Don’t get confused. Tax day is not the 15th, the 16th, or even the 17th. This year (Unless you live in California, Alabama, or Oregon), the due date is the 18th of April.
Category Archives: Taxes
Do Your Own- or Get Help?
So, if your income tax preparation involves a few W-2 (salaried income), 1099s for interest and dividends and capital gains, even a 1099B for stock transactions (NOT Crypto, nothing more than 5 transactions), then you should be doing your own taxes. Because a professional is going to have charge way more than you want to pay to prepare your taxes. And, the professional won’t be able to come up with a lower tax bill than you could by yourself.
The IRS makes it easier to respond!
I hope most of you have not been bamboozled by the GOP claims that the new funds we (that means the budget) have provided the IRS have only on purpose. And that was purported to be to hound the general (read lower half or 60%) population taxpayer. Sorry, folks, nothing could be further from the truth.
Most of the State’s Middle Class Tax Rebates won’t be taxed by the Feds
Many of you heard about the Middle Class Tax Cut that California and New York (and Virginia and about 20 other states) issued this year. I warned clients (and the tax preparation firm I advise) when these began showing up as 1099s that we’ll have to see how that $ 200 to $ 1050 payments made by California (some 23 million Californians will be depositing about $ 9 billion for to cover inflation and higher gas prices); an average of $ 270 to those residing in New York (bottom portion of the income scale); Oregon with its $ 600 payment for low-income folks; Virginia’s hopes that theirs will be considered a tax refund (not a stimulus, sift o no itemization it would mean it is not taxable); and Georgia with $ 500 who filed a 2021 return, among others like Colorado, Illinois and South Carolina.)
Continue reading Most of the State’s Middle Class Tax Rebates won’t be taxed by the Feds
13 Years of Health Care Benefits- and Improvements
Memories. No, I am not reminiscing about that wonderful movie starring Barbra Streisand and Robert Redford. Even though I love it- and the song.
Continue reading 13 Years of Health Care Benefits- and Improvements
Tax Credits to be Harvested, Continued
This is a continuation from yesterday's post. (https://adjuvancy.com/wordpress/2023/02/07/tax-credits-to-be-harvested) Items highlighted in blue do not earn a tax credit. Items highlighted in red yield the credits.
Tax Credits to be Harvested!
Items in red are afforded tax credits. Items in blue save us money, but are not considered worthy of tax credits.
What happened to my Tax Refund
In a nutshell? Expiring provisions of the tax code.
Planned Tax Rule Changes
So, a bunch of you ganged up on me. Claiming that my piece about the Omnibus bill wasn’t complete. (Of course, it wasn’t complete- I only was discussing the changes being made that affect taxes and health care. But, you thought I omitted some tax changes. I didn’t.)
4155 Pages Long
10 AM, 22 December 2022 Updated 23 December 2022
The bill is going to pass but the 1099K amendment proposed by Senators Bill Hagerty (TN, R) and Joe Manchin (WV, D) has failed. But, the IRS has granted a 1 year reprieve, so it won't be 2023 taxes are filed that this provision will kick in.