Tax Time Guide: Things to consider when filing a 2022 tax return
Things To Consider BEFORE Filing Taxpayers should wait to file until they receive all their proper tax documents, or they risk making a mistake that could cause delays. They should also review their documents carefully. If any of the information is inaccurate or missing, taxpayers should contact the payer right away for a correction or […]
IRS Tax Tip: Understanding the Credit for Other Dependents
TAX TIPS Taxpayers with dependents who don’t qualify for the Child Tax Credit may be able to claim the Credit for Other Dependents. They can claim this credit in addition to the Child and Dependent Care Credit and the Earned Income Credit. Here’s more information to help taxpayers determine whether they’re eligible to claim the […]
IMPORTANT TAX UPDATES FOR SMALL BUSINESS OWNERS
IMPORTANT TAX UPDATES Understanding the changes to tax laws and regulations can seriously affect your business and personal tax return. Make sure that you have a tax preparer that is aware of these changes and can answer any questions you may have regarding these changes. If you are in need of a professional tax preparer, […]
LATEST TAX NEWS Reporting Digital Assets
IRS DELAYS $600 THRESHOLD ON FORM 1099-K REPORTING The IRS on Friday announced a delay in the $600 reporting threshold for third-party settlement organizations, which had been in effect for the 2022 calendar year. As a result, the IRS says third-party settlement organizations will not have to report tax year 2022 transactions on a Form […]
3 Lesser-Known Ways to Trim Your 2022 Tax Bill or Boost Your Refund Before Year-End
After nearly a year of high inflation, rising interest rates and stock market volatility, it’s easy to see why many Americans are cutting back on holiday gifts. While it may not feel like a top priority, experts say trimming your 2022 tax bill may boost your finances going into the New Year. You’ll need to […]
OCTOBER EXTENDED DUE DATE JUST AROUND THE CORNER
If you could not complete your 2021 tax return by April 18, 2022 and are now on extension, that extension expires on October 17, 2022. Failure to file before the extension period runs out can subject you to late-filing penalties. There are no additional extensions (except in designated disaster areas), so if you still […]
IRS PROVIDING PENALTY RELIEF TO 1.6 MILLION TAXPAYERS
To help struggling taxpayers affected by the COVID-19 pandemic, the IRS has issued a notice, which provides penalty relief to most people and businesses who file or filed certain 2019 or 2020 returns late. This includes nearly 1.6 million taxpayers who will automatically receive more than $1.2 billion in refunds or credits. Many of these […]
The Inflation Reduction Act of 2022
The Inflation Reduction Act of 2022 has passed the House of Representatives and has been sent to the President for signature. This is a substantial piece of legislation including provisions that deal with the negotiation of drug prices by Medicare and with climate change. The Legislation includes the following revenue-raising provisions: 15% MINIMUM TAX […]
THE RIGHT ACCOUNTING METHOD FOR YOUR BUSINESS
Every small business – whether a respected local mom-and-pop retailer, a startup tech company, or an online venture — has accounting and bookkeeping responsibilities, including selecting the accounting method that works best for them. If you’re new to small business ownership, you might not even realize that there are multiple ways to keep tabs on […]
POST TAX-DAY UPDATES
OWE THE IRS MONEY? HOW LONG DO THEY HAVE TO COLLECT? Have you ever wondered how long the IRS has to question and assess additional tax on your tax returns? For most taxpayers who reported all their income, the IRS has three years from the date of filing the returns to examine them. This period […]