Are you thinking of getting married or divorced? If so, consider December 31, 2023, in your tax planning. Here’s another planning question: Do you give money to family or friends (other than your children, who are subject to the kiddie tax)? If so, you need to consider the zero-taxes planning strategy. And now consider your […]
Not even two months into the 2022 tax season, the IRS is backed up with unprocessed filings from 2021. Millions of returns, including business and payroll tax returns, haven’t been processed, and the IRS is unable to provide a timeline for when they will be. We thought it was important to update you on this […]
Last week, the IRS started sending out monthly advance child tax credit (CTC) payments to eligible taxpayers. We wanted to update you on how this tax credit may affect you and the taxes you are responsible for in 2022. Eligibility Like any tax credit, your eligibility for the CTC is based on previous tax returns […]
The IRS recently announced that the federal income tax filing deadline for individuals for the 2020 tax year will be extended from April 15, 2021 to May 17, 2021. The deadline extension is meant to provide relief to taxpayers who are facing challenges due to the pandemic and to the IRS as it handles a […]
When the president declared the COVID-19 pandemic a national emergency, businesses had to adapt quickly. Many shifted to work-from-home (WFH) models, and business owners added benefits and reimbursements for their employees to make the transition smoothly. Did you know that under Section 139 of the Internal Revenue Code, these expenses can be written off to […]
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