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Federal Tax News for Individuals

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 »

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Federal Tax News for Individuals

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 »

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Federal Tax News for Individuals

Tax Help for College Expenses Although many college students are off for the summer, it’s a good time to consider the education tax breaks you may be able to claim on your 2023 tax return. There are many possibilities that… Read more »

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Federal Tax News for Individuals

What to Do if You Missed the Tax Day Deadline Did you miss the 2022 tax filing deadline? For most taxpayers, that was April 18, 2023. Taxpayers who are expecting a refund won’t be penalized for late filing. But those… Read more »

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Federal Tax News for Individuals

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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Federal Tax News for Individuals

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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Federal Tax News for Individuals

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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Federal Tax News for Individuals

Tax Breaks for Home Energy Conservation The Clean Vehicle Credit for electric vehicles is getting a great deal of attention, but the Inflation Reduction Act (IRA) also includes many new or revised home energy improvement related tax credits. For example,… Read more »

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Federal Tax News for Individuals

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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Federal Tax News for Individuals

More EVs Eligible for a Tax Break but Automakers Would Like to Expand It The IRS has added more electric vehicles (EVs) to its list of those eligible for a federal tax credit. The tax code provides a credit (of… Read more »

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