IRS Tax Highlights for 2024
3/24/2024 IRS Tax Highlights for 2024 The tax year 2024 adjustments described below generally apply to income tax returns filed in 2025. The tax items for tax year 2024 of greatest interest to most taxpayers include the following dollar amounts: The standard deduction for married couples filing jointly for tax year 2024 rises to $29,200, […]
Employer-Provided Childcare provides employers with up to $150,000 business tax credit
2/26/2024 Employer-Provided Childcare provides employers with up to $150,000 business tax credit The Employer-Provided Childcare Tax Credit, is an incentive for businesses to provide child care services to their employees. This business tax credit helps employers fund employees with both child-care services and facilities. This tax credit is designed to help employers cover some of […]
Keep in Mind These Tax Tip Requirements
2/14/2024 Keep in Mind These Tax Tip Requirements Here is a quick checklist to help our clients prepare for their 2023 tax returns during filing season. These easy tips will help make tax preparation smoother in 2024. 1. Gather all necessary tax paperwork and records for accuracy to avoid missing a deduction or credit. This […]
The IRS issues 2024 mileage rates
12/18/2023 The IRS issues 2024 mileage rates Update: On December 14, 2023 the IRS issued mileage rates for use of a car (incl. vans, pickups or panel trucks) in 2024. These rates are effective from January 1, 2024 – December 31, 2024: 67 cents per mile driven for business use, up 1.5 cents from 2023. 21 cents […]
How much might you save in 2024 – Here’s an example
11/11/2023 How much might you save in 2024 – Here’s an example When the IRS raises federal income tax brackets, you might fall into a lower tax bracket than you did the year before — particularly if your income has stayed the same. Here is a basic example, if you made $45,000 in 2023, you […]
The Proposed Tax Cuts for Working Families Act: Estimated Budgetary and Distributional Effects
9/28/2023 The Proposed Tax Cuts for Working Families Act: Estimated Budgetary and Distributional Effects Introduction Under current law, the standard deduction, which is indexed to inflation, is currently $13,850 for single filers and $27,700 for married taxpayers filing jointly. Beginning in 2026, the value of the standard deduction is scheduled to approximately halve in value, […]
The Employee Retention Credit – Work with your CPA/Financial Advisor
8/8/2023 The Employee Retention Credit – Work with your CPA/Financial Advisor Small businesses and tax-exempt organizations should avoid dealing with individuals promising big money returns with the Federal Employee Retention Credit. According to IRS regulations, the only way to claim the Employee Retention Credit is on a FEDERAL TAX RETURN. These individuals or firms may […]
One-Participant 401(k) Plans
8/4/2023 One-Participant 401(k) Plans The one-participant 401(k) plan isn’t a new type of 401(k) plan. It’s a traditional 401(k) plan covering a business owner with “no employees”, or that person and his or her spouse. These plans have the same rules and requirements as any other 401(k) plan. Contribution limits in a one-participant 401(k) plan […]
Considering Cost of Living During Retirement
5/9/2023 Considering Cost of Living During Retirement Cost of Living scores and indexes are a way to compare the overall price of goods and services between different areas of the United States. The national average is established at 100, so when you look at a place’s COL Index you can instantly see how much more […]
Artificial Intelligence and IRS Tax Scams
5/4/2023 Artificial Intelligence and IRS Tax Scams A bipartisan group of Senate Finance Committee members is raising concerns with the IRS over potential use of artificial intelligence (AI) to generate what they term persuasive, tailored messages to steal personal financial information. In a letter to IRS the Commissioner, lawmakers urged the IRS to prepare for, and […]