The IRS has announced that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. They have also announced increased contribution limits for Individual Retirement Arrangements (IRAs). Highlights of changes for 2023 The contribution limit for employees who participate in 401(k), 403(b), most 457 plans,Read more about 401(k) and IRA Limits Increase in 2023[…]

The Internal Revenue Service has announced the tax year 2023 annual inflation adjustments for manyu tax provisions, including the tax rate schedules and other tax changes. Below are some of the highlights of these changes. Highlights The tax year 2023 adjustments described below generally apply to tax returns filed in 2024. The tax items forRead more about IRS Announces Tax Inflation Adjustments for 2023[…]

Even people who are familiar with the Child Tax Credit (CTC), might not realize that you don’t necessarily have to be the parent of a child in order to qualify. If you are a grandparent, foster parent, sibling, or someone else who cares for a child, you might qualify, depending on your circumstances. What isRead more about The Child Tax Credit is for More Than Just Parents[…]

The Inflation Reduction Act (IRA) signed by President Biden in August 2022 includes a variety of tax provisions that will impact U.S. businesses and individuals. While some of the changes have received a great deal of media attention, others may come as a surprise to those who have not been following the legislative process closely.Read more about Overview of the Inflation Reduction Act[…]

Buying a home a is a big step for many people, but lots of times it comes with a big learning curve. If you’re a homeowner, you should familiarize yourself with the deductions, housing allowances, and other programs that that are available to people who own their own home. When it comes to home ownership,Read more about Know What’s Deductible After Buying a Home[…]

School is back in session in most areas, and students and teachers are again returning to the classroom. It’s unfortunate, but many teachers find themselves having to pay for necessary classroom supplies our of their own pocket. The educator expense deduction allows these eligible teachers and administrators to deduct part of the cost of technology,Read more about Tax Deductions for Educators[…]

As a business owner, you might pay an independent contractor and an employee for similar – or even the same – work, but there are key legal differences between the two. If you hire workers, it’s critical that you correctly determine whether these workers are employees or independent contractors. Here’s some information to help youRead more about Is Your Worker a Contractor or an Employee?[…]

There are many ways people plan for retirement. Individual Retirement Arrangements, or IRAs, are a common one. IRAs provide tax incentives for you to make investments that can provide financial security for you and your family once you retire. These accounts can be with a bank or other financial institution, a life insurance company, mutualRead more about IRAs Are One Tool in the Retirement Toolbox[…]

Business travel can be costly. Hotel bills, airfare or train tickets, cab fare, public transportation – it can all add up fast. The good news is that if you travel for business, you may be able off-set some of those costs by claiming business travel deductions when you file your taxes. Here’s what you needRead more about A Primer on Business Related Travel Deductions[…]

The Internal Revenue Service announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes. For the final 6 months of 2022, the standard mileage rate forRead more about Increased Mileage Rate for Remainder of 2022[…]