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.
From the 2023 Annual Tax Newsletter. . . . FACTS & FIGURES, Tax Year 2023 2024 Social Security COLA … 2023/2024 Facts and Figures
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
Since the Build Back Better Act is stuck in the Senate 2022 tax year has a few changes (unless Congress intervenes) there will be: No Stimulus payments No Advanced Child Tax Credit Payments. Child Tax Credit reverts to $2,000 per child under age 17 Lower Earned Income Tax Credit No charitable Deduction on … 2022 Tax Year: (as of Jan 2022) Pearls and Pains
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
Build Back Back Better (“BBB”) is still being negotiated So here is something a little more concrete: The numbers and limits for 2021 tax season: FACTS & FIGURES, TBA=To be announced Tax Year 2021 2022 Social Security COLA 1.3% 5.9% Part B premium- income < $85,000 … Facts & Figures 2021 Tax year & Some For Tax Year 2022
An old parable indicates that a live frog will consent to being cooked if the heat is slowly increased. Seems that the same principle applies to taxes. Part of the Build Back Better Act of 2021 is being crafted in the House Ways and Means Committee. It’s not law yet, but the provisions discussed … Tax Increases and the Slowly Roasted Frog. . .
The other day someone affected by the COVID related business slowdown asked, . . .”I have bills to pay, heard something on the news about the CARES Act allowing a penalty free (NOT TAX FREE) retirement account distribution. What is the “penalty”? Do I qualify for a penalty free distribution? How to determine the taxes … Penalty Free Retirement Plan Withdrawals—CARE ACT 2020 Tax Year ONLY
Partially correct. Most retirement distributions (withdrawals) are taxable. However, the distribution might qualify for exception to the Early Distribution Penalty (no additional 10% tax) if: Taxpayer is under age 59 ½ and no other early distribution tax penalty exceptions apply Distribution is from an Individual Retirement Account (IRA) Taxpayer qualifies under the IRS rules as … Retirement Withdraw for Home Downpayment is Tax Free? Right?
Do you owe taxes this year? Looking to reduce your tax bill? Check out a Traditional IRA. It’s one of the few deductions that can be taken AFTER the tax year ends. In practical terms, taxpayers can contribute to a Traditional IRA as late as April 15, 2019 for 2018 Tax Year. Contributions provide a … Need Tax Deduction? Check Out Traditional IRA