Tag: #personaltaxes

Six Changes to Social Security in 2026

As of January 1, 2026, several changes to Social Security took effect, impacting everything from credits and taxes to benefit checks and full retirement age (FRA) rules. These changes don't only impact retirees — they impact current workers. Workers need to keep an eye on accumulating enough Social Security credits to get…

2026 Tax Solutions

"2026 tax solutions" encompass a range of changes enacted by recent legislation (the "One Big Beautiful Bill Act") and annual IRS inflation adjustments, which include permanently extending existing tax rates and a higher standard deduction, along with introducing new, temporary deductions and increased retirement contribution limits.  Key changes and planning solutions…

Standard Deduction 2026 Amounts Are Here

The IRS released the 2026 standard deduction amounts you’ll use for your 2026 tax return — and they're higher than ever. The IRS adjusts these amounts for each filing status every year. Since these adjustments are based on inflation, the standard deduction is higher for 2026 compared with last year. The increased standard deduction amount…

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…

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 equal to the federal short-term rate plus three…

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 some instances, are taxable at the federal level.…

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 audit notice, even…

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 machine.…

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