RR-2022-23: Interest Rates
The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning Jan. 1, 2023. Revenue...
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Esther Jo
- Nov 29, 2022
- 2 min
There’s More to Determining Filing Status than Being Married or Single
Some taxpayers are eligible for more than one filing status. As they get ready for the upcoming filing season, taxpayers should carefully...
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Esther Jo
- Nov 22, 2022
- 3 min
For People Considering Making Early Withdraws from Retirement Funds
No matter how much people plan, unexpected events occur. Often, those events result in unplanned expenses. To cover these costs sometimes...
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Esther Jo
- Nov 22, 2022
- 2 min
IRA Owners Age 70½ or Over: Qualified Charitable Distributions are Great Options for Making Tax-Free
The Internal Revenue Service today reminded IRA owners age 70½ or over of their option to transfer up to $100,000 to charity tax-free...
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Esther Jo
- Nov 22, 2022
- 2 min
Taxpayers Should Review the 401(k) and IRA Limit Increases for 2023
The amount individuals can contribute to their 401(k) plans in 2023 will increase to $22,500 -- up from $20,500 for 2022. The income...
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Esther Jo
- Oct 12, 2022
- 2 min
FBAR Extension Deadline Nears for Foreign Bank and Financial Account Holders
The Internal Revenue Service today reminds U.S. citizens, resident aliens and domestic legal entities that the extension deadline to file...
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Esther Jo
- Aug 11, 2022
- 3 min
Employee or Independent Contractor
A business might pay an independent contractor and an employee for the same or similar work, but there are key legal differences between...
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Esther Jo
- Aug 11, 2022
- 2 min
Truckers Need to File by August 31 Deadline, E-File Encouraged
The Internal Revenue Service today is reminding those who have registered, or are required to register, large trucks and buses that it’s...
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Esther Jo
- Aug 10, 2022
- 3 min
Maximum Educator Expense Deduction Rises to $300 in 2022
As the new school year begins, the Internal Revenue Service reminds teachers and other educators that they’ll be able to deduct up to...
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Esther Jo
- Jan 20, 2022
- 2 min
How Small Business Owners Can Deduct Their Home Office From Their Taxes
The home office deduction allows qualified taxpayers to deduct certain home expenses when they file taxes. To claim the home office...
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Esther Jo
- Jan 18, 2022
- 2 min
Adoption Tax Credit
Taxpayers who adopted or started the adoption process in 2021 may qualify for the adoption credit. This credit can be applied to...
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Esther Jo
- Dec 22, 2021
- 3 min
Hurricane Ida Tax Relief Extended to Feb. 15 for Part or All of 6 Qualifying States
Victims of Hurricane Ida in six states now have until Feb. 15, 2022, extended from Jan. 3, to file various individual and business tax...
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Esther Jo
- Dec 22, 2021
- 3 min
Required Minimum Distributions: Age 72 (or 70 ½)
The Internal Revenue Service today reminded retirement plan participants and individual retirement account owners that payments, called...
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Esther Jo
- Dec 18, 2021
- 2 min
Most Retirees Must Take Required Minimum Distributions by Dec. 31
The Internal Revenue Service today reminded retirement plan participants and individual retirement account owners that payments, called...
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Esther Jo
- Dec 18, 2021
- 2 min
Standard Mileage Rates for 2022
The Internal Revenue Service today issued the 2022 optional standard mileage rates used to calculate the deductible costs of operating an...
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Esther Jo
- Dec 6, 2021
- 2 min
Small Security Measures That Make a Big Difference When It Comes to Online Safety
Cybercrime is a constant concern in the online world which means everyone must be mindful of risks when they share devices, shop online...
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Esther Jo
- Nov 23, 2021
- 2 min
What Small Business Owners Should Know About the Depreciation of Property Deduction
Depreciation is an annual tax deduction that allows small businesses to recover the cost or other basis of certain property over the time...
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Esther Jo
- Nov 22, 2021
- 2 min
Help Taxpayers Determine If an Offer In Compromise is the Right Way to Resolve Tax Debt
Individual taxpayers and business owners can use the IRS's Offer in Compromise Booklet or the new how-to video series to learn how an...
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Esther Jo
- Nov 21, 2021
- 2 min
Changes to Retirement Plans for 2022
Next year taxpayers can put an extra $1,000 into their 401(k) plans. The IRS recently announced that the 2022 contribution limit for...
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Esther Jo
- Nov 16, 2021
- 2 min
Teachers can Deduct Out-of-Pocket Classroom Expenses Including COVID-19 Protective Items
Fall is here and another school year is in full swing. Many teachers are already dipping into their own pockets to buy classroom supplies...
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