Lots of tax law changes this year! Read on to find out more. Here are some key changes to the tax code for 2022. Use this information to help manage your tax obligation, a practice that can pay rich benefits if reviewed throughout the year. Tax brackets and rates While there is much discussion in …

Continue reading What’s New in 2022

MUST READ if using digital payment tools or reselling tickets A recent tax law change by this edition of Congress now requires transaction reporting to the IRS for anyone receiving more than $600 in payments through digital payment tools like PayPal, Venmo, and Cash App. It also impacts anyone using transaction platforms to buy or sell …

Continue reading A Tax Nightmare on Your Horizon

Tax day is here! If you owe taxes, remember to make the payment by the end of the day Monday, April 18. With the individual tax-filing deadline on Monday, April 18, now is the time to complete all filing arrangements and payments. If you have not already done so, ask yourself these questions before it’s …

Continue reading Tax Day is Here! – Last-minute details, tips and freebies

Ouch! Government overspending is reported each year in our 1040 IRS instruction booklet. Here's what it looks like for the most recent fiscal year for which info is available. It doesn't look good! Any way you look at it, the federal government's spending habits are a big mess. As required by law, in every Form …

Continue reading Yikes! It’s that Bad? – The 1040 tax instruction publication lays it all out

IRS turns off many automatic notices. Here is what you should know. In a recent announcement, the IRS is telling taxpayers it's turning off some of its automated notices. Here is what you need to know. Background With the pandemic, incredibly late tax law changes from Congress, the congressional imposition on the IRS to send …

Continue reading Why is the IRS Sending Me This?!? – IRS turns off some notices

Look for an IRS letter confirming your economic impact payments and advance child tax payments. Here is what you need to know. The IRS recently announced it will be sending out a recap of payments sent to taxpayers for the multiple rounds of Economic Impact Payments and Advanced Child Tax Payments. Here is what you …

Continue reading IRS to Send Recap of Economic Impact and Child Tax Payments

The IRS increased the standard business mileage rates for 2022 by 2.5 cents, to 58.5 cents per mile. Learn more here. Mileage rates for travel are now set for 2022. The standard business mileage rate increases by 2.5 cents to 58.5 cents per mile. The medical and moving mileage rates also increases by 2 cents …

Continue reading 2022 Mileage Rates are Here! New mileage rates announced by the IRS

New contribution limits are on the horizon 2022 HSA limits rise to $3,650/individuals and $7,300/families. HSAs are a versatile way to save for both medical care and retirement. The savings limits for the ever-popular health savings accounts (HSA) are set for 2022. The new limits are outlined here with current year amounts noted for comparison. …

Continue reading 2022 Health Savings Account Limits

Advance Child Tax Credit payments in July. This could be great. It could also create a mess for your family when filing taxes at the end of the year. Here is what you need to know. The American Rescue plan signed in March, 2021 requires the IRS to pay out ½ of enhanced Child Tax …

Continue reading Advanced Child Tax Credit Payments Staring NOW! What everyone should know

With the 2020 tax filing season...FINALLY... in the rearview mirror, now is the time to become aware of major changes for 2021. Here's what you need to know. With the end of the 2020 filing season upon us, now is the time to become aware of major changes for 2021. But be prepared, politicians are …

Continue reading What’s New in 2021