The IRS has announced the annual inflation adjustments for more than 60 tax provisions for tax year 2024, including the tax rate schedules and other tax changes. Here are some highlights: The standard deduction for married couples filing jointly for tax year 2024 rises to $29,200, an increase of $1,500 from tax year 2023. ForRead more about Tax-Related Inflation Adjustments for 2024[…]

The contribution limit for employees who participate in 401(k), 403(b), and most 457 plans, as well as the federal government’s Thrift Savings Plan is increased to $23,000, up from $22,500. Additionally, the limit on annual contributions to an IRA increased to $7,000, up from $6,500. The IRA catch‑up contribution limit for individuals aged 50 andRead more about 401k and IRA Limits for 2024[…]

If you own a business, you have probably been targeted by a scam trying to get you to claim the Employee Retention Credit (ERC). These scams have run rampant over the last year and have solicited business owners via email, telephone, and postal mail. Unfortunately some business owners have been tricked into improperly claiming anRead more about IRS Announces ERC Withdrawal Process[…]

It’s never too early to begin planning for retirement. Individual retirement accounts provide tax incentives for people to make investments that can provide financial security when they retire. These accounts can be with a bank or other financial institution, a life insurance company, mutual fund or stockbroker. A traditional IRA is the most common typeRead more about IRAs and Retirement Planning[…]

Due to rising concerns about a flood of improper Employee Retention Credit claims, the IRS has announced an immediate moratorium through at least the end of the year on processing new claims for the pandemic-era relief program in order to protect honest small business owners from scams. The IRS Commissioner ordered the immediate moratorium, toRead more about Moratorium on Processing ERC Claims Declared[…]

Natural disasters can strike without warning, and sometimes even the most diligent taxpayers are left without the important personal and financial records they need. People may need documentation for tax purposes, federal or state assistance programs or insurance claims. Here are some steps that can help you reconstruct your important records if you’re confronted withRead more about Reconstructing Financial Records After a Disaster[…]

It’s back to school season, which is also a good time to remind teachers, principals, and other educators about the educator expense deduction which they may be eligible for. If you are an educator, you may be able to deduct up to $300 of out-of-pocket classroom expenses for 2023 when you file your federal incomeRead more about Educator Expense Deduction in 2023[…]

Separation and divorce are never easy for the couples involved. In addition to all the personal issues at play, separation and divorce can impact the former couple’s tax situation as well. Am I married for tax purposes? The IRS considers a couple married for tax filing purposes until they get a final decree of divorceRead more about Tax Considerations Related to Separation and Divorce[…]

The summer is prime time for buying or selling a house. If you purchased a home this year, here are a few tax deductions and programs that you might be eligible for. Deductible house-related expenses Most people take out a mortgage to buy their home and then make monthly payments to the lender. This mortgageRead more about Tax Deductions for Homeowners[…]

If you’re “tying the knot” this summer, you should review a few tax-related items after the wedding. Big life changes, including a change in marital status, often have tax implications. Here are a few things couples should think about after the wedding. Name and address changes People who change their name after marriage should reportRead more about Tax Tips for Newlyweds[…]