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Mastering IRS Tax Notices
Receiving a tax notice from the IRS can be an unsettling experience. However, it's crucial to remember that receiving a notice doesn't necessarily mean you've done something wrong. The IRS sends out notices for various reasons, including clarifications, discrepancies,...
New Clean Vehicle Tax Credits
Starting in 2023, a personal or general business tax credit of up to $7,500 is available for the purchase of new clean vehicles meeting certain requirements (including electric, plug-in hybrid, and fuel cell vehicles). A credit of $3,750 is available if a critical...
There’s Still Time to Fund an IRA!
Tax Day 2023 is Tuesday, April 18, 2023 for most individual taxpayers. Some taxpayers in certain natural disaster areas are allotted more time to file depending on the disaster. Tax Return Extension An extension of time to file a Federal individual return is...
Lesser-Known Tax Deductions
As tax season approaches, many individuals and businesses are on the lookout for ways to lower their tax liability. One often-overlooked strategy is to take advantage of hidden tax deductions. These deductions may not be as well-known as others, but they can still...
Are You Taking Advantage of Tax Credits?
As the 2023 tax season is upon, it's important to be aware of the various tax credits that may be available to individual taxpayers. Tax credits are valuable, as they can directly reduce the amount of taxes owed, dollar-for-dollar. Here are a few tax credits...
Secure 2.0 Act
The Secure 2.0 Act of 2022 was signed into law on December 29, 2022. The act is a continuation of the SECURE Act of 2019. The new law addresses retirement provisions and is designed to help taxpayers save more for retirement. Updates to Required Minimum...