March 2023 Individual Due Dates March 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during February, you are required to report them to your employer on IRS Form 4070 no later than March 10. Your employer is required to withhold FICA […]
Article Highlights: Background Qualifications Income Limit 4-wheel vehicle Street Vehicle Minimum Battery Capacity Acquired for Original Use Final Assembly MSRP Critical Mineral and Battery Components Seller Provided Report List of Qualifying Vehicles Transfer of Credit to the Dealer Although the credit for purchasing a new electric vehicle can still be as much as $7,500, Congress […]
Article Highlights: Custodial Parent Dependency Release Joint Custody Tiebreaker Rules Child’s Exemption Head of Household Filing Status Tuition Credit Child Care Credit Child Tax Credit Earned Income Tax Credit If you are a divorced or separated parent, a commonly encountered but often misunderstood issue is who claims the child or children for tax purposes. This […]
Especially in the early days of a business, it can be natural to want to handle as many day-to-day tasks yourself – bookkeeping included. Sometimes, it’s in an effort to save money. Often, entrepreneurs just feel like they’re in a better position to handle everything themselves. Regardless, this situation does seem to play out regularly. […]
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 […]