In 2023 the 100% Bonus Depreciation ends, it will be 80% in 2023 and decrease 20% each year thereafter. Don’t worry for small business section 179 deductions still exist and you can claim approximately $1 million of 179 property per year. However, for large companies with huge Capital Expenditure their tax liability will start increasing… Read More

The IRS and Social Security released their indexes. They tie many things to various CPI indexes. Social Security increased their “COLA” amount, everyone is getting a 8.7% increase. That’s the first decent increase in at least over a decade. The IRS increased their tax brackets by increasing the brackets by 7%. For a married couple… Read More

  There so many things in this act.   Lots of Issues to cover.   I’ll start with increased IRS funding. They increased the following: Enforcement, $66 B (billion) to $111 B,   a $45 B increase or 69% increase.   The IRS significantly reduced the audits over the past 10 years, this will allow them to start working… Read More

Hurricane Ian came through Manatee county and IRS promptly extended the 10/15 deadline to 2/15. That is the only thing I know they have done quickly other than cash checks. My home and office do not have electric as of this posting and I plan on trying to complete the outstanding work by the original… Read More

The interest rates of overpaying or underpaying the IRS computed from the federal short-term rate determined during July 2022 have increased the percentage rate from 5% to 6%. A personal or corporate return will determine the correct rate. The new procedure goes into effect on October 1, 2022.1… Read More

Tax Filing season Taxpayers are already able to file corporate returns for 2021 and we will be able to file individual returns on January 24, 2022. The tax due date is April 18, 2022 As soon as you have your tax documents, please give me a call.… Read More

Gather and organize tax records – All the regular types of tax records plus three special forms and letters for Child Tax Credit Payment, Economic Impact Payments and Marketplace Insurance. Organized tax records make preparing a complete and accurate tax return easier. It helps avoid errors that lead to processing and refund delays. Individuals should have… Read More

The next tax estimate is due September 15. The IRS requires tax estimates to be paid quarterly throughout the year, as you earn money. This is the time of the year to do some tax planning. One aspect of tax planning is to ensure you have adequately paid in estimated taxes so you can avoid… Read More

We are in the final stretch for filing your 2020 tax returns. Partnerships and Sub-S tax returns are due 9/15/21 and your personal returns are due 10/15/21. To assure your return is completed timely and accurately your preparer needs to receive your tax documents need to be received by the 1st of the respective month.… Read More

The IRS offers one way to protect your identity from people obtaining your tax refund, it called the IP PIN. All taxpayers can obtain one, even for Children. I have had several mothers, whom I filed returns to only find out their spouse already took the Child Tax Credit, so either they have to negotiate… Read More