A death is oftentimes a time of sadness. But that sadness can be compounded with confusion for surviving family members who are responsible for taking care of final arrangments. One of these arrangements that many are unfamiliar with is filing a final federal tax return for a deceased person. If you are responsible for theRead more about Filing a Final Tax Return for a Deceased Person[…]

Required Minimum Distributions (RMDs) are minimum amounts you must withdraw from your IRA or retirement plan account when you reach age 72. Beginning in 2023, the SECURE 2.0 Act changes the age RMDs must begin to age 73 for taxpayers that reach age 72 after December 31, 2022. Roth IRAs are not subject to RMDsRead more about Changes to Required Minimum Distributions[…]

If you can’t pay your tax bill by the April 18, 2023 deadline, don’t panic. The IRS offers several options to help you pay on a schedule you can afford. First of all, if you find yourself with a tax bill you can’t afford, it’s important that you don’t ignore the problem. You still needRead more about Have a Tax Bill You Can’t Pay?[…]

Many states made special tax refunds or payments related to the pandemic and its associated consequences in 2022. A variety of state programs distributed these payments in 2022 and the rules surrounding their tax treatment are complex. One question was whether income related to these payments was taxable at a federal level. Recently, the IRSRead more about Guidance Issued on Taxing of State Payments[…]

If you travel for business, you probably know that you can deduct some of the expenses related to that travel from your income taxes. But knowing which expenses are deductible, and under what circumstances might make your head spin. In this article we want make sense of business travel deductions so that you know whatRead more about Making Sense of Business Travel Deductions[…]

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 ofRead more about Taxes and the Gig Economy[…]

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.Read more about 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 payeeRead more about 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 adjustedRead more about 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 madeRead more about Reducing Taxes with Qualified Charitable Distributions[…]