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Category: Individual Tax

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February 1, 2023
Many Tax Limits Affecting Businesses Have Increased for 2023

An array of tax-related limits that affect businesses are indexed annually, and due to high inflation, many have increased more than usual for 2023. Here are some that may be important to you and your business....

September 27, 2022
Inflation Reduction Act’s Impact on Your Taxes

The Inflation Reduction Act (IRA) was signed into law on August 16, 2022.  Here are the significant provisions:...

September 27, 2022
Student Loan Forgiveness

President Joe Biden announced on Aug. 24 that most federal student loan borrowers will be eligible for some forgiveness.  The forgiveness would be up to $10,000 if you didn’t receive a Pell Grant, and up to $20,000 if you did. The Whitehouse fact sheet states if all el...

February 23, 2022
Tax Organizer Tips

Tax Day for individual tax filers is typically April 15th each year unless the day falls on a holiday or weekend. The IRS extended the filing season in 2020 and last year because of COVID-19. But that is not the case for tax returns filed in 2022. For this year, the deadli...

February 23, 2022
Tax Filing Due Dates

Just a reminder that the traditional tax filing due dates listed below are not being adjusted this year by the government. Due to ever changing tax laws, related tax forms and software updates, coupled with the unknown of whether or not various states will conform with the F...

November 11, 2021
Are You Liable for “Nanny Taxes”?

If you employ household workers — which may include nannies, babysitters, housekeepers, cooks, gardeners, health care workers and other employees — it’s important to understand your tax obligations, commonly referred to as “nanny taxes.” ...

November 11, 2021
Five Tax Planning Tips for Retirees

There’s a common misconception that, after retirement, tax bills shrink, tax returns become simpler and tax planning is a thing of the past. That may be true for some, but many people find that the combination of Social Security, pensions and withdrawals from retirement ac...

July 15, 2021
IRS Struggles

It’s never been a particularly pleasant experience dealing with the IRS, but the IRS is struggling mightily right now in a way they have never struggled before. Their service is at an all-time low and there is no end in sight. They have millions of unopened pieces of mai...

July 1, 2021
2021 Midyear Tax Planning

As the recovery from the COVID-19 crisis takes hold and the economy and life begin to return to normal, now is an ideal time to focus on tax planning for the remainder of 2021. ...

June 29, 2021
2021 Dirty Dozen Tax Scams

The IRS released its annual “Dirty Dozen” tax scams for 2021 on June 28th. One of the key provisions of this announcement is the IRS this year made its Identity Protection PIN program available to all taxpayers. ...

June 24, 2021
Important Changes to the Child Tax Credit

Recently, there were changes made to the child tax credit that will benefit many taxpayers. As part of the American Rescue Plan Act that was enacted in March 2021, the child tax credit:...

December 31, 2020
Changes to 2020 Individual Tax Credits

The big COVID 19 relief bill that just passed December 27th had a lot of big-ticket items in there, mostly for businesses and then the stimulus checks for individuals.  One of the overlooked items are some interesting changes to the way some individual tax credits are going...