The base Medicare Part B monthly premium for 2022 increases to $170.10/month (from $148.50/month for 2021). The higher premiums some taxpayers have to pay for 2022 vary depending on the taxpayers’ modified AGI (MAGI) as shown on their 2020 income tax returns. The various MAGI levels increased a small amount with the exception of the… Read More
With the year-end approaching, it is time to start thinking about strategies that may help lower your tax bill for not only 2021 but 2022 as well. Planning is more challenging than usual this year due to the uncertainty surrounding pending legislation that could, among other things, increase top rates on both ordinary income and… Read More
With year-end approaching, it is time to think about moves that may help lower your business’s taxes for 2021 and 2022. 2021 is more challenging than usual due to the uncertainty surrounding pending legislation that could increase corporate tax rates plus the top rates on both business owners’ ordinary income and capital gain starting in… Read More
Here’s how a taxpayer’s custody situation may affect their advance child tax credit payments COVID Tax Tip 2021-147, October 5, 2021 Parents who share custody of their children should be aware of how the advance child tax credit payments are distributed. It is important to remember that these are advance payments of a tax credit… Read More
Things people do during the summer that might affect their tax return next year IRS Tax Tip 2021-102, July 15, 2021 It’s summertime and for many people, summertime means change. Whether it’s a life change or a typical summer event, it could affect incomes taxes. Here are a few summertime activities and tips on how… Read More
With the recently enacted American Rescue Plan, there were changes made to the child tax credit that may benefit many taxpayers, most notably: The amount has increased for certain taxpayers The credit is fully refundable The credit may be partially received in monthly payments The qualifying age for children has been raised from 16 to… Read More
Attention last minute savers! There’s still time to reduce your tax burden for 2016. Have you funded a traditional IRA, Roth IRA, or SEP this year? The deadline for contributions to IRAs is April 18, 2017 — this year’s filing deadline. For self-employed taxpayers, contributions to a SEP may be postponed until October 16, 2017… Read More
Although the IRS reports a 400 percent surge in phishing and malware incidents during the 2016 tax season, there are simple steps you can take to help protect yourself. Here are nine hints that can help: Beware of IRS Impersonators. Some crooks call taxpayers to say they must settle their “tax bill.” These are fake… Read More
More than half of taxpayers hire a professional when it’s time to file a tax return. Even if you don’t prepare your own Form 1040, you’re still legally responsible for what is on it. A tax return preparer is trusted with your most personal information. They know about your marriage, your income, your children and… Read More
Overview of Tax Return Preparer Requirements The chart below provides an overview of the various categories of individuals who may prepare federal tax returns for compensation. Category PTIN Tax Compliance Check Background Check IRS Test Continuing Education Practice Rights Enrolled Agents* Yes Yes Proposals Pending Yes (Special Enrollment Exam) 72 hours every 3 years… Read More