Watch out for deer

Missouri ranks 14th in country for potential vehicle/animal collisions – KY3 https://bit.ly/3T7tk6v

Deadline extended for qualified plans

The IRS has extended deadlines for amending eligible retirement plans to reflect COVID-19 legislation. These include the CARES Act and the Taxpayer Certainty and Disaster Tax Relief Act of 2020. The new deadline is Dec. 31, 2025, for an IRA, a qualified retirement plan or a nongovernment 403(b) plan. Later deadlines will apply to government […]

Florida tax relief for Hurricane

The IRS has provided return filing and payment extensions to taxpayers who are located in FEMA-designated areas of Florida affected by Hurricane Ian. The relief postpones various deadlines that occurred starting Sept. 23, 2022, until Feb. 15, 2023. This means individuals who have a valid extension to file their 2021 tax returns due to run […]

17 states give inflation relief check

If you file taxes in these 17 states, you could be getting an inflation-relief check from the government—here’s who qualifies – CNBC https://cnb.cx/3egyLBl

Tax penalties?

Do you have questions about tax payments and possible penalties? Of course, we can answer any questions. In addition, the IRS has a web page that explains options for paying your tax bill, including what to do if you owe more than you can pay now. You may be able to request a payment plan. […]

Capital Gain relief for Farmers

Farmers and ranchers affected by drought may qualify for capital gains tax relief. The relief applies to taxpayers who were forced by drought conditions to sell certain livestock held for draft, dairy or breeding purposes. Generally, livestock sold due to drought must be replaced within a four-year replacement period. Under Notice 2022-43, the IRS is […]

Work Opportunity Tax Credit provides help to employers

In today’s tough job market and economy, the Work Opportunity Tax Credit (WOTC) may help employers. Many business owners are hiring and should be aware that the WOTC is available to employers that hire workers from targeted groups who face significant barriers to employment. The credit is worth as much as $2,400 for each eligible […]

Alaska relief

It’s been a busy year for natural disasters, and the IRS has once again announced regional tax relief. This time, it’s for taxpayers in Alaska affected by storms and flooding that began on Sept. 15, 2022. Individuals and businesses in the affected areas have until Feb. 15, 2023, to submit payments for quarterly estimated taxes […]

Fraud penalty

If the IRS finds a taxpayer has committed fraud, the penalty is up to 75% of the unreported tax. In one case, a taxpayer was a managing member and employee of an engineering business. He didn’t report wage income he received from the company. The IRS used the “bank deposits method” to compare his bank […]

Year-end tax planning ideas for individuals

Now that fall is officially here, it’s a good time to start taking steps that may lower your tax bill for this year and next. One of the first planning steps is to ascertain whether you’ll take the standard deduction or itemize deductions for 2022. Many taxpayers won’t itemize because of the high 2022 standard […]