If you’ve joined the gig economy as a gig worker or have otherwise shifted to self-employed status and you aren’t having taxes withheld from your paychecks, the IRS requires that you make estimated tax payments on a quarterly basis. The first estimated quarterly payment of 2022 for gig workers coincides with the regular individual tax […]
Over 60 tax provisions were impacted by the IRS’ recent release of its 2022 cost-of-living adjustments – several of which saw a substantial increase in amounts over 2021 rates due to the pandemic and the inflation that resulted from it. Additionally, annual inflation adjustments exacted by the Tax Cuts and Jobs Act (TCJA) had previously […]
A critical piece of President Biden’s agenda known as the Build Back Better Act (BBBA) was voted on and passed by the U.S. House of Representatives on Friday, November 19, 2021. The wide range of provisions included in the Build Back Better Act cover areas such as health care, climate change, immigration, education, social programs, […]
Last week’s approval of the more than $1 trillion Infrastructure Investment and Jobs Act (IIJA), which includes a couple of tax provisions for taxpayers to take note of, is on its way to President Biden’s desk for his anticipated signature. While the Build Back Better Act (BBBA) which is purported to carry with it a […]
In recent years, the Federal estate tax exemption amount has changed several times. The current exemption amount for 2021 stands at $11.7 million. Absent legislation, this exemption amount is scheduled to sunset as of January 1, 2026, at which time it drops back down to $5.49 million (adjusted for inflation). The current exemption essentially puts […]
Taxpayers with qualifying, dependent children, will be eligible to receive advance child tax credit payments starting in mid-July 2021. Under the temporarily expanded child tax credit program, families will automatically receive the payments by mail or direct deposit if information is on file, unless they’ve previously opted out. While it seems as though receiving an […]
Something you might be looking to do this tax filing season is to ensure your taxes are not fraudulently filed. One way to protect your identity from being stolen and used for a fraudulent tax filing is to request the Identity Protection PIN (IP PIN) with the IRS. The effort by identity thieves to use […]
The 2020 tax filing season is upon us for individual tax filers. Most individuals will be required to file Form 1040 with the IRS for their personal Federal income tax returns. As with most recent tax filing deadlines, there are a few changes that the IRS has made to Form 1040 that individuals should be […]
The IRS recently released its 2021 cost-of-living adjustments (COLA) to retirement plan limits and certain tax provisions. Taking the cost of inflation into account, many of the included adjustments were increased though others remain unchanged from 2020 levels. Going into 2020, the Tax Cuts and Jobs Act (TCJA), made permanent a new method of adjusting […]
The Coronavirus Relief Bill, approved by President Trump on December 27, 2020, includes numerous tax provisions for individuals and businesses and extends some important tax benefits that were set to expire at the end of the year. Here is a look at nine of the most impactful tax provisions and tax extenders that are being […]