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
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?
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 »
Read Full Newsletter »Charity Status and Donating, Federal Tax News for Individuals, Health Savings Accounts for 2024, Individual Tax, Overlooked Deductions and other Tax Errors, Tax Help for College Expenses, Taxability of Disability Income
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 »
Read Full Newsletter »Deducting Casualty Losses, Federal Tax News for Individuals, Individual Tax, IRS Plan for Spending Audit Money, Missed Tax Day Deadline, Social Security Wage Base Rises, When the IRS Wants to Talk to You
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 »
Read Full Newsletter »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
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 »
Read Full Newsletter »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
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 »
Read Full Newsletter »ABLE Accounts May Provide Tax Benefits for Loved Ones with Disabilities, Court Rules Settlement Payment Must Be Included in Taxable Income, Federal Tax News for Individuals, Tax Breaks for Home Energy Conservation Upgrades, Tax Tasks If You're Hoping to Start a Business, Treasury Secretary Announces IRS Spending Plans Under the New Law
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 »
Read Full Newsletter »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"