Tax News

March 7, 2024 2:52 am

By Danielle R. Page, EA March 1, 2024 It is time to file your tax return, only 45 days until April 15th, Tax Day! You have collected all your tax documents, and you quickly run to your favorite t...

March 7, 2024 2:39 am

As you prepare and file your 2023 income tax return now is a perfect time to consider strategies to maximize your 2024 income tax return savings. The IRS has announced the annual inflation adjustments...

January 17, 2024 8:50 pm

By Jaclyn Barkow, DBA, EA Now that the New Year 2024 is upon us, tax season is fast approaching! For your personal taxes, there are a few security measures you should be aware of, regardless of your ...

January 17, 2024 8:47 pm

An Individual Retirement Account (IRA) rollover refers to the process of moving funds from one retirement account to another without incurring taxes or penalties. This transfer can occur between diffe...

January 17, 2024 8:45 pm

On November 21, 2023, the IRS announced a delay in the 1099-K forms reporting threshold for third-party platform payments in 2023 in Notice 2023-74. The IRS has been following feedback from taxpayers,...

January 17, 2024 8:43 pm

Did you know decisions made 2 years ago can affect what you pay for Medicare Part B and D premiums for the current year? That’s right; premiums for 2024 are determined by your 2022 tax filing. ...

October 5, 2023 10:13 pm

Taylor Swift concerts are a billion dollar industry and the IRS wants to capture some of the Blank Space. Originally part of the American Rescue Plan of 2021, the threshold for issuing a 1099-K for tr...

October 5, 2023 9:49 pm

What is cryptocurrency? Cryptocurrency is a form of virtual currency that can be used as an alternative fonn of payment using encryption technology, making digital money designed to be used over the i...

October 5, 2023 9:44 pm

As healthcare expenses rise and more companies move to High Deductible Healthcare Plans (HDHP), the Health Savings Account, or HSA, may be a great option for you and your family.  With the release of...

August 1, 2023 2:56 am

With summer underway, you may be considering some home projects and updates. As you are selecting your next household projects, you may want to consider how your updates can save energy and maximize t...

August 1, 2023 2:54 am

The initial tax deadline, April 18th, 2023 has come and gone. BUT do not panic, filing an extension by April 18th and paying the estimated tax due minimizes penalties. What is an Extension? Taxp...

August 1, 2023 2:47 am

May 29, or better presented as 5/29 for our tax purposes, reminds us of a potential tax strategy: the 529 plan. The name comes from the Internal Revenue Code section (26 U.S. Code § 529) under which ...

April 28, 2023 2:45 am

Some states have enacted legislation to compensate victims of forced sterilization under state programs and have made payments to those victims. The IRS issued FAQs to clarify the tax treatment of th...

April 28, 2023 2:44 am

Each year, the IRS releases a data book showing the number of returns filed, how many were e-filed, statistics on examinations, and more for the government’s fiscal year. The newest Data Book is for...

April 28, 2023 2:44 am

On February 10, 2023, the IRS clarified that certain tax refund payments made in 2022 by 21 states were not income for federal tax purposes (IR-2023-23). Those who filed their 2022 federal income tax ...

April 28, 2023 2:43 am

A conservation easement donated to charity gives the donor a charitable contribution deduction. But to qualify, the easement must meet certain conditions, including that it be in perpetuity (forever)....

April 28, 2023 2:43 am

Achieving a Better Life Experience Act of 2014 created ABLE accounts to let certain disabled individuals save money without jeopardizing eligibility for government benefits. In an informal statement (...

April 28, 2023 2:42 am

That’s what happened to a state employee who suffered a work-related injury. She applied for disability retirement due to her injury and a state board approved her service-related disability retirem...

April 28, 2023 2:42 am

An irrevocable grantor trust can be used for a variety of personal and tax reasons. The grantor is taxable on the income from the trust during his or her life. Upon death, the assets of the trust beco...

April 28, 2023 2:41 am

Individuals can obtain help paying health coverage purchased through a government exchange via the premium tax credit. When an individual applies for coverage before the start of the year, it’s not ...

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Tax Glossary

Carryback

A tax technique for receiving a refund of back taxes by applying a deduction or credit from a current tax year to a prior tax year. For example, a business net operating loss may be carried back for two years.

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