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Archive for the ‘2022 Tax Season’ Category.

List Of State Income Tax Deadlines For 2022

The deadline for most Americans to file their federal tax returns in 2022 is April 18, instead of the usual April 15 date. This is because of a holiday recognized in the nation's capital. Most states that have their own income tax reporting. The deadline for most Americans to file their f...

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School Is Out For The Summer, But Tax Planning Is Year-Round

The IRS explains in Tax Tip 2022-76 how getting married can affect your US income tax filings, from changing your name, addresses, changing your withholdings and adjusting your filing status, in addition to how kids summer camp can affect the Child and Dependent Care Credit and working Par...

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Federal Tax Day – Current, I.2, Eligibility Requirements Waived for Individuals in Iraq, Burma, Chad, Afghanistan and Ethiopia Claiming Foreign Earned Income Exclusion (Rev. Proc. 2022-18), (Mar. 28, 2022)

Under IRC Sec 911(d)(4)- Waiver of Time Requirements- The IRS allows for under extraordinary circumstances both the BFR and PPT minimum time requirements to be waived if you must leave a foreign country due to war, civil unrest or similar adverse conditions.   The IRS publishes a list of ...

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IRS Reminds Holders Of Foreign Bank And Financial Accounts Of April FBAR Deadline

IRS reminds taxpayers in IR-2022-73 of the Form 114 FBAR, not to worry as these are generally extended beyond April or June 2022 all the way to October 17, 2022 without any extension required. The Internal Revenue Service today reminded U.S. citizens, resident aliens and any domestic ...

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IRS Reminds Taxpayers They Must Check a Box on Form 1040, 1040-SR or 1040-NR on Virtual Currency Transactions for 2021

The IRS reminds us using IR-2022-61 That there is a question at the top of Form 1040 asking about virtual currency transactions and that Taxpayers must check this box yes or no, if they “At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial int...

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IRS Highlights Importance of Child and Dependent Care Credit; Can Help Families, Others

The IRS reminds us that the Child and Dependent Care Credit was expanded for the 2021 US tax year, for taxpayers with an Adjusted Gross Income of under $438,000, it is 8,000 per qualifying person up to 2 qualifying persons or $16,000, where a qualifying dependent is a dependent 12 years ...

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Two Tax Credits That Can Help Cover the Cost of Higher Education

In IRS Tax Tip 2022-38 the IRS does an excellent job at explaining and advising on the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC). Higher education is important to many people and it’s often expensive. Whether it’s specialized job training or an ...

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Tax Time Guide: Saving for Retirement? IRA Contributions for 2021 Can Be Made Until April 18

IRS reminds us that we have until April 18, 2022 of this 2021 tax year to make a $6,000 (with catchup for age 50 to $7,000) IRA contributions- Traditional or ROTH IRA for the 2020 tax year, don’t be late! The Internal Revenue Service reminds taxpayers they may be able to claim a ded...

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Understanding The Child and Dependent Care Credit

The Child and Dependent Care Credit may come into play for tax year 2021, the maximum eligible expense for this credit is $8,000 for one child and $16,000 for two or more for qualifying persons! Taxpayers who are paying someone to take care of their children or another member of house...

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Tax Time Guide: IRS Reminds Taxpayers to Report Gig Economy Income, Virtual Currency Transactions, Foreign Source Income and Assets

The IRS reminds us using IR-2022-45 That Gig income of any kind from part-time, temporary or side work is reportable.  Also that that once again there is a question at the top of Form 1040 asking about virtual currency transactions.  Finally the IRS reminds us that A U.S. citizen or re...

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IRS Reminds Taxpayers Their Social Security Benefits May Be Taxable

The IRS reminds us using Tax Tip 2022-22 that taxpayers receiving Social Security benefits may have to pay federal income tax on a portion of those benefits. Social Security benefits include monthly retirement, survivor and disability benefits. They don't include supplemental security in...

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How A Taxpayer’s Filing Status Affects Their Tax Return

The IRS reminds us using Tax Tip 2022-13 that our filing status is determinate on December 31 of each tax year, and a description of each filing status! A taxpayer’s filing status tells the IRS about them and their tax situation. This is just one reason taxpayers should familiarize them...

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The Ins and Outs of IRAs

Traditional IRAs and Roth IRAs have been around for decades and the rules surrounding them have changed many times. What hasn’t changed is that they can help you save for retirement on a tax-favored basis. Here’s an overview. Traditional IRAs You can make an annual deductible contrib...

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Smooth Sailing: Tips To Speed Processing And Avoid Hassles This Tax Season

The IRS began accepting 2021 individual tax returns on January 24. If you haven’t prepared yet for tax season, here are three quick tips to help speed processing and avoid hassles. Tip 1. Contact us soon for an appointment to prepare your tax return. Tip 2. Gather all documents needed ...

