With tax season upon us, your 2022 tax reporting forms should have already arrived, or will be arriving soon. These documents report income, sales and other items needed for your 2022 tax return. Be on the lookout for them and be careful not to accidently throw them out. Here are some of the common tax …
Tax Blog
Video Tips: 2020 Unemployment Income – Final Adjustments Made by IRS
The Internal Revenue Service recently completed the final automatic corrections of tax year 2020 unemployment income for overpaid taxes. Some 12 million refunds were issued. These corrections were for taxpayers who overpaid their taxes on unemployment compensation they received in 2020. Watch the video to learn more.
Video Tips: 2020 Unemployment Income – Final Adjustments Made by IRSRead More
Who Claims The Children’s Tax Benefits – You Or Your Ex-Spouse?
Wondering who gets to claim the children’s tax benefits if you are a divorced or separated parent? While the question is common, the answer of who claims the child or children for tax purposes is often misunderstood. Often this is a hotly disputed issue between parents. However tax law includes specific but complicated rules about …
Who Claims The Children’s Tax Benefits – You Or Your Ex-Spouse?Read More
Just Announced – Standard Mileage Rates for 2023
Checking the mileage rates for 2023? This article discusses each of the standard mileage rates for 2023 and how they apply. The Internal Revenue Service recently announced the inflation-adjusted 2023 optional standard mileage rates. These rates are used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning …
Planning On Buying a New Electric Vehicle for the Tax Credit? Read This First!
Although the credit for purchasing a new electric vehicle can still be as much as $7,500, Congress has added some new stringent qualifications as to which vehicles qualify. For the first time Congress has limited who qualifies for the credit by barring the credit to higher income taxpayers. But first a little background. Prior to …
Planning On Buying a New Electric Vehicle for the Tax Credit? Read This First!Read More
Consequences Of Filing Married Filing Separate
Considering filing married filing separate instead of a joint tax return? While married taxpayers generally have the option to file a joint tax return or separate returns, there is also a filing status commonly referred to as married filing separate (MFS). If you are married and you and your spouse are filing separate returns, read …
2023 Tax Year – Starting the Year Right
Individuals and small businesses should consider various ways of starting off on the right foot for the 2023 tax year. While the list below is a great start, the most important of these actions is keeping timely and accurate tax records. Top Considerations for Starting the 2023 Tax Year Right W-4 Updates Employed? If so, …
Wonder What A Tax Deduction Is Worth?
Individuals are always looking for a tax deduction that can reduce their tax liability. But what is the actual tax benefit derived from a tax deduction? There is no straightforward answer. Some deductions are “above the line” while others must be itemized. Some tax deductions must exceed a threshold amount before being deductible. Then there …
Common Family Tax Mistakes and Their Tax Consequences
When it comes to transactions between household members, common family tax mistakes occur with regularity. In families, tax laws are frequently overlooked. if not outright trampled upon. The following are some commonly encountered situations and the tax ramifications associated with each. Renting to a Relative When a taxpayer rents a home to a relative for …
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