishing. Please call with any questions on how this information may impact your situation. This material may not be published, rewritten or redistributed without permission, except as noted … Continued
Leveraging Kiddie Tax Rules- Tax saving tips for parents AND grandparents
Now is the time to take action on reducing next year’s tax bill. One area to help reduce your tax obligation is leveraging your kids to the fullest by understanding the kiddie tax rules. Background The term kiddie tax was … Continued
Postpone Taxes with a Like-Kind Exchange- The real estate boom creates opportunity
The tax law provides a valuable tax-saving opportunity to business owners and real estate investors who want to sell property and acquire similar property at about the same time. This tax break is known as a like-kind or tax-deferred exchange. … Continued
Plan Your 2022 Retirement Contributions
This publication provides summary information regarding the subject matter at time of publishing. Please call with any questions on how this information may impact your situation. This material may not be published, rewritten or redistributed without permission, except as noted … Continued
Tips to Maximize the Value of a Car Donation- A little mistake could cost you plenty
At the end of the year you will be inundated with commercials to donate a vehicle to charity. While it is one of the biggest contributions a taxpayer can make, if not done carefully, the tax deduction of a donated … Continued
2022 Health Savings Account Limits- New contribution limits are on the horizon
The savings limits for the ever-popular health savings accounts (HSA) are set for 2022. The new limits are outlined here with current year amounts noted for comparison. So plan now for your contributions. What is an HSA? An HSA is … Continued
Roll it Before You Pull it- Tips to avoid IRS penalties on 401(k) retirement plan distributions
While each retirement plan has similar early withdrawal penalty exemptions, they are not all alike. Knowing these subtle differences within 401(k) plans can help you avoid a 10 percent tax penalty if you take money out of the plan prior … Continued
Is it really the IRS?- Four tips to ensure your security
Pretending to be an IRS agent is one of the favorite tactics of scam artists, according to the Better Business Bureau. The con artists impersonate the IRS to either intimidate people into making payments over the phone, or to send … Continued
A Dozen Tax Planning Triggers
With all the tax law changes over the past few years, here are some things that should trigger you to conduct a full tax planning session to ensure your tax bill is not higher than it needs to be. 1. … Continued