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Help Safeguard Your Personal Information By Filing Your 2021 Tax Return Early

The IRS announced it is opening the 2021 individual income tax return filing season on January 24. (Business returns are already being accepted.) Even if you typically don’t file until much closer to the April deadline (or you file for an extension until October), consider filing earlier...

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How Will Revised Tax Limits Affect Your 2022 Taxes?

While Congress didn’t pass the Build Back Better Act in 2021, there are still tax changes that may affect your tax situation for this year. That’s because some tax figures are adjusted annually for inflation.   If you’re like most people, you’re probably more concerned about...

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IRS To Accept 2021 Tax Returns Starting Jan. 24/ Tax Day Is April 18, 2022 This Year

Hear Ye Hear Ye read all about it----With the tweaking on the IRS platform form the upcoming 20221 tax season for the 2021 US tax year about to come to a close, the IRS reminds us that tax season will officially kick off January 24, 2022!  Anchors away.   With tax day being pushed to Apr...

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Are You Eligible For A Medical Expense Tax Deduction?

You may pay out a bundle in out-of-pocket medical costs each year. But can you deduct them on your tax return? It’s possible but not easy. Medical expenses can be claimed as a deduction only to the extent your unreimbursed costs exceed 7.5% of your adjusted gross income. Plus, medical ex...

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With year-end approaching, 3 ideas that may help cut your tax bill

Last minute tax tips you may want to consider before the 12/31/21 bells tolls. If you’re starting to worry about your 2021 tax bill, there’s good news — you may still have time to reduce your liability. Here are three quick strategies that may help you trim your taxes before year-...

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Stock market investors: Year-end tax strategies to consider

Here are some great stock market portfolio true and tried strategies you may want to consider. Year-end is a good time to plan to save taxes by carefully structuring your capital gains and losses. Consider some possibilities if you have losses on certain investments to date. For example,...

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ABLE Accounts: A Valuable Financial Solution For People With Disabilities

The IRS reminds us that we can contribute for 2022 up to $15,000 to a ABLE (Achieving a Better Life Experience) account, including rollovers from the same beneficiaries 529 College Savings plan tax free, where qualified disability expenses (QDE) may be withdrawn tax free!   QDE generally ...

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Social Security Wage Base, COLA Set For 2022

Here we go the IRS announces the Federally indexed Social Security Wages base for 2022, both OASDI which goes to $147,000 from $142,900 or a max of $9,114 in tax and Medicare which has no wage base limit. The maximum amount of an individual's taxable earnings in 2022 subject to Social Sec...

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Reminder – 1040 Modernized e-File (MeF) Production Shutdown

The IRS announces the typical November 20, 2021 shutdown of the efiling tax system to prepare their computers for the upcoming 2022 tax season!   It paper filing until some pint in January 2022 when the IRS announces a re-opening. 1040 MeF Production Shutdown Schedule Shutdown begins on...

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IRS Issues Standard Mileage Rates For 2022

The IRS announced the 2022 tax season standard mileage rates for business, medical, moving and charitable purposes. The Internal Revenue Service today issued the 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable...

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IRS announces 401(k) limit increases to $20,500

As is usual this time of the year the IRS under Notice 2021-61 through IR-2021-216 advises the tax practitioner community and taxpayers of the upcoming 2022 Pension Plan limitations as pertains to ORC Sec 401(k) and the NPO corresponding 403(b), traditional and ROTH IRA's, Cat-up's and Def...

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IRS provides tax inflation adjustments for tax year 2022

As is usual this time of the year the IRS under Revenue Procedure 2021-45 using IR-2021-219 advises the tax practitioner community and taxpayers of the upcoming 2022 inflation increases to such items as tax rate brackets, and Standard Deductions and applicable phase out ranges for each, IR...

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2022 HSA, Excepted-Benefit HRA Amounts Increase Slightly

As is usual this time of the year the IRS advises the tax practitioner community and taxpayers of the upcoming 2019 H.S.A. Contribution limits for the upcoming 2020 (done in 2021) tax year. In Rev. Proc. 2021-25, the IRS on Monday provided 2022 inflation-adjusted amounts pertaining to he...

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IRS Explains Which Meals Qualify For Temporary 100% Expense Deduction

The IRS reminds us that although Under Sec. 274(n)(1), a deduction for any expense for food or beverages is generally limited to 50% of the amount that would otherwise be deductible, under the Consolidated Appropriations Act, 2021, P.L. 116-260, enacted as a temporary exception to the 50% ...

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