Recent Blog Posts
What to Know About Standard vs Itemized Deductions
A tax deduction lowers the amount of a taxpayer’s income that is subject to taxes, thereby also lowering the amount that a taxpayer has to pay come tax season. While most taxpayers use the standard deduction, many instead opt for the itemized deduction. Read on to learn more about the differences between these two… Read More »
IRA Owners Can Make Up to $100,000 in Tax-Free Charitable Gifts
In most cases, distributions from traditional Individual Retirement Arrangement (IRAs) are taxable when they are received. There are, however, exceptions to this rule. For instance, IRA owners who are over a certain age can transfer as much as $100,000 with no tax repercussions every year as long as those distributions are paid directly from… Read More »
Getting Ready to File Your 2023 Tax Returns
Taxpayers should be sure to start taking a few steps that will help them prepare for filing their returns next year. By taking these steps earlier in the filing process, taxpayers can have the information and paperwork they need to file their returns faster and more accurately. Organize and Update Your Tax Records Gathering… Read More »
Taxpayers Affected by Storms and Tornadoes Could Qualify for Tax Relief
Earlier this month, many southern states were battered by severe storms and tornadoes. Tennessee was hit especially hard, with many residences and businesses damaged or destroyed and thousands left without power. In an effort to help these victims, the IRS recently announced that it would be offering tax relief to affected taxpayers, who now… Read More »
The 2024 Tax Filing Season Started January 29th
The IRS recently announced that the official start date for the 2024 tax season was January 29th, the date which the agency will start accepting and processing 2023 tax returns. Although taxpayers technically have until April 15th to file their taxes, most are encouraged to start the filing process as soon as possible to… Read More »
FAQs About the New Clean Vehicle Tax Credit
Taxpayers who purchased an all-electric, plug-in hybrid, or fuel cell electric vehicle last year could be eligible for a tax credit of up to $7,500. Because a number of changes were made to this credit last year, there is still a lot of confusion about who qualifies for it and how it is claimed…. Read More »
Storm Victims in Alabama, California, and Georgia Eligible for Tax Filing Extension
Storm victims who live in Alabama, California, and Georgia have been granted an extension to file their 2022 income tax returns. Those who live or own a business in areas designated as disaster zones by the Federal Emergency Management Agency (FEMA) in these three states now have until October 16th not only to file… Read More »
Do You Qualify for an Individual Tax Credit?
Tax credits are dollar-for-dollar amounts that taxpayers can claim when they submit their yearly tax returns. When eligible for a credit, taxpayers can use the amounts to lower their tax bills and even increase their refunds. Read on to learn more about individual tax credits and who is eligible to claim them. Refundable and… Read More »
Processing of Employee Retention Credit Halted After Submission of Questionable Claims
The IRS recently announced that it would be placing a moratorium (through the end of the year) on the processing of all new claims for the Employee Retention Credit. The announcement came after it was revealed that aggressive marketing to ineligible applicants had resulted in a surge of false claims. The agency plans to… Read More »
401(k) and IRA Contribution Limits Set to Increase Next Year
Many employers offer 401(k) plans to their employees, which allow individuals to place a portion of their paycheck automatically into their retirement savings account. While there are a lot of advantages to investing in 401(k) plans, there are also limits to how much a person can contribute. There are similar limits to the kinds… Read More »