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How Americans can save thousands more dollars in tax-advantaged retirement plans in 2023?
26Oct
How Americans can save thousands more dollars in tax-advantaged retirement plans in 2023?
Millions of Americans will be able to save more in retirement accounts next year—because of the inflation adjustments made Friday by the Internal Revenue Service. Employees will see their 401(k) contribution limit jump $2,000 to $22,500 for 2023, the largest increase ever in terms of dollars and percentage, according to benefits provider Milliman. About 60...
Seven Steps to Lower Your Taxes
26Sep
Seven Steps to Lower Your Taxes
Everyone has heard that death and taxes are unavoidable. Death is unavoidable, but taxes are not. With little tax planning, you can owe the IRS less money at the end of the year. Here are seven fundamental tax-saving measures you can take to lower your taxable income and the taxes you’ll owe. They do not...
Top Six Tax Deductions for Seniors and Retirees
24Aug
Top Six Tax Deductions for Seniors and Retirees
Standard Deduction Every taxpayer has the option of claiming the standard deduction or itemising deductions on IRS Schedule A. If your personal deductions (mostly home mortgage interest, real estate taxes, charitable donations, and medical costs) are less than the standard deduction, you should take the standard deduction. In 2018, the Tax Cuts and Jobs Act,...
The Home Office Tax Deduction
30Jul
The Home Office Tax Deduction
If you meet the technical requirements of the tax law, you should be able to deduct a portion of many operating expenses associated with running your homes, such as utilities, rent, insurance, depreciation, mortgage interest, real estate taxes, and some casualty losses, repairs, and improvements (if they relate to the part of the house you...
Few important tax topics in 2022
11Jan
Few important tax topics in 2022
Tax laws changes have created significant uncertainty for individuals and businesses. It is important to manage any changes to ensure you are best positioned for success throughout the remainder of 2022 and beyond. Here are some topics we picked for you Paycheck Protection Program (PPP): PPP was one method used to assist businesses to get...
Best tax preparation service in Largo FL
22Dec
Best tax preparation service in Largo FL
Accu-Tax is the best tax preparation service in Largo and Pinellas County FL. We are a full-service tax preparation and accounting firm, plus we help our clients get their federal and state tax refunds fast. Our accountants make sure that your taxes are prepared correctly, so you can expect a quick tax refund from the...
The U.S treasury department has supported the IRS plan to track most bank accounts.
20Oct
The U.S treasury department has supported the IRS plan to track most bank accounts.
The Treasury is defending its proposal to track the banking information of nearly all Americans, after pushback from the financial industry and Congressional Republicans made the proposal a topic of heated debate in Congress. A senior Treasury official told CBS News that tracking a small amount of information for almost all bank accounts in the...
Democrats call for family stimulus checks to last until 2025 when round three begins
24Sep
Democrats call for family stimulus checks to last until 2025 when round three begins
The parents of some 60 million children are set to receive their third child tax credit payment this week. The improved monthly checks are mainly used to cover household expenses and pay debts, according to census data, and are lifting large numbers of children out of poverty. Now, Democratic lawmakers plan to keep these “family...
Following States are sending Fourth Stimulus Checks, Is yours on the list?
8Aug
Following States are sending Fourth Stimulus Checks, Is yours on the list?
Fourth Stimulus Checks: Fourth stimulus checks from the federal government might seem unlikely at this point, states are doing their part to ensure that federal stimulus money is distributed. As part of the US Rescue Plan stimulus relief bill, states were allocated more than $ 200 billion to spend on their economic recovery from the...
An Update on $3,600 Stimulus Payments
9Jul
An Update on $3,600 Stimulus Payments
Stimulus payments: Precisely two weeks from today, the very first of 6 brand-new month-to-month stimulation checks will start showing up in Americans’ mail boxes. Or, certainly, in their savings account, given they’re registered with the IRS. When paired with a tax obligation credit rating next year, this advantage will certainly total as high as $3,600 for each eligible youngster. These increased...
Payment of Advance Child Tax Credit in 2021
26May
Payment of Advance Child Tax Credit in 2021
There have been some important changes to the Child Tax Credit that will help many U.S. families get advance payments starting this summer. The American Rescue Plan Act (ARPA) of 2021 expanded to Child Tax Credit (CTC) for tax year 2021 only. The expanded Advance Child Tax credit means: 1. The credit amounts will increase...
Business Tax Services
21May
Business Tax Services
The business tax system, also known as the income tax, is an extremely complex one, which is based on both state and federal levels. Every single government has the constitutional power to levy and collect taxes according to their own laws. In addition, each state also has several other municipalities like cities and counties for...
US Expatriate Tax Services
21May
US Expatriate Tax Services
US Expatriate Taxes can be a hassle, but it doesn’t have to be. Just like citizens of other countries living abroad, US expats can make life easier by using an expat tax services. Some expats become so frustrated with US expat taxes that they end up moving back to the US altogether. If you have...
American Rescue Plan Act passes with many tax components
17Mar
American Rescue Plan Act passes with many tax components
The House of Representatives passed the American Rescue Plan Act, H.R. 1319, on Wednesday by a vote of 220–211. It now goes to President Joe Biden for his signature. He is expected to sign it quickly. H.R. 1319 was first passed by the House on Feb. 27. The Senate made several amendments and passed its version...
Some Tax Tips for Our Clients
16Mar
Some Tax Tips for Our Clients
For retirement plan in 2020, the SECURE Act and the CARES Act have created some changes. Required minimum distribution (RMDs): Taking required minimum Distributions (RMDs) rises from 70 ½ to 72, at the beginning age, under the SECURE Act. Keep in mind that after 2019, who turned 70 ½ this change only applies to account...
Tax Refund Chart to Help You Guess When You’ll Receive Your Money In 2021
12Feb
Tax Refund Chart to Help You Guess When You’ll Receive Your Money In 2021
Hear that? It’s the sound of millions of taxpayers cheering across the country: the Internal Revenue Service (IRS) has announced the open of the tax filing season. That date is February 12, 2021. If you want to get your refund as fast as possible, the IRS recommends that you e-file your tax return and use direct deposit...
Top 12 Tips for 2021 Tax Filing Season
11Feb
Top 12 Tips for 2021 Tax Filing Season
With the convergence of multiple layers of tax legislation and IRS guidance since 2017, this year’s filing season has the potential to confuse tax preparers as well as the clients they serve. Even for those who follow legislation day in and day out, things can get complicated. For example, the Paycheck Protection Program was initially...
How to stretch your retirement assets under the secure act?
11Feb
How to stretch your retirement assets under the secure act?
As part of funding legislation for the federal government, President Trump signed a law of Setting Every Community Up for Retirement Enhancement (SECURE) Act on December 20, 2019. The law has many provisions relating to financial planning, especially retirement planning with IRAs and employer-sponsored plans. Among the provisions the most attracting is the curtailing of...
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Copyright by Accu-Tax. All rights reserved.