Tax Scams are Year-Round Tax season is long over, but tax scams are thriving. The IRS is warning taxpayers about emails and text messages that promise refunds and credits, but that actually result in identity theft. Many current schemes involve… Read more »
Read Full Newsletter »cryptocurrency, Federal Tax News for Individuals, Gambling Winnings, IRS Deadlines, Post-High School Costs, Tax Scams
If you have a tax-favored retirement account, you generally must take required minimum distributions (RMDs) each year after you reach the “magic” age. If you don’t take RMDs, you’ll be hit with an expensive federal tax penalty, unless an exception applies…. Read more »
Read Full Newsletter »10-Year Account Liquidation, Changes to the RMD Start Date, Reduced Penalty for Failure to Take RMDs, SECURE Act, tax-favored retirement account, Update on Retirement Account RMDs
Is it time to close your small business? Unfortunately, closing isn’t as simple as handing over the keys to a landlord or even selling a building you own. You still have various responsibilities to meet as you wind down, including some… Read more »
Read Full Newsletter »C Corporations, Federal Tax Obligations, Federal Tax Obligations When a Business Shuts Down, Income Tax Requirements, Medicare Tax, Pass-through Entities, Records Retention, Single-Member LLCs, Social Security tax, Sole Proprietorships
Avoid Last-Minute Tax Filing Did you request an extension to file your tax return after the standard April 18, 2023, deadline? If so, you now have until Oct. 16 to prepare and file it with the IRS. Don’t wait until the last… Read more »
Read Full Newsletter »Avoid Last-Minute Tax Filing, Be on the Lookout for a New Fraud Scam, Federal Tax News for Individuals, Revised Dates for Required IRA Distributions, Some Tax Help with the Cost of Kids, What can Happen When Taxes Go Unpaid?
Summer isn’t just for barbeques and baseball. It’s also a good time to think about ways to cut your 2023 business tax bill. Here are four planning ideas for small business owners to consider, assuming there won’t be any changes to… Read more »
Read Full Newsletter »Establish a Tax-Favored Retirement Plan, Maximize the QBI Deduction, Midyear Tax Planning for Small Businesses and Owners, Take Advantage of Generous Depreciation Tax Breaks, Time Business Income and Deductions for Tax Savings, Which Purchases Are Eligible for Sec. 179 Deductions?
What Certain IRS Notices Mean What does it mean if a business receives a Notice CP2100 or CP2100A from the IRS? These notices tell recipients that the Form 1099 information returns they’ve submitted contain missing or incorrect Taxpayer Identification Numbers,… Read more »
Read Full Newsletter »Advanced Manufacturing Investment Credit, Federal Tax News for Businesses, Good Records for Businesses, IRS Notices, New Corporate Alternative Minimum Tax, tax news
Many businesses maintain life insurance policies on their owners or employees for estate planning, buyouts and various other business purposes. To receive the maximum tax benefits from business-owned life insurance, though, you need to understand the IRS rules and requirements. Basic… Read more »
Read Full Newsletter »Business-Owned Life Insurance, Exclusions from Income, How to Reap the Tax Perks of Business-Owned Life Insurance, Tax Perks
Inflation is generally bad news. But a favorable side effect is bigger annual inflation adjustments to federal tax breaks. In fact, many federal tax parameters for the 2023 tax year are up about 7% over the amounts for 2022. Here are… Read more »
Read Full Newsletter »Estate Tax Breaks, Federal Gift, Generation-Skipping Transfer Tax, Gift Tax Exclusion, Inflation Boosts, Inflation Boosts Federal Gift and Estate Tax Breaks, Inflation-Adjustment Basics, Noncitizen Spouses, Unified Federal Gift and Estate Tax Exemption
Many retirees have seen their Social Security benefits increase in 2023 due to a cost-of-living adjustment that was higher than in past years. Further increases are expected for 2024. While more benefits are welcome, they could mean more income taxes on… Read more »
Read Full Newsletter »Are Your Social Security Benefits Taxable?, filing jointly, Income Reduction Strategies, Individual Tax, Married, Proceed with Caution, Social Security Benefits, Tax Triggers