How All 50 States Tax Retirees
Alabama taxes A new law effective last year makes the first $6,000 or distributions from retirement plans (like IRAs and 401(k)s tax-exempt for retirees 65 and older in Alabama. Income Tax on Taxable Income: Low of 2% (on up to $500 for single filers and $1,000...
5 tax moves to make this August
This month is a good time to make some tax moves that could save you some (or more) dollars and/or keep you out of tax trouble. Here are five to consider. 1. File your 2022 return by Aug. 15.OK, this applies only to a few, relatively speaking, taxpayers. But Tax Day,...
TAX PENALTY-AFTER EXTENSION
Interest Interest accrues on your unpaid balance and compounds daily from April 18 (which was the tax deadline for most people) until you pay the balance in full. Interest rates on underpayments of tax are set each quarter. For non-corporate taxpayers, the rate is...
Some state refund recipients should amend their federal tax returns
Residents in 21 states got some good news from the Internal Revenue Service earlier this year. In 2022, they received general welfare, disaster, or stimulus payments from their state officials. These generally were referred to as refunds. Basic state tax refunds, in...
Family business tax considerations
Some of the world's largest companies are family owned. Yes, we're looking at you, Walmart. But the real backbone of every community is its locally owned and operated businesses. Although they are much smaller, these owners face many of the same challenges as do...
IRS has changed the mileage rules
To meet the strict substantiation requirements for deducting vehicle expenses underIRC section 274(d), a taxpayer must have adequate records or sufficient corroboratingevidence that establishes:1) The amount of the expense,2) The time and place of the expense or use...
Tax tips for first-time filers
The Internal Revenue Service receives tax returns from millions of Americans each year. They're all first-time filers. Whether you are a first-time or experienced taxpayer, dealing with the IRS can be intimidating. For newbies, the task also can be overwhelming. But...
Reasons to file a tax return even if you don’t have to
In 2019, the Internal Revenue Service received nearly 156 million tax returns. Then came the COVID-19 pandemic. In 2022, the number of 1040s filed hit 169.7 million. 2021 saw 169.1 million returns sent to the IRS, and 2022 saw 164.3 returns sent. During 2020-2022, the...
How to handle a tax audit
Don't panic! The keys to success are being well prepared, establishing credibility right away, and keeping your wits about you. The IRS wanting to examine your return is quite a shock, no matter why you were chosen. You could not escape the anxiety that comes with an...
What Are Your Chances of Being Audited?
IRS audits are more likely to occur if you have these red flags on your return. If you are preparing to file your tax return, you may wonder if the IRS will audit it. Most people can breathe easily because the vast majority of individual returns escape the audit...
2022 taxes
Tax filing rolls around every year. But every year, there also are a few changes that make the process slightly different from prior filings. We didn't have any major tax law changes in 2022. But some old rules come into play, as does the expiration of some tax breaks...
New IRS $600 Rule For 2022 Taxes – Be Prepared This Tax Season
https://www.youtube.com/watch?v=92sX4kS5XNQ
New 1099-K Reporting’s from Amazon, Cashapp, PayPal and Venmo
A new $600 reporting threshold for IRS Form1099-K involves payment networks like Venmo, PayPal, Amazon, Square, and Cash App.
Tips for Choosing a Tax Preparer
Tax filing season will be here soon. As people begin to gather their documents and receipts in preparation of filing a tax return, many are also choosing to use a professional tax return preparer. Anyone with an IRS Preparer Tax Identification Number can be a paid...
Get Ready For 2023
Just because you filed your tax return, it
doesn’t mean you don’t need to think about
taxes for the rest of the year. What you do
during the year may affect any tax you could
owe or refund you may expect next year.
Now preparing taxes in 34 States
Falls Credit N Tax is able to prepare taxes for personal and business customers in the following states (AL, AK, AZ, AR, CA, CZ, FL, GA, HI, IN, IA, KS, KY, LA, ME, MA, MI, MN, NV, NM, NY, NC, ND, OK, PA, PR, RI, SC, SD, TX, VA, WA, WI, WY). Schedule an Appointment:...
Tax Donation Tips for Giving
Most people don't give to good causes because they get tax breaks. Thank goodness for that, since the 2017 tax reform bill made it more difficult to claim a charitable deduction for donations. And that brings us to the first of this post's six charitable donation tax...
IRS, urge people to watch out for holiday scams and protect personal information as tax season nears
WASHINGTON — On Cyber Monday, the Internal Revenue Service and the Security Summit partners kicked-off the 7th National Tax Security Awareness Week with information for taxpayers and tax professionals on how to avoid scams and protect sensitive personal information....
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...
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...
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...
