New rules, issued in early 2023, change a wide range of filing requirements. The goal, according to the IRS, is to increase e-filing without undue hardship on taxpayers. Perhaps the biggest change is that the IRS has reduced the 250-return threshold enacted in prior regulations to...
As explained on the official government health care site, the Affordable Care Act has three goals: Make affordable health insurance available to more people. The law provides consumers with subsidies ("premium tax credits") that lower costs for households with incomes between 100% and 400% of the federal poverty...
Are you looking for another way to minimize your 2023 taxable income for better tax results? Max out your annual contribution to your 401(k) retirement plan account if you haven’t already. This strategy is a two-for-one winner. In 2023, you can contribute as much as $22,500...
The more your business minimizes its tax liability, the better your bottom line. So, let’s look at some things you may be able to do between now and year-end to possibly lower your tax bill in April. OPTIMIZE DEDUCTIONS AND CREDITS The more deductions you claim,...
It is never too early to begin planning for retirement. Individual retirement accounts provide tax incentives for people to make investments that can provide financial security when they retire. These accounts can be with a bank or other financial institution, a life insurance company, mutual...
When you think about how many payroll forms need to be processed and filed, it's easy to feel overwhelmed or intimidated. But if you practice organized behaviors and stay aware of your tax deadlines, you can ensure that all documents are accurately filed. However, the possibility...
The IRS and its Security Summit partners continue to see a steady stream of attacks aimed at the nation's tax professionals to steal sensitive tax and financial information from their clients. One of the most common threats facing tax pros are phishing and related...
A natural disaster can strike without warning. Sometimes even the most diligent taxpayers are left without the important personal and financial records they need. People may need documentation for tax purposes, federal or state assistance programs or insurance claims. Here are some steps that can help...
As the Wall Street Journal pithily summarizes it, "Higher earners age 50 and up will get two more years to use pretax dollars for all of their retirement savings in 401(k)s and similar plans, after the Internal Revenue Service delayed a new requirement." The IRS has...
Amid rising concerns about a flood of improper Employee Retention Credit claims, the Internal Revenue Service announced an immediate moratorium through at least the end of the year on processing new claims for the pandemic-era relief program to protect honest small business owners from scams. IRS...