If you own a business, you may have been approached by mail, email, or telephone by marketers who claim that they can get you a tidy chunk of government money by preparing your application for the Employee Tax Credit (ERC). While the credit is real, aggressive promoters are wildly misrepresenting
Expanded Home Energy Tax Credits
There are a lot of reasons why you might make improvements that improve the energy efficiency of your home. They are good for the environment, they can make your home more comfortable, and new equipment can be less prone to breaking down. To this list, you can also add tax
How to Track Your Tax Refund
If you have filed your federal tax return and are due a refund, you’re probably pretty eager to get your hands on the money you are owed. If you’re wondering when your refund will arrive, the IRS has an online tool called “Where’s My Refund?” that you can access on
Filing a Final Tax Return for a Deceased Person
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
Changes to Required Minimum Distributions
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
Have a Tax Bill You Can’t Pay?
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
Guidance Issued on Taxing of State Payments
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
Making Sense of Business Travel Deductions
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
Taxes and the Gig Economy
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
Standard Mileage Rates Updated for 2023
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