Posts Tagged ‘taxes’
Every Tax Deadline You Need To Know
Written by Riley Adams, CPA • Reviewed by Miguel Burgos, CPA Updated for Tax Year 2022 • March 2, 2023 03:06 PM The Federal Emergency Management Agency (FEMA) declared certain regions in California, Georgia, and Alabama as federally declared disaster areas due to the disaster caused by recent storms and victims of these storms have until October 16, 2023,…
Read MoreDon’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 MoreFebruary is a Great Time to File Your Taxes: Tax tips to make sure your money is working for you, not Uncle Sam
When should you file your income tax? Generally speaking, the earlier, the better, after January 1st if you expect to get a refund. If you file by the end of February, you should receive your check within six weeks. But, if you delay and file in April when the Internal Revenue Service is inundated by…
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…
Read MoreTax Filing 2023: How to File Taxes This Year: Here’s how to get started if you’re learning how to file taxes online or on paper.
Tax filing can be daunting. So if you’re wondering how to file taxes in 2023, here’s a cheat sheet on how to do your taxes and how to make tax filing easier. 1. Determine if you need to file Whether you have to file a tax return this year depends on your income, tax filing…
Read MoreShielding Your Insurance from Estate Taxes
The rules are very stringent, but your financial advisor can help navigate Life insurance, which can help to provide for your heirs in the event of your death, can be an important estate planning tool. It can provide funds to loved ones when they need it most and help meet your family’s financial obligations. One…
Read MoreCharitable Giving Yields Tax Benefits for Businesses
An economic downturn may not seem like the best time to increase charitable giving, but at the same time, the need for funding at many nonprofits is especially acute as a result of the current economy. In addition to supporting a worthy cause, you or your business can help lower your tax bill through cash…
Read More5 Ways to Build A Better Tax Plan
It’s important that as you build your plan, you think about some strategies to reduce or defer your taxes now or in the future. Here are some strategies to consider helping your financial plan become more tax-efficient: 1. Tax harvesting Usually, this strategy is implemented near the end of the calendar year, but it can…
Read MoreA Shopper’s Guide to Tax Consultants
Without a doubt, income tax laws are complex. Yet, many individuals do their own income tax returns. Sure, the advent of personal income tax software has somewhat eased this burden. Tax preparation software is reasonably inexpensive. However, you still have to gather all the information. But, on the plus side, most software allows you to…
Read MoreEstimating Your Federal Estate Tax
You can estimate your federal estate tax liability by developing your own worksheet. First, calculate the present value of your gross estate by adding up these assets: Stocks, bonds, real estate, and cash. Household furnishings, motor vehicles, jewelry, and collectibles. Proceeds from life insurance policies and annuities. Retirement benefits including Individual Retirement Arrangements (IRAs) and…
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