Author Archives: admin

Tax matters can be as intricate as a spider’s web, with various threads entangling unsuspecting individuals. Among the intricacies lie two distinct concepts that are often misunderstood or confused – the Injured Spouse and Innocent Spouse provisions. In this blog post, we’ll shed light on these terms, explore their differences, and clarify when each may […]

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In 2024, the Internal Revenue Service (IRS) is set to launch a no-cost tax filing initiative, which will be piloted in 13 states during the upcoming filing season. This move toward free online tax filing has the potential to reshape the tax-filing process for millions of Americans. Four states, namely Arizona, California, Massachusetts, and New […]

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Recently, the Internal Revenue Service (IRS) announced a large increase in the annual limit that people may contribute to health savings accounts (HSAs). Families will be able to make an HSA contribution of up to $8,300 starting in 2024, while individuals can make an HSA contribution of up to $4,150. In comparison to the prior […]

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Owe taxes to the IRS?

April 5, 2023

If you owe taxes to the IRS and you are unable to pay, it can be a stressful and overwhelming situation. However, it’s important to understand that there are options available to you. File Your Tax Return on Time First and foremost, it’s important to file your tax return on time, even if you can’t […]

Categories: General

Form 1040 Tax Credits

January 11, 2023

The Form 1040 is the primary form used by taxpayers to report their annual income and tax liability to the Internal Revenue Service (IRS), and it is important to be aware of the various tax credits that may be available to claim on it. Tax credits are deductions from the amount of taxes owed to […]

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The IRS this week announced higher federal income tax brackets and standard deductions for 2023 amid skyrocketing inflation. For the tax year 2023, the agency raised the income requirements for each group. According to inflation adjustments issued by the agency on Tuesday, individual income over $578,125 and married couples’ income over $693,750 would be subject […]

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For the final six months of 2022, the Internal Revenue Service announced an increase in the optional standard mileage rate. Optional standard mileage rates can be used to calculate the deductible costs of using a car for business and certain other activities. The normal mileage rate for business travel will be 62.5 cents per mile […]

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The tax code has a credit for dependent-care expenses for children under age 13 when the care was provided, and it also can apply to expenses for others of any age who are incapable of caring for themselves—such as an elderly relative. In most years—including 2022—many filers get a credit for 20% of up to […]

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The IRS announced this month that most Americans should receive their refunds within 21 days of filing – with some exceptions. Due to regulations designed to prevent fraud, claiming the Earned Income Tax Credit will slow down your tax return. As a result, people who claim this credit and file their returns on January 24 […]

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As of late, the IRS has been sending out letters with valuable information for Advance Child Tax Credit and for the third round of the Economic Impact payments to those who qualify.  Letters will be going out until the end of January. Keeping this information and using it to prepare your tax return will help […]

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