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,…
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,…
