Taxpayers should review the 401(k) and IRA limit increases for 2023
The amount individuals can contribute to their 401(k) plans in 2023 will increase to $22,500 — up from $20,500 for 2022. The income ranges for determining eligibility to make deductible contributions to traditional IRAs, contribute…
Payment deadline extended to July 15, 2020
The Treasury Department and the Internal Revenue Service are providing special payment relief to individuals and businesses in response to the COVID-19 Outbreak. The filing deadline for tax returns remains April 15, 2020. The IRS urges taxpayers…
Tax tips for new parents
Kids are expensive. Whether someone just brought a bundle of joy home from the hospital, adopted a teen from foster care, or is raising their grandchild. There are several tax breaks that can help. Here…
IRS online tool helps families determine if they qualify for the child tax credit
The IRS urges families to use a special online tool, available only on IRS.gov, to help them determine whether they qualify for the child tax credit and the special monthly advance payments beginning July 15….
Here are the different ways people can pay their federal taxes
The April 18 deadline for individuals to file and pay their federal income tax is just around the corner. While paying taxes is not optional, the IRS offers a variety of ways for people to…
Tools to help you get your Economic Impact Payment
The IRS has two tools to help millions of taxpayers with their Economic Impact Payment. The payments are $1,200 per eligible person and up to $500 for each qualifying child. The first tool, Non-filers: Enter Payment Info…
IRS Tax Tips for Deducting Gifts to Charity
The holiday season often prompts people to give money or property to charity. If you plan to give and want to claim a tax deduction, there are a few tips you should know before you…
File on time, even if you can’t pay
Do you owe more tax than you can afford to pay when you file? If so, don’t fail to take action. Make sure to file on time. That way you won’t have a penalty for…