Archive for the ‘2022 Tax Season’ Category.
November 17, 2022, 12:00 pm
The IRS announces the typical November 26, 2026 shutdown of the efiling tax system to prepare their computers for the upcoming 2023 tax season that is to file 2022 US tax returns! It now means paper filing until some pint in January 2023 when the IRS announces a re-opening.
1040 MeF Produ... Click here for more
October 21, 2022, 3:02 pm
IRS reminds us that for taxpayers that did not file by April 15, 2022 and extended their 2021 filings to October 17, 2022 filing Form 4868 filing, this deadline is quickly approaching. That this was an extension of time to file not to pay, as the payment penalty will not be postposed. ... Click here for more
October 16, 2022, 2:49 pm
IRS reminds taxpayers in IR-2022-174 of the Form 114 FBAR, that the extended October 17, 2022 deadline is approaching!
Filers affect by a natural disaster in Puerto Rico, Florida, North Carolina and South Carolina may have their FBAR due date further extended.
WASHINGTON – The Inte... Click here for more
September 1, 2022, 3:51 pm
The IRS announces with IR-2022-124 an increase in the 2022 tax season standard mileage rates for business, medical, moving and charitable purposes. Of course its due to the Covid-19 related inflationary pressures…
The Internal Revenue Service today announced an increase in the opt... Click here for more
February 3, 2022, 3:45 pm
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.
You can make an annual deductible contrib... Click here for more
January 26, 2022, 3:45 pm
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 ... Click here for more
January 21, 2022, 3:44 pm
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... Click here for more
January 13, 2022, 3:43 pm
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... Click here for more
January 12, 2022, 2:11 pm
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... Click here for more
December 28, 2021, 10:31 pm
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-... Click here for more
December 28, 2021, 10:20 pm
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,... Click here for more
December 28, 2021, 4:29 pm
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 ... Click here for more
December 28, 2021, 3:42 pm
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... Click here for more
December 28, 2021, 3:17 pm
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... Click here for more
December 28, 2021, 2:33 pm
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... Click here for more
November 15, 2021, 4:57 pm
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... Click here for more
November 15, 2021, 4:47 pm
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... Click here for more