Commonly overlooked tax deductions that everyone should know. The tax code is about 75,000 pages long, so it’s not surprising there are many overlooked money-saving deductions hidden within it. And with the much higher standard deduction amounts, those who do not itemize think there are no longer ways to reduce your taxes. Since mid-year is …
Month: July 2022
2023 Health Savings Account Limits
New contribution limits are on the horizon Contribution limits for the ever-popular health savings account (HSA) are set for 2023. The new limits are outlined here with current year amounts noted for comparison. So plan now for your 2023 contributions.What is an HSA?An HSA is a tax-advantaged savings account whose funds can be used to …
Five Reasons Why the IRS Will Audit You
Underreported income and math errors are key mistakes that can trigger an audit from the IRS. Having your taxes prepared by a professional can significantly reduce this risk. Each year, the IRS audits over 1 million tax returns. With agency resources shrinking, the IRS is more selective when choosing which tax returns to audit. Knowing …
Retirement Basics: Understanding Tax Efficient
In a new inflationary world its time to be aware of shrinkflation and review suggestions to get the most out of your bank accounts. Here are some ideas. Plus tax surprises and new mileage rates! One of the basics when considering how to fund your retirement is to be as tax efficient with your income …
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Client Update Newsletter: July 2022
In a new inflationary world its time to be aware of shrinkflation and review suggestions to get the most out of your bank accounts. Here are some ideas. Plus tax surprises and new mileage rates! The recent run of inflation is causing many people to rethink how to save and where to spend. In this …
IRS Announces NEW 2022 Mileage Rates – New rates begin in July
The IRS responds to high gas prices by raising the standard mileage rate in the second half of 2022. Here is what you need to know. In a recent announcement, the IRS raised the standard mileage rates for travel beginning in July, 2022. Use the previously announced mileage rates for qualified travel in the first …
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