MARCH 2023 INDIVIDUAL TAX DUE DATES
March 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during February, you are required to report them to your employer on IRS Form 4070 no later than March 10. Your employer...
TAX BENEFITS FOR PARENTS – SAVE
Article Highlights: Child Tax Credit Earned Income Tax Credit Head of Household Filing Status Child Care Education Savings Plans Education Tax Credit Education Loan Interest Child’s Medical Expenses If you are a parent, whether single, married or divorced, there are a significant number of tax benefits available to you, including deductions, credits, and filing...
Will You See a Smaller Refund This Year?
Article Highlights: · Child Tax Credit · Dependent Care Benefits · Recovery Rebates · Employee Retention Credit Congress has for years used the tax return as a means of providing benefits to taxpayers in need and incentives to stimulate activities in business, as well as addressing environmental issues. So when...
ARE YOU WORRIED YOU WON’T HAVE ENOUGH MONEY SAVED FOR RETIREMENT?
All of us dream of one day being able to retire - to finally be able to relax and enjoy the lifestyle we worked so hard for. However, you'll need a significant amount of money to do it, which is where a lot of Americans...
TAX BENEFITS FOR GRANDCHILDREN
Article Highlights: Financially Assisting Grandchildren College savings Education savings Retirement accounts Medical expenses If you are a grandparent there are several things you can do to teach your grandchildren financial responsibility and set aside money for their future education and retirement. Before we get into actual suggestions, it is important that...
WHO CLAIMS THE CHILDREN’S TAX BENEFITS YOU OR YOUR EX-SPOUSE?
Article Highlights: Custodial Parent Dependency Release Joint Custody Tiebreaker Rules Child’s Exemption Head of Household Filing Status Tuition Credit Child Care Credit Child Tax Credit Earned Income Tax Credit If you are a divorced or separated parent, a commonly encountered but often misunderstood issue is who claims the child or children for tax purposes. This is...
BE ON THE LOOKOUT FOR TAX REPORTING FORMS
Article Highlights: Form W-2 Form W-2G Form 1099-G Form 1099-MISC Form 1099-DIV Form 1099-INT Form 1099-B Form 1099-S Form SSA-1099 Form RRB-1099 Form 1099-R Form 1098-T Form 1095-A Form 1099-NEC Form 1099-K Schedule K-1 With tax season upon us, documents reporting income, sales and other items needed for your 2022 tax return should have arrived or will be arriving soon. Be on...
FEBRUARY 2023 BUSINESS DUE DATES
February 10 - Non-Payroll Taxes File Form 945 to report income tax withheld for 2022 on all nonpayroll items. This due date applies only if you deposited the tax for the year in full and on time. February 10 - Social Security, Medicare and Withheld Income Tax File...
START OFF ON THE RIGHT FOOT FOR THE 2023 TAX YEAR
Article Highlights: W-4 Updates W-9 Collection Estimated Tax Payments Charitable Contributions Required Minimum Distributions Gifting Retirement-Plan Contributions Beneficiaries Reasonable Compensation Business-Vehicle Mileage College-Tuition Plans Individuals and small businesses should consider various ways of starting off on the right foot for the 2023 tax year. W-4 Updates – If you are employed, then your employer takes the information from...
FEBRUARY 2023 INDIVIDUAL DUE DATES
February 3 - Tax Appointment If you don’t already have an appointment scheduled with this office, you should call to make an appointment that is convenient for you. February 10 - Report Tips to Employer If you are an employee who works for tips and received more than...