If you itemize your deductions on your tax return, you may be interested to know that the IRS has updated the standard mileage rates for the use of a car. For 2023, the rates will be: 65.5 cents per mile driven for business use, up 3 cents from the increase Read more…
The IRS has announced a delay in reporting thresholds for third-party settlement organizations that was scheduled to take effect for the upcoming tax filing season. As a result of this delay, third-party settlement organizations will not be required to report tax year 2022 transactions on a Form 1099-K to the Read more…
As I’m sure you know, Congress seems to make changes to tax laws just about every year. This year was no exception, so here are a few things related to taxes that you should be aware of as we head into 2023. Some tax credits return to 2019 levels Some Read more…
In most cases, distributions from a traditional Individual Retirement Account (IRA) are taxable in the year you receive them, but there are some exceptions. A qualified charitable distribution (QCD) is one of these exceptions, and this opens up the possibility of using a QCD to reduce your taxes. A QCD Read more…
If you are an employer, be careful about third parties that may advise you to claim the employee retention credit (ERC) when you don’t qualify. Some third parties are taking positions related to taxpayer eligibility for and computation of the credit that can’t be supported. This could spell trouble for Read more…
The IRS has announced that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. They have also announced increased contribution limits for Individual Retirement Arrangements (IRAs). Highlights of changes for 2023 The contribution limit for employees who participate in Read more…
The Internal Revenue Service has announced the tax year 2023 annual inflation adjustments for manyu tax provisions, including the tax rate schedules and other tax changes. Below are some of the highlights of these changes. Highlights The tax year 2023 adjustments described below generally apply to tax returns filed in Read more…
Even people who are familiar with the Child Tax Credit (CTC), might not realize that you don’t necessarily have to be the parent of a child in order to qualify. If you are a grandparent, foster parent, sibling, or someone else who cares for a child, you might qualify, depending Read more…
The Inflation Reduction Act (IRA) signed by President Biden in August 2022 includes a variety of tax provisions that will impact U.S. businesses and individuals. While some of the changes have received a great deal of media attention, others may come as a surprise to those who have not been Read more…
Buying a home a is a big step for many people, but lots of times it comes with a big learning curve. If you’re a homeowner, you should familiarize yourself with the deductions, housing allowances, and other programs that that are available to people who own their own home. When Read more…