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Tax Credits for Energy-Efficient Home Improvements
Taxpayers making certain energy-efficient updates to their homes are reminded that they could qualify for home energy tax credits. The credit amounts and types of qualifying expenses were expanded by the Inflation Reduction Act of 2022.
IRS Tax Debt Could Affect Passport Renewal
As a reminder, individuals with “seriously delinquent tax debts” could have their passport application or renewal denied or even have their current passport revoked.
Deducting Medical and Dental Expenses
If you, your spouse, or your dependents had significant medical or dental costs in 2022, you may be able to deduct those expenses when you file your tax return this year. Here's what you should know about medical and dental expenses and other benefits: You Must...
Tax Treatment of Selling Collectibles
If you enjoy collecting antiques and collectibles or investing in fine art, wine, or vintage cars, there may be a time when you’re ready to cash in and reap the financial rewards. But you need to be aware of the tax impact of selling collectibles.
Federal Tax Returns: Should You File an Extension?
Obtaining a six-month extension to file is relatively easy, and there are legitimate reasons for doing so; however, there are also a few downsides. If you need more time to file your federal income tax return this year, here’s what you need to know.
State Payments Excluded From 2022 Federal Returns
Generally, payments made by states are includable in income for federal tax purposes. Due to this unique and complex situation, the rules surrounding their treatment for federal income tax purposes are more complex.
There’s Still Time To Make an IRA Contribution for 2022
If you haven’t contributed funds to an Individual Retirement Account (IRA) for the tax year 2022 or put in less than the maximum allowed, you still have time to do so. You can contribute to either a traditional or Roth IRA until April 18, 2023, the due date, not including extensions.
Getting Ready for the 2023 Tax Filing Season
Monday, January 23, 2023, marks the start of the 2023 tax season and the date the IRS begins accepting and processing 2022 tax year returns.
Get Paid Faster in 2023: Use These QuickBooks Tools
Once the holidays are over and you’ve turned the calendar page to 2023, it’s time to start thinking about how you can accelerate your receivables next year.
Advertising and Marketing Costs May Be Tax Deductible
As a small business owner, you may be able to deduct advertising and marketing expenses that help bring in new customers and keep existing ones. Even better is that these deductions help small businesses save money on their taxes. Here’s what you need to know about this valuable tax deduction: