February 2023
Don’t Forget These Tax Changes as You Prepare Your 2022 Returns: For starters, the filing deadline isn’t April 15 this year
By Tom Herman Tax Day is about two months away, and there are some changes taxpayers need to be aware of—ranging from this year’s filing deadline to tax breaks that have expired or shrunk. As a result of numerous changes, many people may be surprised by getting smaller refunds for 2022. Others who had been expecting…
Read MoreSaving on Health Expenses and Reducing Future Taxes: Understanding the key savings and tax benefits of a Health Savings Account
A Health Savings Account (HSA) is a type of savings account designed to help individuals and families save money on their health expenses and reduce their future tax bill. To be eligible for an HSA, you must be enrolled in a high-deductible health plan (HDHP), which is a type of health insurance that has a…
Read MoreIRS Adjusts Tax Brackets to Account for Inflation: Shifts in tax brackets as well as the standard deduction slated for 2024
On October 18, 2022, the IRS announced tax year 2023 adjustments for tax returns filed in 2024. From the IRS directly: “The tax items for tax year 2023 of greatest interest to most taxpayers include the following dollar amounts: The standard deduction for married couples filing jointly for tax year 2023 rises to $27,700 up…
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