Tax & Financial News

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    Important Tax Deadlines

    2022 individual quarterly estimated Federal tax payments are due June 15, 2022, September 15, 2022 and January 15, 2023 for the remainder of the tax year. The extended business tax deadline is September 15, 2022 and the extended individual tax deadline is October 15, 2022. …

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    How can I prepare my business for an economic downturn?

    The United States economy is nothing if not cyclical – which can be a good thing or a bad thing depending on when, exactly, you’re trying to operate a business. According to one recent study, roughly 57% of small business owners say that they fear …

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    Student Debt – Did you Know?

    Despite recent rounds of forgiveness for thousands of borrowers, nearly 43 million Americans are responsible for roughly $1.6 trillion in federal student loans which results in a significant long-term burden for students after graduation. The average debt varies by state from $28,600 in North Dakota …

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    2022 -1099-K FILING REQUIREMENT REDUCED FROM $20,000 TO $600

    Effective for 2022 and later years, Congress reduced the threshold for the Form 1099-K filing requirement from $20,000 to a mere $600. So, you might ask, what does that have to do with me? This change can impact taxpayers in several ways, some unexpected, so …

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    Working from Home – Is there a Tax Deduction?

    Many individuals, because of the COVID pandemic, have been forced to work from home in order to curtail the spread of the virus. A frequent question is do they qualify for a special tax deduction for using their home as a workplace? The tax law …

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    Is My Gift Taxable?

    If you are financially well off, you may want to gift money or property to family members or others you care about. If that is the case, there are some gift tax issues you should be aware of. Oh yes, the government even taxes gifts …

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    Home Solar Power Tax Credits Ending After 2023

    If you have been considering installing a solar electric system on your home and taking advantage of the lucrative federal tax credit, time is running out. Unless Congress extends the credit, it will no longer be available after 2023. The home solar tax credit is …

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    IRS Increases Mileage Rate for Remainder of 2022

    The IRS has increased mileage rates for the final 6 months of 2022, the standard mileage rate for business travel will be 62.5 cents per mile, up 4 cents from the rate effective at the start of the year. The new rate for deductible medical …

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    How Long Should You Retain Old Tax Records?

    Taxpayers often question how long records must be kept and the amount of time IRS has to audit a return after it is filed. It all depends on the circumstances! In many cases, the federal statute of limitations can be used to help you determine …

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    Should You Use Married Filing Separately Status?

    Married taxpayers have two options when filing their 1040 or 1040-SR tax returns. The first and most frequently used filing status is married filing joint (MFJ), where the incomes and allowable expenses of both spouses are combined and reported on one tax return. The joint …

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