Article Highlights: Non-business deductions Tax bracket Above-the-line deductions Itemized deductions Business deductions Tax credits Individuals are always looking for tax deductions that can reduce their tax liability. But what is the actual tax benefit derived from a tax deduction? There is no straightforward answer because some deductions are “above the line”, others must be itemized, […]
Maybe you’re one of the people who went through mass layoffs in virtually all industries in 2022. Maybe you’ve made a New Year’s resolution to become more financially stable in 2023. You might even be worried that this is the year that the economy will truly enter into the recession that many have predicted for […]
Article Highlights Reasons to File Separate Filing Threshold Community Property State Income Joint & Several Liability Social Security Benefits Taxation Threshold Capital Loss Limitation Sec 179 Limitation Rental Loss Limitation Traditional IRA Roth IRA Savings Bond Interest Exclusion Higher Education Interest Standard Deduction Standard Deduction vs Itemized Deductions Medicare Premiums Home Mortgage Interest SALT Limitation […]
Article Highlights: W-4 Updates W-9 Collection Estimated Tax Payments Charitable Contributions Required Minimum Distributions Gifting Retirement-Plan Contributions Beneficiaries Reasonable Compensation Business-Vehicle Mileage College-Tuition Plans Individuals and small businesses should consider various ways of starting off on the right foot for the 2023 tax year. W-4 Updates – If you are employed, then your employer takes […]
February 2023 Individual Due Dates February 3 – Tax Appointment If you don’t already have an appointment scheduled with this office, you should call to make an appointment that is convenient for you. February 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in […]
Article Highlights: Income Deferral Earnings Deferral Individual Retirement Accounts Retirement Accounts Bank Savings Short- and Long-Term Capital Gains Education Savings Accounts Health Savings Accounts Installment Sales Tax Deferred Exchanges Qualified Opportunity Funds When you are attempting to defer the taxability of a capital gain, save money for your children’s future education or plan your retirement […]
Put 2022 behind you by wrapping up those unfinished accounting tasks in QuickBooks. You meant to clean up your accounting data by the end of 2022, but December is so busy. It was hard to do much beyond managing each day’s high-priority QuickBooks work. You’d catch up in January, you told yourself in December. Now […]
Article Highlights Family Member Transactions Renting to a Relative Below-Market Loans Transferring Home Titles Gifts Basis Life Estate Incorrect Withholding Child Files Incorrect Return When it comes to transactions between family members, the tax laws are frequently overlooked, if not outright trampled upon. The following aresome commonly encountered situations and the tax ramifications associated with […]
January 2023 Individual Due Dates January 3 – Time to Call For Your Tax Appointment – January is the beginning of tax season. If you have not made an appointment to have your taxes prepared, we encourage you to do so before the calendar becomes too crowded. January 10 – Report Tips to Employer – […]
Article Highlights: ID Thieves Are Constantly After Your ID Information There Has Been an Exponential Increase in Text Scams Your Phone Is Their Target How to Report Text and Phishing Scams to the Government. Taxpayers should be aware of the recent increase in IRS-themed texting scams aimed at stealing personal and financial information. So far […]