Monthly Archives: January 2023
The Out-Of-Pocket Educator Expense Deduction
With the new school year officially underway, educators should start thinking about the tax deductions for which they might be eligible. For 2022, for example, qualifying educators can deduct up to $300 of out-of-pocket classroom expenses when they file their returns. This is a welcome change for many educators, as this is the first… Read More »
Victims Of Hurricane Ian Qualify For Tax Relief
Hurricane Ian, which saw winds of 155 mph and flooding of up to 12 feet, has displaced an estimated 40,600 people in Florida. In recognition of the many hardships being faced by these residents, the IRS has offered tax relief to anyone with an address of record located in any FEMA designated disaster areas…. Read More »
401(k) And IRA Limits Increased For 2023
In 2022, taxpayers who wanted to contribute to 401(k) plans could only contribute up to $20,500. Similarly, the contribution limit for annual contributions to IRAs was capped at $6,000. However, due to a recent change put in place by the IRS, these numbers have been increased for 2023. Contribution Limits for 401(k)s The IRS… Read More »
