by Admin | Jan 13, 2023 | Individual Taxes
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...
by Admin | Jan 9, 2023 | Individual Taxes
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...
by Admin | Jan 7, 2023 | Individual Taxes, Tax Planning
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...
by Admin | Jan 3, 2023 | Individual Taxes, Tax Planning
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...
by Admin | Dec 30, 2022 | Individual Taxes
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...
by Admin | Dec 29, 2022 | Business Taxes, Individual Taxes, Tax Planning
The Internal Revenue Service announced that interest rates will increase for the calendar quarter beginning January 1, 2023. For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily, up from 6% for the quarter that began on...
