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Author Archives: Jay Butchko

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The Out-Of-Pocket Educator Expense Deduction

By Ronald Cutler, P.A. |

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 »

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Victims Of Hurricane Ian Qualify For Tax Relief

By Ronald Cutler, P.A. |

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 »

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401(k) And IRA Limits Increased For 2023

By Ronald Cutler, P.A. |

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 »

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IRS Provides Taxpayers With COVID-19-Related Penalty Relief For Certain Tax Returns

By Ronald Cutler, P.A. |

Many taxpayers are still struggling financially from the effects of the COVID-19 pandemic. In response, the IRS recently announced a new tax relief package that should be helpful to many of these families. Under these relief measures, individuals and businesses who failed to file certain 2019 and 2020 tax returns on time will be… Read More »

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Grandparents With Eligible Dependents Could Qualify For 2021 Child Tax Credit

By Ronald Cutler, P.A. |

Many taxpayers think that parents are the only ones who can claim child-related tax benefits, like the Child Tax Credit (CTC) when filing a yearly tax return. The reality, however, is that any taxpayers who claim a dependent on their returns could be entitled to CTC benefits. This includes eligible taxpayers who received the… Read More »

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Over 9 Million Families Still Eligible For Tax Benefits

By Ronald Cutler, P.A. |

The IRS sent notices to more than nine million individual taxpayers and families who could qualify for a number of tax benefits, but who failed to claim them because they didn’t file a 2021 return. If you received a special notice, consider reaching out to an experienced tax lawyer for help claiming a variety… Read More »

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Does Your Business Qualify For A Tax Payment Plan?

By Ronald Cutler, P.A. |

Individual taxpayers aren’t the only ones who could benefit from entering into a payment plan agreement with the IRS. Businesses, for instance, that owe a debt to the IRS, could be eligible for long-term plans to help them pay off what they owe over time. Read on to learn more about whether your own… Read More »

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What To Know About Tax Penalties

By Ronald Cutler, P.A. |

Taxpayers who can’t meet their tax obligations could end up owing a penalty to the IRS. Fortunately, taxpayers can avoid this by entering into a payment plan or installment agreement and paying their debt off over time. To learn more about how to avoid incurring hefty tax penalties, reach out to our legal team… Read More »

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Planning Your Retirement With An IRA

By Ronald Cutler, P.A. |

There are a lot of ways to plan for retirement. One of the most common, however, is to invest in an Individual Retirement Arrangement, or an IRA. These kinds of accounts provide tax incentives for making investments that can help provide financial security later on in life. IRAs can be held by a bank,… Read More »

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What Businesses Should Know About Backup Withholding And Reporting Non-Employee Compensation

By Ronald Cutler, P.A. |

Companies that hire independent contractors aren’t usually responsible for withholding income taxes, Social Security, or Medicare taxes from the pay of those individuals. They are, however, still required to report non-employee compensation of $600 or more to the IRS, using Form 1099-NEC. These forms must usually be submitted by January 31st every year. Where… Read More »