Estimated Tax Payment due soon

You’re required to pay taxes as you earn or receive income during the year, either through withholding or by making estimated tax payments. For estimated tax purposes, there are four payment periods. The due date for 2023’s next quarterly payment is Thursday, June 15. (The first payment was due April 18, and the last two […]

The IRS has just announced 2024 amounts for Health Savings Accounts

The IRS recently released guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA fundamentals An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can only be established for the benefit of an “eligible individual” who is covered […]

Is your passport at risk?

If you have seriously delinquent tax debt (SDTD), it could put your passport at risk, unless an exception applies. In 2023, SDTD is an unpaid federal tax debt of more than $59,000. So long as the IRS first follows certain procedures, the U.S. State Dept. generally can deny, revoke or limit the passport of someone […]

Changes in Interest Expense deduction limits

Before 2022, businesses could deduct 30% of their earnings before interest, tax, depreciation, and amortization (EBITDA). Currently, they’re required to calculate their interest expense deductions based on the more stringent earnings before interest and taxes (EBIT) standard. Businesses affected by the change are estimated to see, on average, close to a threefold increase in their […]

Overview of discontinued operations reporting

Traditional business models in many sectors have been disrupted by the COVID-19 pandemic, geopolitical uncertainty, rising costs and falling consumer confidence. If your company is planning a major strategic shift this year, management may need to comply with the updated accounting rules for reporting discontinued operations that went into effect in 2015. Discontinued operations typically […]

Tax credits for Home Energy Improvements

Have you taken steps to make your home more energy efficient, such as installing energy efficient windows or doors or adding solar panels? If so, you may qualify for the Energy Efficient Home Improvement Credit or the Residential Clean Energy Credit. The former applies only for improvements to an existing home. The amount of the […]

Standard Deduction or Itemize?

As you consider 2023 tax planning, should you claim the standard deduction or itemize deductions? This year, the standard deduction is $27,700 for married joint filers, $20,800 for head of household filers and $13,850 for single filers. Not everyone can use the standard deduction, including married couples who file separately, business owners filing for a […]

Take your child to work … all summer

Red Tape Reduction Act Introduced

Two U.S. Senators seek a bipartisan fix to a widely criticized process. Senators Sherrod Brown (D-OH) and Bill Cassidy (R-LA) introduced the Red Tape Reduction Act to increase the threshold for issuing 1099-K forms for third-party payment transactions. Changes to the process have lowered the threshold that determines when a 1099-K form must be issued […]

$1.5 billion of unclaimed tax refunds are about to expire

$1.5 billion of unclaimed tax refunds are about to expire – WNCT https://bit.ly/3OLFUcO