Important info for people considering making early withdraws from retirement funds
No matter how much people plan, unexpected events occur. Often, those events result in unplanned expenses. To cover these costs sometimes people, withdraw funds from their retirement savings early. While this may seem like an easy way to get cash quick, early withdrawals can come with heavy penalties and costly tax…
Standard Tax Deduction in 2023 gets great boost
The standard deduction train picked up even more passengers after the Tax Cuts and Jobs Act (TCJA) of 2017 essentially doubled the standard amounts. And those now more valuable deduction amounts are getting even better, thanks to the recent, and historic, inflation rate. Increased standard deductions: About this time each year,…
Tyler Perry’s audit ends in $9M refund, and firing of accountants
Perry's IRS story also was recounted by Black Enterprise. The coverage from both websites earns this weekend's dual weekend's Saturday Shout Out. Paying for proper advice: Perry's point is well taken. The goal of all taxpayers, and their professional tax advisers, is to come as close to possible during the tax year to…
Social Security increasing wage base to $160,200 in 2023
The Social Security Administration (SSA) gave retirees and other recipients of the program's payments good news this week. Next year, they'll get an 8.7 percent cost-of-living increase. That's the highest in more than 40 years, and comes on the heels of this year's bump that, at the time, was the largest retirement…
Deadline to file 2019 and 2020 tax returns to get COVID penalty relief postponed in declared disaster areas
WASHINGTON ̶ The Internal Revenue Service reminds taxpayers in areas covered by certain Federal Emergency Management Agency (FEMA) disaster declarations they may have more time to file their returns to qualify for the penalty relief under Notice 2022-36 for their 2019 and 2020 tax returns. Under Notice 2022-36, penalties for late-filing certain tax returns,…
Some States Are Sending Out Stimulus Checks—Is Yours Next?
With little immediate relief from the federal government to respond to record inflation, 18 states are sending —or have already sent—payments to taxpayers.. And while some of these payments are for hundreds of dollars, they’re unlikely to have a big impact on inflation. “Plans focused on specific sectors or groups, such…
