Tax On Social Security In Retirement – Retirement Tax Planning
A prudent and effective tax strategy during your employment years will mostly likely need to be modified in retirement. Once earned income ceases and income...
Category: Taxes
IRS Introduces New Tax Brackets & Standard Deductions For 2022
Heading into the new year, the recent higher than expected inflation numbers will also be affecting tax rates for everyone. The IRS has adjusted 2022...
Year-End Tax Planning For Cryptocurrency Transactions
As millions of investors dabbled in cryptocurrency this past year, the IRS has heightened its surveillance of transactions in order to tax gains. The pending...
Tax Repercussions Of The Child Tax Credit
This past month, around mid-July, millions of Americans received a tax credit deposit to their bank accounts. This was a surprise for many, yet part...
Stimulus Bill Provisions For Individuals – American Rescue Plan Act of 2021
Economic Impact Payment (EIP) of $1400 per individual with an Adjusted Gross Income (AGI) of up to $75,000 based on 2019 tax returns or 2020...
Where Anticipated Tax Hikes May Hit – Tax Planning
While the three stimulus programs amount to over $4.5 trillion were mostly funded by government debt, the recently introduced $2.25 trillion infrastructure plan will be...
Taxpayer Scam During Tax Time
The IRS has issued an alert regarding scam phone calls directly to taxpayers nationwide. The calls may be in person or via ‘robocalls’. Scammers claim...
How Stimulus Payments Are Treated For Tax Purposes
With over 160 million stimulus payments sent with the first round of pandemic relief efforts, many in receipt of the payments are asking whether the...
IRS Sets Later Date To Accept Returns – Tax Planning
The IRS announced that it will not start accepting individual tax returns for tax year 2020 until February 12. A law passed by Congress in...
Difficulty for the IRS due to Covid-19
As the pandemic has taken a toll on income for individual businesses, companies, and families across the country, it has also taken a toll on...