The beginning of a new year brings the need to recap the previous one for Uncle Sam. Here are some tips to get you organized. • Look for your tax forms. Forms W-2, 1099, and…

Annual contribution limits for 401(k) plans, IRAs, SIMPLE plans, and more have been increased. Now is the best time to plan your 2024 retirement contributions to take full advantage of this tax benefit. Here’s what…

By now you’ve probably heard that Intuit QuickBooks will be halting new subscriptions for several popular products this summer. As of July 31, 2024, new subscriptions in the United States will no longer be sold…

The $20,000 reporting threshold for payment card companies to issue Form 1099-K was scheduled to drop to $600 for 2023. A late change in November returned the original threshold, and the 2024 reporting threshold is…

Tax season often triggers a cascade of questions. Here are five of the most common and their answers. 1. Are the miles earned on my credit card taxable? Taxation of extras  earned with a credit…

Upcoming Tax Deadlines March 15, 2024 • Deadline to file partnership and S-corporation tax returns. April 15, 2024 • Deadline to file individual, trust, gift and calendar-year C-corporation returns. • Deadline for making 2023 IRA…

What is Income Tax Nexus? Nexus is a word which means connection.  In the realm of income tax, nexus refers to the concept that a business will owe income tax to a state if it…

The IRS has released its federal tax brackets for calendar year 2024. There are still seven tax brackets. The lowest rate is 10% and the highest is 37%. These new tax brackets are in effect…