401(k) Contribution Limit Increases to $20,500 for 2022
The IRS announced that the amount individuals can contribute to their 401(k) plans in 2022 has increased to $20,500, up from $19,500 for 2021 and 2020. The IRS today also issued …
Receiving the Child Tax Credit? Did You Have Changes to Your Income? Enter Any Updates on the IRS Portal ASAP!
Today, November 1, the IRS is launching a new feature allowing any family receiving monthly Child Tax Credit payments to update their income using the Child Tax Credit Update Portal …
Are You Deducting Your Depreciating Assets? If Not You Might Be Able to Keep More Money in Your Pocket.
Are you thinking about buying personal property (such as a car, a computer, or other equipment) or real property (such as a building)? If you use the property for personal …
The IRS Begins Sending October Child Tax Credit (CTC) Payments. There’s Still Time to Sign Up!
Families are now receiving their advance Child Tax Credit (CTC) payment for the month of October. This fourth batch of advance monthly payments, totaling about $15 billion, is reaching about …
Take a Fresh Look at Your Tax Withholdings as 2021 Draws to a Close
The last quarter of 2021 is a good time to check your tax withholding. Life brings constant changes to individual financial situations. Events like marriage, divorce, a new child or …
Thinking About Withdrawing from Your Roth IRA? Make Sure You Know the Tax Consequences Before You Do!
Some Roth IRA withdrawals are taxable. Even worse, some can be socked with a 10 percent early withdrawal penalty tax, and this can happen even when there’s no income tax …
Are Your Company’s Independent Contractors Considered Employees Under the Law?
Millions of American businesses hire independent contractors to perform all types of services. And millions of American workers prefer to work as contractors rather than employees. Indeed, due to the …
What Employers Need to Know When Classifying Workers as Employees or Independent Contractors
An important tax tip from the IRS: It is critical for business owners to correctly determine whether the individuals providing services are employees or independent contractors. An employee is generally …
Non-Itemizing Taxpayers: Deductions Up to $600 are Available for Cash Donations to Charity
The IRS reminds all taxpayers how expanded tax benefits can help both individuals and businesses give to charity before the end of this year. The Taxpayer Certainty and Disaster Tax …
Families Now Receiving September Child Tax Credit Payments
Families are now receiving their advance Child Tax Credit (CTC) payment for the month of September. This third batch of advance monthly payments, totaling about $15 billion, is reaching about …