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From the 2023 Annual Tax Newsletter. . . . FACTS & FIGURES, Tax Year 2023 2024 Social Security COLA … 2023/2024 Facts and Figures
IRS will be accepting individual returns from non IRS partners January 29, 2024. For lower income taxpayers, IRS free file program is already up and running. For more information see: https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free Program does not require a computer, can fill out your taxes on a tablet or mobile phone. . .
Recently announced. IR-2023-239, Dec. 14, 2023 WASHINGTON — The Internal Revenue Service issued the 2024 optional standard mileage rates for calcuating automobile costs for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2024, the standard mileage rates for the use of a car, vans, pickups or panel trucks) will be: 67 cents per … 2024 Mileage Rates
On August 8, 2023 Ohio will have a special election for Issue One which addresses Ohio Constitutional Amendment Procedure. Under current Ohio law, Ohio citizens can petition for an Ohio Constitution amendment. Amendments are adopted if: 1. if the Secretary of State receives the proposed amendment with 1,000 verified signatures from Ohio citizens qualified to … 2023 Issue 1-Yes NO!! Maybe So . . .
Hopefully quicker than last year. . . according to the IRS refund cycle Chart (see below), 2022 Tax Returns (filed in 2023) with direct deposit should see refunds within two weeks. Careful! this time frame is an estimate. Technical difficulties, computer issues, Congregssional action etc could slow down processing times. 2023 IRS Refund Standard … 2022 Tax Season Refunds Processed in 2023 How fast will I have the CASH?!
IRS will start receiving returns January 23, 2023. Postal Service is feeling the inflation crunch. Postage rate for 1st class mail will increase Sunday (January 22, 2023) to .63 for a first class letter.
Early Christmas gift. . . On December 23, 2022 the IRS decided to delay implementation of the 1099K reporting for tax year 2022. Translation: The American Rescue Act (2021) required E commerce platforms (e.g. Ebay, Mercari, Amazon) to provide a 1099K form to sellers receiving more than $600 through the platform website. The … Tax newsletter update–1099K rules
From the Christmas Tax Newsletter, published December 14, 2022: FACTS & FIGURES, TBA=To be announced Tax Year 2022 2023 Social Security COLA 5.9% 8.7% Part B premium- income < $85,000 170.10 164.90 Early, … Facts and Figures
Energy Jolts. Energy Credit is back. Effective for 2022 –2032 tax years. Part of Inflation Reduction Act of 2022. Requires product availability and affordability. Credit is 30% of purchase price for energy star certified windows, exterior doors, insulation, water heater, biomass stoves, furnace or boiler installed during the year. No credit for Energy Star roof … Energy Jolts, Inflation Bolts, Tax Hikes and Pending Legislation
This is the repackaged “Build Back Better Junior”, passed August 16, 2022 and WON’T reduce inflation. It’s smoke and mirrors. Little/short lived savings. Lot of Government spending and power grabs. If have time, the full text download is available here. It’s light reading– only 273 pages (Sarcasm). Summary of major provisions. Medical: Obamacare: Extends Medical … What’s in the Inflation Reduction Act of 2022?