Tax Changes For 2023 – Tax Planning
In 2022, inflation eclipsed 9% and reached 40-year highs as food and gasoline prices exhibited continuous spikes. Many consumers reported consistently feeling that their paychecks...
Category: Taxes
IRS Raises 2023 Tax Brackets due to Inflation
The Internal Revenue Service (IRS) controls the adjustments of tax brackets and standard deductions, and annually makes tax code adjustments based on the cost of...
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...
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...