If you’re a business owner, you know how important it is to file your taxes accurately and on time. One of the forms you may need to file is Form 1099, which is used to report various types of income. In this comprehensive guide, we’ll take you through everything you need to know about Form...
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...
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...
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,...
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...
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...
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 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...
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...
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...
