The nature of work has changed over the last several years. In this time it has become more common for workers to work part-time and on-demand. Uber drivers, Doordash, grocery delivery, it seems like every week you hear about another company built on the so-called “gig economy.” But the income earned from these types of
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If you itemize your deductions on your tax return, you may be interested to know that the IRS has updated the standard mileage rates for the use of a car. For 2023, the rates will be: 65.5 cents per mile driven for business use, up 3 cents from the increase that occurred midyear in 2022.
-> Continue reading Standard Mileage Rates Updated for 2023
The IRS has announced a delay in reporting thresholds for third-party settlement organizations that was scheduled to take effect for the upcoming tax filing season. As a result of this delay, third-party settlement organizations will not be required to report tax year 2022 transactions on a Form 1099-K to the IRS or to the payee
-> Continue reading New 1099-K Requirements Delayed
As I’m sure you know, Congress seems to make changes to tax laws just about every year. This year was no exception, so here are a few things related to taxes that you should be aware of as we head into 2023. Some tax credits return to 2019 levels Some tax credits that were adjusted
-> Continue reading What’s New in 2023
In most cases, distributions from a traditional Individual Retirement Account (IRA) are taxable in the year you receive them, but there are some exceptions. A qualified charitable distribution (QCD) is one of these exceptions, and this opens up the possibility of using a QCD to reduce your taxes. A QCD is a nontaxable distribution made
-> Continue reading Reducing Taxes with Qualified Charitable Distributions
If you are an employer, be careful about third parties that may advise you to claim the employee retention credit (ERC) when you don’t qualify. Some third parties are taking positions related to taxpayer eligibility for and computation of the credit that can’t be supported. This could spell trouble for employers that use these third
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The IRS has announced that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. They have also announced increased contribution limits for Individual Retirement Arrangements (IRAs). Highlights of changes for 2023 The contribution limit for employees who participate in 401(k), 403(b), most 457 plans,
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The Internal Revenue Service has announced the tax year 2023 annual inflation adjustments for manyu tax provisions, including the tax rate schedules and other tax changes. Below are some of the highlights of these changes. Highlights The tax year 2023 adjustments described below generally apply to tax returns filed in 2024. The tax items for
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Even people who are familiar with the Child Tax Credit (CTC), might not realize that you don’t necessarily have to be the parent of a child in order to qualify. If you are a grandparent, foster parent, sibling, or someone else who cares for a child, you might qualify, depending on your circumstances. What is
-> Continue reading The Child Tax Credit is for More Than Just Parents
The Inflation Reduction Act (IRA) signed by President Biden in August 2022 includes a variety of tax provisions that will impact U.S. businesses and individuals. While some of the changes have received a great deal of media attention, others may come as a surprise to those who have not been following the legislative process closely.
-> Continue reading Overview of the Inflation Reduction Act