IRS releases frequently asked questions about clean vehicles credits for new, previously owned and commercial clean vehicles The Internal Revenue Service today released frequently asked questions (FAQs) about clean vehicle credits for new, previously owned and commercial clean vehicles in Fact Sheet (FS-2022-42). The Inflation Reduction Act of 2022 (IRA) makes several changes to the… Read More

Wading through a pile of statements, receipts and other financial documents when it’s time to prepare a tax return can be frustrating for people who haven’t managed their records. By knowing what they need to keep and how long to keep it, people can develop a good recordkeeping system year-round and make filing their return… Read More

During the holiday season, taxpayers should be aware of gift card scams thieves commonly use this time of year. Con artists will target taxpayers by asking them to pay a fake tax bill with gift cards. They may also use a compromised email account to send emails requesting gift card purchases for friends, family or… Read More

If older than 70.5, make Qualified IRA Charitable Distributions Utilize RMDs to pay quarterly estimates Transfer IRA portion to qualified longevity annuity Waive 60 day rollover penalty through broker statement Utilize Roth IRA for aggressive investments Utilize backdoor Roth for higher income Americans Utilize stock distribution tool of RMD Make IRA contributions late in life… Read More

Student Loan Forgiveness & Taxes With the recent student loan forgiveness announcement, many borrowers have been left confused or even unaware of their tax obligation for the coming tax year. Here is a list of common tax-related questions surrounding student debt relief. Is student debt forgiveness taxable? For the most part, no. The American Rescue… Read More

Seniors can reduce their tax burden by donating to charity through their IRA In most cases, distributions from a traditional Individual Retirement Account are taxable in the year the account owner receives them but there are some exceptions. A qualified charitable distribution is one of the few exceptions. A QCD is a nontaxable distribution made… Read More

For deaths occurring in 2022, add together the fair market value of all assets included in the estate, before deductions.  If the total is less than $12.06 million, then no Federal Estate Tax Return is required, and no tax will be due.  All heirs will receive their property free of tax, and will receive a… Read More

Selected Expired Individual Tax Items The one year only increase in the child credit expired at the end of 2021.  This credit reverted back to $2,000 (from $3,000); reduced the age back to under 17 (from under 18); is no longer fully refundable ($1,400 max); and reverts back to lower income phase outs. The one… Read More