Our Financial Blog
Planned Minimum Wage Increase for Virginia 2023
The new minimum wage in Virginia increases to $12 on Jan. 1, 2023. Unlike other states, Virginia does not exempt tipped workers from the state mandated minimum wage. Tipped employees (those who regularly receive more than $30.00 a month in tips) may be paid at the...
2022 Tax Changes
Child Tax Credit The child tax credit is going back to its pre-2021 form. That means the 2022 credit amount drops back down to $2,000 per child. Children who are 17 years old don't qualify for the credit this year, because the former age limit (16 years old) returns....
How To Pay Off Your SBA EIDL Loan
UPDATED 7/21/22: All COVID-EIDL Loans approved in calendar years 2020, 2021 & 2022 now have a total deferment period of 30 months from the date of the Note. Interest will continue to accrue on the loans during the deferment. After the deferment period ends,...
Sec 529 College Savings Plan Features and Tax Benefits
A common question parents have is, “How might I save for a child’s post-secondary education in a tax-beneficial way?” The answer depends on how much the education is expected to cost and how much time is left until the child heads off to college or a university or...
Check tax withholding now to avoid paying future quarterly estimated payments
The Internal Revenue Service reminds taxpayers who earn wages to use the Tax Withholding Estimator on IRS.gov now to adjust their 2023 withholding. People’s tax situations occasionally change through marriage or divorce, adding a child or having one move out on their...
IRS opens free portal to file information returns; new electronic option can reduce millions of paper Forms 1099 estimated to be filed by businesses in 2023
The Internal Revenue Service announced today that businesses can now file Form 1099 series information returns using a new online portal, available free from the IRS. Known as the Information Returns Intake System (IRIS), this free electronic filing service is secure,...
Filing Season 2023 has begun: Employer Jan. 31 wage statement deadline almost here
The Internal Revenue Service today urged employers to be aware of the January deadline to file Forms W-2 and other wage statements. Filing these documents timely prevents late-filing penalties for employers, helps employees file their income tax returns and prevents...
Common Family Tax Mistakes
When it comes to transactions between family members, the tax laws are frequently overlooked, if not outright trampled upon. The following are some commonly encountered situations and the tax ramifications associated with each. Renting to a Relative – When a taxpayer...
Reminder: backup withholding payment deadlines are coming soon
Businesses or other payers required to take backup withholding funds from payments should make sure they have a few upcoming filing deadlines on their calendar.Backup withholding can apply to most kinds of payments reported on Forms 1099 and W-2G. There are, however,...
IRS Free File launch aims to save taxpayers hard-earned dollars
The Internal Revenue Service’s Free File Guided Tax Preparation service is live and ready for taxpayers to use. Free File went live Jan. 13, 2023, 10 days prior to the 2023 filing season start date. The IRS started accepting individual tax returns on Jan. 23. IRS Free...
Understanding Tax-Deferred Investing
When you are attempting to defer the taxability of a capital gain, save money for your children’s future education or plan your retirement finances, you may do so in several ways, including investing in the stock market, buying real estate for income and appreciation,...
How to Manage Your Money During a Recession
According to one recent study, the probability of the United States experiencing a recession in the next year hit 96% in October 2022. If you needed a single statistic to outline the importance of paying attention to what is going on with the economy on a regular...
Looking Ahead to 2023 Taxes
Now is the time to take a look at the changes that will impact your 2023 tax return when you file it in 2024. Keeping up with the constantly changing tax laws can help you get the most benefit out of the laws and minimize your taxes. Many tax parameters, such as the...
Tax basics: Understanding the difference between standard and itemized deductions
One of the first decisions taxpayers must make when completing a tax return is whether to take the standard deduction or itemize their deductions. There are several factors that can influence a taxpayer’s choice, including changes to their tax situation, any changes...
Important Information for S-Corp Shareholders and Partners of a Partnership
There is an important issue related to filing the 2022 S-corporation (Form 1120-S) and partnership (Form 1065) tax returns that requires the cooperation of the shareholders and partners. Background: The IRS, for the 2021 tax year, without sufficient warning,...
Will the Recently Passed Pension Legislation Affect You?
The President, on December 29, 2022, signed the Consolidated Appropriations Act, 2023, which is the “omnibus spending bill” Congress needed to pass to avoid a government shutdown. That legislation also included the Setting Every Community Up for Retirement...
What Is Business Cash Flow?
As the name suggests, cash flow is a term used to describe the money coming into and out of a business. Cash received - like money being paid to the business from its customers - would be inflow. Cash spent - like the funds being paid to vendor partners and other...
Final 2022 quarterly estimated tax payment due Jan. 17
Many taxpayers make quarterly estimated tax payments during the year to stay current on their taxes, but many who should overlook this step. The Internal Revenue Service urged those who paid too little tax in 2022 to make a fourth quarter payment on or before Jan. 17...
IRS completes automatic corrections of tax year 2020 accounts related to unemployment compensation exclusion; 12 million refunds issued
WASHINGTON – The Internal Revenue Service recently completed the final corrections of tax year 2020 accounts for taxpayers who overpaid their taxes on unemployment compensation they received in 2020. The American Rescue Plan Act of 2021, which became law in March...
ICYMI- Huge Increase in Scam Texts – Don’t Be a Victim
Taxpayers should be aware of the recent increase in IRS-themed texting scams aimed at stealing personal and financial information. So far in 2022, the IRS has identified thousands of fraudulent domains tied to multiple texting scams (known as smishing) targeting...
IRS Finds a Cure for the “Family Glitch”
Background - The Affordable Care Act (ACA) – also referred to as Obamacare) was enacted over 12 years ago, and one of its main features was the creation of government marketplaces (sometimes called exchanges) where Americans could purchase their health insurance if...
Choosing a unique Identity Protection PIN adds extra safety for taxpayers
As part of a broader effort to increase security, the Internal Revenue Service and the Security Summit partners reminded taxpayers they could get extra protection starting in January by joining the agency's Identity Protection Personal Identification Number (IP PIN)...
IRS issues standard mileage rates for 2023; business use increases 3 cents per mile
The Internal Revenue Service today issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving...