Tax season can be stressful, but it becomes even more challenging when scammers try to take advantage of unsuspecting people.
Surviving Spouse Election to be Treated as Employee
Taxes - Planning, Rules and Returns , Retirement Planning & IRAs , Estates, Gifts & TrustsPotential Income and Estate Tax Savings
The death of a husband or wife can be an overwhelming time for the surviving spouse, especially when it comes to financial decisions.
IRS grants tax relief for hurricane victims
Taxes - Corporate & Business , Taxes - Planning, Rules and Returns , Taxes - IndividualFollowing a letter from the American Institute of CPAs, the Internal Revenue Service announced on Oct. 1 that it would grant disaster tax relief for all individuals and businesses affected by Hurricane Helene.
Change In Federal Law To Affect Military Member Tax Residency
Taxes - Planning, Rules and Returns , Taxes - IndividualA change to the Veterans Auto and Education Improvement Act of 2022 will affect military members and their spouses by giving them options to claim residency for tax purposes.
IRS increases 2024 contribution limits for 401(k) and IRAs
Taxes - Planning, Rules and Returns , Taxes - Individual , Retirement Planning & IRAs , IRS , 401kOn Wednesday, the Internal Revenue Service announced it will increase the amount individuals can contribute to their 401(k) plans in 2024.
Ohio’s annual sales tax holiday is right around the corner.
Hurricane Ian Casualty Loss
Taxes - Corporate & Business , Taxes - Planning, Rules and Returns , Taxes - IndividualMany of our clients who live in the Southwest Florida region, as well as North and South Carolina, were affected by Hurricane Ian.
On Oct. 5, 2022, the IRS published IR-2022-173, which allows hurricane victims in those states an extension of time to file their 2021 income tax returns until Feb. 15, 2023. This meant that if a valid extension was granted for your individual tax return through until Oct. 17, 2022, you had until Feb. 15. The affected states have followed the same stance as well.
Sale of Home and Capital Gains Tax
real estate , Taxes - Planning, Rules and Returns , tax , taxes , tax avoidanceAre you thinking about selling your home but worried about the additional tax it could generate?
It is possible that you could be one of the many who can sell your home while avoiding the capital gains tax.
New changes abound for IRS in 2023, but one problem remains – backlogs
Taxes - Corporate & Business , Taxes - Planning, Rules and Returns , Taxes - Individual , taxes , IRS , Zinner News , Zinner & Co.A new year ushers in many changes for the Internal Revenue Service, but one massive problem will not go away – backlogs.
While the IRS still must deal with a backlog of mail and a backed-up phone system that leaves taxpayers and practitioners on hold and frequently drops the call, changes are in the works. Among them are a potential new commissioner (Danny Werfel was nominated for the role in November 2022) and an increased budget that will give the IRS billions of dollars to spend, although it has less than two months left to develop a spending plan.
The Internal Revenue Service announced in late April Health Savings Accounts (HSA) limit for 2023.
Have Nagging Financial Questions?
