Source Article: https://www.barnesdennig.com/2023-inflation-reduction-act-tax-credits/ The Inflation Reduction Act (IRA), signed into law by President Biden in August 2022, is designed to help fight inflation, increase investment in domestic manufacturing and energy production, lower prescription drug prices, and sharply reduce carbon emissions by 2030. It also included new and expanded tax incentives designed to [...]
Source: IRS Tax Time Guide WASHINGTON − The Internal Revenue Service reminds taxpayers of their reporting and potential tax obligations on income from the gig economy and service industry, transactions from digital assets, and foreign sources or holding certain foreign assets. Information available on IRS.gov and Instructions for Form 1040 [...]
Source IRS.gov Issue Number: Tax Tip 2023-15 Understanding business travel deductions Whether someone travels for work once a year or once a month, figuring out travel expense tax write-offs might seem confusing. The IRS has information to help all business travelers properly claim these valuable deductions. Here are some tax [...]
The 2022 tax filing season is underway. Every year, AFSG provides you with detailed checklists to help you stay organized and up-to-date on the current tax laws. Below are links to our 2022 checklists, worksheets, and virtual appointment options. TAX CHECKLISTS From your phone, tablet, or computer, click the link [...]
Source: IRS.gov IRS reminder to many: Make final 2022 quarterly tax payment by Jan. 17; avoid surprise tax bill, possible penalty WASHINGTON − The IRS urges taxpayers to check into their options to avoid being subject to estimated tax penalties, which apply when someone underpays their taxes. Taxpayers who [...]
SUMMARY: The Inflation Reduction Act of 2022 will make a historic down payment on deficit reduction to fight inflation, invest in domestic energy production and manufacturing, and reduce carbon emissions by roughly 40 percent by 2030. The bill will also finally allow Medicare to negotiate for prescription drug prices and [...]
Source: IRS.gov IR-2022-189, October 24, 2022 WASHINGTON — The Internal Revenue Service reminds taxpayers earning income from selling goods and/or providing services that they may receive Form 1099-K, Payment Card and Third-Party Network Transactions, for payment card transactions and third-party payment network transactions of more than $600 for the year. [...]
To make an Estimated Tax payment today… Jump to Direct Pay Or go to IRS.gov, Select Make a Payment, then Pay Now with Direct Pay, Make a Payment Select the Reason for Payment, Type of Tax, and Tax Year as indicated here -> Verify Identity The next screen will ask you to verify [...]
To make an Income Tax payment today... Jump to Direct Pay Or go to IRS.gov, Select Make a Payment, then Pay Now with Direct Pay, Make a Payment Select the Reason for Payment, Type of Tax, and Tax Year as indicated here -> Verify Identity The next screen will ask [...]
IRS.gov Issue Number: IR-2022-183 WASHINGTON -- The Internal Revenue Service today warned employers to be wary of third parties who are advising them to claim the Employee Retention Credit (ERC) when they may not qualify. Some third parties are taking improper positions related to taxpayer eligibility for and computation of the [...]
