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.
A Donor-advised fund is an efficient tax planning tool for high-net-worth taxpayers interested in charitable giving.
It is crucial to understand the difference between Independent Contractors and W2 earning employees.
