Tax Season & Filing

TAX FILING STARTED ON JANUARY 23RD Tax filing started on January 23rd. In publication IR-2023-05, the IRS stated that the 2023 tax filing season was set to open on January 23rd. That is much better than the previous Covid versions of a start dat... Read More

MEDICAL EXPENSES THAT ARE DEDUCTIBLE Medical expenses that are deductible. The first thing that one should realize when considering whether to take the standard deduction, or to itemize your medical expenses is this, if you itemize your expenses... Read More

IRS INCREASES IRA LIMITS FOR THE 2023 TAX YEAR IRS increases IRA limits for the 2023 tax year. In IRS Notice IR-2022-188, the IRS let taxpayers know that it was increasing the limit for the Individual Retirement Accounts for the 2023 tax year. I... Read More

Your 2022 tax returns act now. It is not too late at all to get ready for your 2022 tax returns. In fact if you are an employee, your boss will be mailing your W-2 by the end of January, and then the countdown to filing your return by April 15... Read More

Tax rules for your vacation rentals. If you use a service for renting out your vacation home, such as VRBO and Airbrib, you will get a 1099-K IRS tax form, for transactions conducted through their website. Since most rentals processed through t... Read More

Tax return myths part two. Several myths apparently exist regarding tax returns and what you can do to speed up the process of getting your tax refund. These are false and in fact some involve people calling the IRS, which only wastes the IRS t... Read More

Tax return extension some qualify instantly. Although the deadline for filing a tax return extension has passed for the large majority of taxpayers filing a IRS tax return, some taxpayers qualify automatically to file depending upon a few set o... Read More

Six month extension to file taxes. Most citizens want to get a tax refund as fast as possible, so they file prior to the filing deadline, which in 2022 is on April 18th. Yet those who have incomplete records, who owe some in taxes, or have othe... Read More

Caution in filing the new 1099-K. The reporting threshold required by the IRS has been changed for those who have to file form 1099-K, which is used for third party settlement entities, which must issue a 1099-K. The National Taxpayer Advocate... Read More

Proper status for filing business taxes. Whenever someone decides to open up a business, they should at some point stop, and determine what status the business should take. Why ? Well because we have spoken to hundreds of business owners over t... Read More