As we close out the year and get ready for tax season, here’s what individuals and families need to know about tax provisions for 2022. Personal ExemptionsPersonal exemptions are eliminated for tax years 2018 through 2025. Standard DeductionsThe standard deduction for married couples filing a joint return in 2022 is $25,900. For singles and married…
Although the chances of taxpayers being audited have declined in recent years, with taxes becoming more complicated every year, there is always the possibility that a tax mistake turns into an IRS tax audit. Avoiding “red flags” like the ones listed below could help. Claiming Business Losses Year After Year When you operate a business…
Individuals with significant assets should take advantage of proven tax strategies such as gifting and direct payments to educational institutions to transfer wealth to heirs tax-free and minimize estate taxes.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, the stimulus bill that was signed into law on March 27, 2020, contains legislation to stabilize the economy during the coronavirus pandemic.
Relief for taxpayers facing the challenges of COVID-19-related tax issues is now available through the IRS People First initiative.
