Category: Tax Planning

The federal income tax filing deadline for individuals is generally Tuesday, April 18, 2023. The IRS has postponed the deadline to file federal income tax returns and make tax payments for certain New York storm victims until May 15, 2023, and to July 31, 2023, for certain Mississippi storm victims. The deadline has been postponed […]

The IRS has identified 21 states that made special payments to taxpayers in 2022. After a review of those special payments, the IRS has determined that taxpayers in many states will not need to report those payments on their 2022 federal income tax returns. Special payments in four of those states should be treated as […]

The IRS announced that the starting date for when it would accept and process 2022 tax-year returns was Monday, January 23, 2023. Tips for making filing easier To speed refunds and help with tax filing, the IRS suggests the following: Key filing dates Here are several important dates to keep in mind: Awaiting processing of […]

You may donate money to charitable organizations throughout the year, for no other reason than your heart-felt desire to support causes that you care about. But if philanthropy is important to you, keep in mind that the associated tax breaks could potentially increase your ability to give. You might consider a more strategic approach to […]

The federal income tax filing deadline for individuals is generally Monday, April 18, 2022 (Tuesday, April 19, 2022, if you live in Maine or Massachusetts). Need more time? If you’re not able to file your federal income tax return by the April due date, you can file for an extension by the April due date […]

The IRS announced that the starting date for when it would accept and process 2021 tax-year returns was Monday, January 24, 2022. Tips for making filing easier To speed refunds and help with tax filing, the IRS suggests the following: Make sure you have received Form W-2 and other earnings information, such as Form 1099, […]

Here are some things to consider as you weigh potential tax moves between now and the end of the year. 1. Defer income to next year Consider opportunities to defer income to 2022, particularly if you think you may be in a lower tax bracket then. For example, you may be able to defer a […]

After more than four years of international negotiations taking place mostly behind the scenes, 132 countries — representing more than 90% of worldwide gross domestic product (GDP) and including the Group of 20 (G20) large economies — recently agreed to a new plan to reform international tax laws in an effort to “ensure that multinational […]

If you have qualifying children under the age of 18, you may be able to claim a child tax credit. (You may also be able to claim a partial credit for certain other dependents who are not qualifying children.) The American Rescue Plan Act of 2021 makes substantial, temporary improvements to the child tax credit […]