Posts Tagged ‘taxplanning’
IRS Announces New 2024 Income Tax Brackets: Your advisor can help leverage these changes to impact your tax liabilities
It is crucial for individuals to engage in strategic tax planning with their financial advisors, particularly considering the upcoming changes to the standard deduction and tax brackets for the year 2024. These modifications, affecting filers who do not itemize their deductions, will only be reflected in the tax returns filed in early 2025. The Internal…
Read MoreEvery 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 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…
Read More2023 Tax Guide to Fringe Benefits Released: Cents-per-mile rule, parking and transportation benefits and health FSAs
The IRS has released the 2023 final version of its Publication 15-B (The Employer’s Tax Guide to Fringe Benefits). The “What’s New” section of the publication includes information on the 2023 business mileage rate under the “cents-per-mile rule,” the monthly exclusion for qualified parking and commuter transportation benefits, and the contribution limit on a health flexible…
Read MoreLate January is a Great Time to Pay Your Taxes: Tips for paying taxes soon and what to do if you can’t pay on time
When should you file your income tax? The earlier, the better; before the end of January – 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…
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 MoreKey Financial Data 2023
With three major pieces of tax legislation passed within the last three years, we have more nuances, more inflation adjustments, more expiring tax breaks, and more rules to follow than ever before. Stay on top of the details with our annual compilation of the various tax rates, thresholds, limitations and exemptions for the new year.…
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