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Blog Category: Tax

2022 Q3 tax calendar: Key deadlines for businesses and other employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may

Estate Planning and Income Tax: Have a Plan

As of 2022, the current estate tax exemption is $12.06 million, allowing many to disregard concerns with federal estate tax. Compared to a decade ago, when planning was focused on

Do you have to pay tax on Social Security?

Finding out your Social Security benefits may be taxable is a surprise to some taxpayers. The answer to the question if your benefits could be subject to tax is: “it

IRS Mileage Rate Increased in Response to High Gas Prices

Effective July 1, 2022, the IRS has increased the 2022 standard mileage rate to 62.5 cents per mile. This is an increase of 4 cents over the rate that was

How Series EE Savings Bonds are Taxed

Parents and relatives often purchase Series E and Series EE savings bonds for their kids and as financial gifts for younger family members. In fact, most owners rarely look at

How the Sale of Your Home Affects Taxes

The housing market is sizzling hot right now and has been for the last 18 – 24 months. Home inventories are very low which has created bidding wars and many

Got a Letter From Uncle Sam? Don’t delay in responding.

The IRS sends notices or letters for a variety of reasons; a change to your return, a balance due, or a request for additional information just to name a few. 

What charitable contributions require a qualified appraisal?

Some high-valued contributions to charity will require a qualified appraisal. The IRS requires documentation from the donor and charitable organizations to allow the donor to deduct these contributions. Contributions of

4 Tax Breaks for Caring for an Elderly Relative

Have you been taking care of an elderly parent, grandparent, or dear friend? You may be eligible for these 4 tax breaks: 1. Medical Expenses: If you are providing over

3 things to do after you file your tax return

The tax filing deadline for 2021 tax returns is April 18 this year. After your 2021 tax return has been successfully filed with the IRS, there may still be some