The IRS sent out a warning this week regarding tax schemes and scams on social media. “The IRS continues to see a lot of inaccurate information that could get well-meaning taxpayers in trouble. People should remember that there is no secret way to fill out a form and simply get [...]
Source: IRS.gov - Issue Number: Tax Tip 2023-36 U.S. citizen and resident aliens living abroad should know their tax obligations. Their worldwide income -- including wages, unearned income and tips -- is subject to U.S. income tax, regardless of where they live or where they earn their income. They also [...]
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 [...]
Tax Planning: Tips and Advice With the new tax year upon us, it's time to consider strategies to manage your tax liability effectively. Each tax season bring changes that offer both challenges and opportunities. Here are some essential tips and advice to help you navigate these changes and make informed [...]
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. [...]
