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 […]
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 expenses are deductible only if […]
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-end. 1. Accelerate deductions/defer income. […]
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, suppose you lost money this year on […]
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from the same beneficiaries 529 College Savings plan tax free, where qualified disability expenses (QDE) may be withdrawn tax free!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 include: housing, education, transportation, health, prevention and wellness, […]
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 Security tax will be […]
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 Saturday, November 20, 2021, at 11:59 p.m. […]
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, medical or moving purposes. Beginning on Jan. 1, 2022, the standard mileage rates […]
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 Defined Contribution Plans. The Internal Revenue Service announced today […]
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, IRC Sec 911 Foreign Earned Income Exclusion, IRC Sec […]
