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I try to add tax blog articles weekly on tax topics that may be interesting to you. Please browse. If there is a topic you would like to see here or would like to more information on, please contact me.

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My Tax Blog

January 20, 2023 | 2023
2022 Tax Season Refunds Processed in 2023 How fast will I have the CASH?!

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?!

December 30, 2022 | 1099
Tax newsletter update–1099K rules

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

September 28, 2022 | 2022
Energy Jolts, Inflation Bolts, Tax Hikes and Pending Legislation

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

August 22, 2022 | 2022
What’s in the Inflation Reduction Act of 2022?

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?

June 15, 2022 | 2022
Midyear Mileage Rate Increase

Oustide gas station at night. trick parked by one of the pumps

Midyear Mileage Rate Increase The pain of the gas pump has gotten so bad that the IRS wants to help with a midyear mileage rate increase (Yes its only 4 cents . . .). Translation: larger tax deduction for business and medical mileage. Midyear mileage rate changes are rare. . . New IRS Mileage rate … Midyear Mileage Rate Increase

May 11, 2022 | 2022
Tax Season and Congressional Legislative Update

Yesslow 4 way stoplight hanging in midair. Red light is illuminated

No new tax legislation seen yet. . . After tax season housekeeping: Refunds: Running 3-4 weeks. To check the status of your Electronically filed tax return/refund: Phone : 1-800-829-1040 or (call early in morning) Online: www.irs.gov/refund IRS will NOT release refund information to tax preparer. Ohio refund may come before Federal or IRS refund. … Tax Season and Congressional Legislative Update

January 28, 2022 | 2021
Tax Season Update–The Opener

Pitcher at baseball game, action frozen mid pitch

IRS started accepting 2021 individual returns on January 24, 2022. It’s not going to be the same as in prior years. Expect refund delays. As of January 27, 2022 haven’t received any guidance for return processing time or refunds. To speed refund delivery: 1. File early 2. File an accurate return. Verify the Stimulus … Tax Season Update–The Opener

January 10, 2022 | 2021
Tax Cliff Notes: Filing? Credits? Refunds?

wood desktop with tablet pencil, pens, binder clips and calculator

IRS plans to start accepting individual tax returns on January 24. Tax preparers may be preparing returns before January 24 so they can be filed as soon as the IRS is ready. Taxpayers receiving Earned Income Credit or Child Tax Credit on the return may have a delayed refund. IRS is statutorily allowed to … Tax Cliff Notes: Filing? Credits? Refunds?

December 30, 2021 | 2021
Year End Tax Savings. . . for 2021

Man & woman setting at desk with papwers. Man is covering face with hand head lowered. Woman is covering her mouth with her hand

The year is over tomorrow and taxes were back burnered. . . (no pressure). What to do, don’t want to owe . . . As requested. . . For individuals: Pay outstanding medical bills. Keep track of total medical paid (doctor, hospital, labs, prescriptions, medical mileage, medical insurance paid out of pocket etc) for … Year End Tax Savings. . . for 2021

December 21, 2021 | 2021
Odds & Ends 2022 Mileage Rates

pile of gifts wrapped in metallic gold and metallic red gift paper

In case you haven’t heard, Congress gave the IRS and all taxpayers like you a gift for Christmas (maybe not what you expected). They have paused the Build Back Better debate for 2021. The law may be considered again for passage in 2022 session. IF the law had been passed this late in the … Odds & Ends 2022 Mileage Rates

Welcome

My Tax Blog

January 20, 2023 | 2023 2022 Tax Season Refunds Processed in 2023 How fast will I have the CASH?!

December 30, 2022 | 1099 Tax newsletter update–1099K rules

September 28, 2022 | 2022 Energy Jolts, Inflation Bolts, Tax Hikes and Pending Legislation

August 22, 2022 | 2022 What’s in the Inflation Reduction Act of 2022?

June 15, 2022 | 2022 Midyear Mileage Rate Increase

May 11, 2022 | 2022 Tax Season and Congressional Legislative Update

January 28, 2022 | 2021 Tax Season Update–The Opener

January 10, 2022 | 2021 Tax Cliff Notes: Filing? Credits? Refunds?

December 30, 2021 | 2021 Year End Tax Savings. . . for 2021

December 21, 2021 | 2021 Odds & Ends 2022 Mileage Rates

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