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Category: Tax

Retirement / Tax / Tax Planning

401(k) Contribution Limit Will Increase to $22,500 for 2023, IRA Contribution Limit Will Increase to $6,500

The IRS has announced that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. The IRS today also issued …

Tax / Tax Credits

Is Your Organization Taking Advantage of the Work Opportunity Tax Credit?

The IRS has released updated information on the Work Opportunity Tax Credit (WOTC), available to employers that hire designated categories of workers who face significant barriers to employment. For employers facing …

Tax

Get Ready for a New Era of IRS Enforcement – Some Returns Can Be Audited With No Time Limit and 87,000 New IRS Agents?

The recently passed Inflation Reduction Act has generated a lot of confusion for individual taxpayers and large corporations alike. Sensational headlines have given rise to misleading or downright wrong articles …

Tax

The IRS Announces Major Tax Penalty Relief for Late Filers! There’s Still Time to File Your 2021 Return and Qualify!

To help struggling taxpayers affected by the COVID-19 pandemic, the IRS issued Notice 2022-36, which provides penalty relief to most people and businesses who file certain 2019 or 2020 returns late. …

Tax

The IRS Announces Interest Rate Increases, Effective October 1, 2022

The IRS announced that interest rates will increase for the calendar quarter beginning October 1, 2022. For individuals, the rate for overpayments and underpayments will be 6% per year, compounded …

Tax

Free Webinar from the IRS: Learn About Common Tax Scams and Identity Theft

The Internal Revenue Service and the Federal Trade Commission will sponsor a free webinar designed to help everyone recognize and combat tax scams and tax-related identity theft. The webinar will …

Tax

Are You New to the Workforce? Here’s What You Need to Know About Income Tax Withholding.

For many new grads and other people entering the workforce for the first time, filling out new hire paperwork can be confusing—what’s a W-4, anyway? New employees should ensure they …

Tax

What’s the Difference Between a Hobby and a Business for Tax Purposes?

A hobby is any activity that a person pursues because they enjoy it and with no intention of making a profit. People operate a business with the intention of making …

Tax

Refunds are Taking Longer than Usual to Process this Year. Time is Running Out to File Your Return!

Even though the IRS issues most refunds in less than 21 days for taxpayers who filed electronically and chose direct deposit, some refunds may take longer. The IRS is understaffed …

Tax

Do You Own a Rental Property? Avoid these Common Mistakes and Keep More of Your Money!

Do you have a beach or mountain home that you rent out? If the average period of rental is less than 30 days, you likely have a choice—either claim the …

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    Insights & News

    • Tax Season is Almost Here – Take these Steps to Get Your Refund Faster in 2024!
    • Was Your Business Conned by an Unethical Employee Retention Credit (ERC) Preparer? Withdraw Your Claim Before it’s too Late!
    • IRS: Taxpayers impacted by Hurricane Lee in Maine and Massachusetts qualify for tax relief; various deadlines postponed to Feb. 15
    • Self-Employed? Third Quarter Estimated Tax Payments are Due September 15th!
    • Scams are on the Rise: Watch Out for these Dirty Tricks!

    Insights & News

    • Tax Season is Almost Here – Take these Steps to Get Your Refund Faster in 2024!
    • Was Your Business Conned by an Unethical Employee Retention Credit (ERC) Preparer? Withdraw Your Claim Before it’s too Late!
    • IRS: Taxpayers impacted by Hurricane Lee in Maine and Massachusetts qualify for tax relief; various deadlines postponed to Feb. 15

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    info@tortolanoandco.com

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    Seabrook, NH 03874

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    Exeter, NH 03833

    Upper Valley, NH

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