March 1, 2023
Retirement Plan Distributions: Know the Tax Rules At tax time, age matters. Taxpayers who take distributions from their retirement accounts before age 59½ will generally owe a penalty of 10% of the amount of the distribution. There are exceptions, such… Read more »
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Advantages of Using Direct Deposit for Tax Refunds, Consequences of Unpaid Federal Tax Debt, Excludable Income from Some States, Federal Tax News for Individuals, Retirement Plan Distributions
January 24, 2023
Energy Efficient Home Tax Credit FAQs The IRS recently updated its FAQs regarding the Energy Efficient Home Improvement (EEHI) Tax Credit. As amended by the Inflation Reduction Act, the EEHI Credit amount increases to 30% of a taxpayer’s cost for… Read more »
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Clean Vehicle Tax Credit List Expands, Didn't File a Tax Return? The IRS May File for You, Energy Efficient Home Improvement (EEHI), Energy Efficient Home Improvement (EEHI) Tax Credit, Federal Tax News for Individuals, IRS Award, joint federal tax returns, Spouses who file joint federal tax returns, tax credit, Tax for Individuals, Two Innocent Spouse Relief Outcomes in Court, Updated IRS FAQ, Whistleblower Award, Whistleblower Qualifies for IRS Award
November 30, 2022
Contribute More to Your FSA in 2023 axpayers that participate in employer-sponsored health Flexible Spending Accounts (FSAs) can contribute more in 2023. The annual contribution amount will rise to $3,050 (up from $2,850 in 2022). FSAs allow owners to pay… Read more »
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Charitable Donations, Contribute More to Your FSA in 2023, Court: Charitable Donations Must Be Properly Substantiated, Do You Know What Your Filing Status Is?, employer-sponsored health Flexible Spending Accounts (FSAs), equired Minimum Distributions: Important Considerations for Certain Taxpayers, Federal Tax News for Individuals, inherited IRAs and other plans, possible major retirement savings package, Possible Tax Legislation by Year End — and Beyond, SECURE Act 2.0, Seniors
August 31, 2022
Receiving Money from “Crowdfunding” May Come with a Tax Bill Is income from crowdfunding taxable? It’s a popular way that many people raise money for emergencies, charities, businesses and more. But the funds could be taxable. Tax rules: Under federal law,… Read more »
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Business versus hobby, Court Upholds the IRS Rejection of an Offer in Compromise, Crowdfunding, Crowdfunding Tax Bill, Federal Tax for Individuals, Federal Tax News for Individuals, Hobby Business, How the IRS Whistleblower Program Works, IRS Whistleblower Program, Is Your Hobby Actually a Business?, Tax Fraud, Tax-Related Scams, Whistleblower
May 24, 2022
If You Make Estimated Tax Payments, a Deadline Is Coming Up If you pay quarterly estimated taxes, circle this date on your calendar: June 15. That’s the payment due date for your second-quarter estimated taxes. Individuals, including sole proprietors, partners… Read more »
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Estimated Tax Payments, Exceptions to the 10% Early Withdrawal Penalty, Exceptions to the 10% Early Withdrawal Penalty Require Proof, Federal Tax News, Federal Tax News for Individuals, he Amounts that Delinquent Taxpayers Can Keep Have Been Updated by the IRS, Settlement for Legal Malpractice, Settlement for Legal Malpractice Is Taxable Income, Tax Deadline, tax news, Tax News for Individuals, The "Tax Gap"