desktop

Archive for the ‘2022 Tax Season’ Category.

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...

Click here for more

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-...

Click here for more

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,...

Click here for more

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from the same beneficiaries 529 College Savings plan tax free, where qualified disability expenses (QDE) may be withdrawn tax free!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 ...

Click here for more

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...

Click here for more

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...

Click here for more

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...

Click here for more

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...

Click here for more

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...

Click here for more

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...

Click here for more

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% ...

Click here for more

Categories

You have not assigned any widget for this section.

Categories

Member and Featured Faculty of

Member and Featured Faculty of