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 that…
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
What is a 1099-K? Form 1099-K is basically an IRS information reporting form. The form contains information, for your tax return, about the gross amount of payment transactions that you had on a third-party payment network when that amount exceeds $600 in the previous year. Companies that are required to send…
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 tax return preparer. However, tax return preparers…
Get Ready For 2023
WASHINGTON – The Internal Revenue Service encouraged taxpayers to take important actions this month to help them file their 2022 federal tax returns. This is the second in a series of reminders to help taxpayers get ready for the upcoming tax filing season. A ”Get Ready” page, updated and available on…
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,…
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 tips. 1. Itemizing…
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. With the holiday season now in full swing, the period presents a prime opportunity for identity…
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,…
