by Admin | Oct 31, 2022 | Individual Taxes, Tax Planning
The Internal Revenue Service urged taxpayers to check their tax withholding while there’s time left in 2022 to benefit from any necessary changes. An adjustment made now will help people avoid a big surprise, such as a big refund or a balance due, at tax time in 2023....
by Admin | Oct 26, 2022 | Individual Taxes
November 10 – Report Tips to EmployerIf you are an employee who works for tips and received more than $20 in tips during October, you are required to report them to your employer on IRS Form 4070 no later than November 10. Your employer is required to withhold...
by Admin | Oct 25, 2022 | Individual Taxes, Retirement, Tax Planning
The Health Savings Account (HSA) is one of the most misunderstood and underused benefits in the Internal Revenue Code. Congress created HSAs as a way for individuals with high-deductible health plans (HDHPs) to save for medical expenses that are not covered by...
by Admin | Oct 20, 2022 | Individual Taxes
If your tax deductions normally fall short of itemizing your deductions or even if you are able to itemize, but only marginally, you may benefit from using the “bunching” strategy. The tax code allows most taxpayers to utilize the standard deduction or itemize their...
by Admin | Oct 18, 2022 | Individual Taxes
Now that your taxes are complete and filed for the year, you are probably wondering what old tax records can be discarded. If you are like most taxpayers, you have records from years ago that you are afraid to throw away. To determine how to proceed, it is helpful to...
by Admin | Oct 17, 2022 | Business Taxes, Individual Taxes
You may qualify to have certain penalties removed or reduced if you acted with reasonable cause and in good faith. On This Page Reasonable CauseFailure to File or Pay PenaltiesAccuracy-Related PenaltiesInformation Return PenaltiesApply for a Payment PlanHow to Request...
