The Internal Revenue Service announced today the annual inflation adjustments for tax year 2025 including more than 60 tax provisions that will impact taxpayers when they file their returns in 2026. Notable changes for tax year 2025 The tax year 2025 adjustments described below generally apply to income tax returns [...]
In light of the recent federally declared disasters, we want to extend our thoughts to those affected. The IRS has extended certain tax deadlines for individuals and businesses in impacted areas. If you’ve been affected, you may have more time to file your tax returns or make payments. Please check [...]
Important Reminder: The third quarter estimated tax payment deadline is September 16, 2024. It’s crucial for gig workers, business owners, retirees, or those with investment income to make sure they meet their federal and state tax obligations. Missing payments or underpaying will result in penalties. If you’re unsure about how [...]
The Internal Revenue Service (IRS) has recently addressed some common misconceptions surrounding Form 1099-K, aiming to clear up confusion and assist taxpayers in understanding their obligations. With changes and myths circulating, it’s crucial to know the facts about receiving and reporting via Form 1099-K. In November 2023, the IRS [...]
Understanding the Tax Implications of Bonuses Receiving a bonus from your employer is not just a sign of recognition for your hard work; it's also a boost to your income that can have various tax implications. Unlike regular wages, bonuses are taxed under specific rules that you should be aware [...]
Essential Guide to Reporting Cryptocurrency and Digital Asset Income on Your 2023 Tax Returns The Internal Revenue Service (IRS) has issued a reminder that all taxpayers must diligently report digital asset-related income when filing their 2023 federal income tax returns. What’s New This Year? The IRS has updated the digital [...]
2024 Tax Season: What You Need to Know... The IRS has set the stage for a smoother tax filing experience this year, with the season officially kicking off on January 29, 2024. They're expecting over 128.7 million individual tax returns by the April 15 deadline, so it's time to gear [...]
Navigating the 2023 Tax Year: Key Updates for Individuals The 2023 tax year brings several important changes that individuals should be aware of. Staying informed about these updates is essential for effective tax planning and ensuring that you take full advantage of any benefits or adjustments. Adjusted Tax Brackets and [...]
January 15th 2024 is the last day to make an estimated tax payment for 2023. With this deadline looming, it's crucial for individuals and businesses to turn their attention to estimated tax payments. Understanding the implications can help you navigate this process more effectively and avoid potential penalties. Who Needs [...]
IRS: Beware of fake charities; check before donating Source: IRS.gov, IR-2023-196, Oct. 23, 2023 WASHINGTON —With the tragic crises and natural disasters happening around the globe, many are responding to the call to give what they can to help. The Internal Revenue Service today warned taxpayers to be wary of [...]
