TAX EXTENSION CAN FILE BEFORE OCTOBER 17

Tax extension can file before October 17. The IRS in memo IR-2022-141, is reminding taxpayers that they don’t have to wait until October 17th, to file their tax return, if they filed an extension for the tax year. They can file at any time prior to the deadline of October 17. An estimated 19 million […]

DEMOCRATS TO RAISE TAXES ON HIGH EARNERS

Democrats to raise taxes on high earners. Senate Democrats have reached an agreement to increase the tax rates on high income wage earners. They believe these individuals have been misusing or in some cases abusing a loophole in the tax law to avoid paying taxes. The lawmakers in the Senate plan to close the loophole […]

MINIMUM DISTRIBUTIONS SECURE ACT

Minimum distributions secure act. Due to the Covid pandemic and hundreds of thousands takin gout money from retirement accounts to get by, changes to retirement accounts were announced by Congress. Prior to the SECURE Act, individuals with an IRA, defined contribution or defined benefit plan were required to begin taking distributions no later than April […]

USE TAX CALCULATOR TO MAKE ACCURATE RETURN

Use tax calculator to make accurate return. With the Tax Season for the majority of Taxpayers now behind us, the IRS is memo IR-2022-81, April 13, 2022, is urging Taxpayers to use the Withholding Estimator to ensure the accuracy of tax returns. The Withholding Calculator is a Free toll you can find on the IRS […]

RIGHTS OF TAXPAYERS RELYING ON IRS ADVICE

Rights of taxpayers relying on IRS advice. Consider a scenario where a taxpayer is filing a tax return, and in preparing that return, wonders whether a particular expense is deductible. He goes to the IRS website and finds a “Frequently Asked Question page” that directs him to an answer on that issue. Good news: The […]

AMERICANS WILL SOON NEED EXTRA MONEY

Americans will soon need extra money. During the worst economic collapse in generations, U.S. households actually managed to put aside more money. It may not be enough to get them through the aftermath though. Savings rates soared to an unprecedented one third of disposable income during the pandemic lockdown. Still unemployed Americans found there weren’t […]

SOCIAL SECURITY MEDICARE PART TIME WORK

Social Security medicare part time work. These and your retirement are all linked together, and careful planning must be used to determine the best results for your retirement. For some Americans, retirement turns out to be a fleeting status. “We’re seeing a trend of people retiring from a long term career and a while later […]