Category Archives: Income Tax

Individual Taxpayers: Tax Changes for 2023

Every year, it’s a sure bet that there will be changes to current tax law, and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here’s a checklist of tax changes to help you plan the year ahead.

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Advertising and Marketing Costs May be Tax Deductible

Advertising and Marketing Costs May be Tax Deductible

As a small business owner, you may be able to deduct advertising and marketing expenses that help bring in new customers and keep existing ones.

Even better is that these deductions help small businesses save money on their taxes. Here’s what you need to know about this valuable tax deduction.

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Individual Taxpayers: The Year in Review

As we close out the year and get ready for tax season, here’s what individuals and families need to know about tax provisions for 2022.

Take some time to review the information below to ensure you’re prepared for what’s ahead.

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Taxpayer Alert: Significant Increase in Texting Scams

To date, the IRS has identified and reported thousands of fraudulent domains tied to multiple text scams, known as smishing, targeting taxpayers. Recently, IRS-themed smishing has increased significantly. As such, taxpayers are reminded to be on the lookout for scams and schemes that could put sensitive tax data at risk – especially this latest IRS-themed texting scams aimed at stealing personal and financial information.

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Year-end Tax Planning Strategies for Business Owners

Several end-of-year tax planning strategies are available to business owners to reduce their tax liability. In this article, we’ll cover deferring income, purchasing new business equipment, Section 179 Expensing, and more. Let’s take a look.

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Year-end Tax Planning Strategies for Individuals

With the end of the year fast approaching, now is the time to start thinking about tax planning strategies that could reduce your tax bill for 2022.

Let’s take a look. We’ll cover investments, year-end bonuses, charitable deductions, medical expenses, and more.

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Kids’ Day Camp Expenses May Qualify for a Day Credit

Day camps are common during school vacations and the summer months. Many parents enroll their children in a day camp or pay for daycare so they can work or look for work. Unlike overnight camps, the cost of summer day camp may count towards the child and dependent care credit. Here are 10 things parents should know:

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Tax Breaks for Teachers and Educators

It’s almost time for the start of the new school year, and teachers and other educators should remember that they can still deduct certain unreimbursed expenses. Deducting expenses such as classroom supplies, training, and travel helps reduce the amount of tax owed when filing a tax return.

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Roth IRAs: Put Your Child’s Summer Earnings to Work

With plentiful opportunities for teen employment this year, now is the perfect time to consider opening a Roth IRA for your minor child.

Here’s everything you need to know including what it is, how it works, and why it’s beneficial.

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Qualified Charitable Distributions From IRAs

If you’re a retiree aged 70 1/2 or older, consider taking advantage of legislation that allows you to reduce or eliminate the amount of income tax on IRA withdrawals transferred directly to a qualified charitable organization. You can use this tactic even though minimum distributions are no longer required until age 72. Referred to as Qualified Charitable Distributions (QCDs), they can also be used to satisfy all or part of your required minimum distribution.

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