If you have tried to call the IRS any time in the last year or so, our bet is that you are still on hold. With all the changes in the tax laws over the last two years, its dated technology and myriad other factors, the agency simply doesn’t have the money or people to meet …
If you are considered a high earner, this is not the year to play with your taxes. (Not that we ever recommend doing that!) The Internal Revenue Service is keeping the pressure on high income taxpayers who do not file their taxes as well as other high wealth taxpayers who may otherwise be hiding their earnings …
The IRS is reminding and encouraging taxpayers to better protect themselves starting in January by joining the Service’s Identity Protection Personal Identification Number (IP PIN) program. Recent changes to the program make it easier for more taxpayers to join, and the fastest and easiest way to receive one is by using the Get an IP PIN …
Mileage rates for 2022 are slightly up from those of 2021 due to inflation and other factors. These rates can be used to compute deductible costs of operating vehicles for business, medical and charitable purposes, and some members of the military can also use them to determine moving expense deductions. 2022 Standard Mileage Rates The …
As 2021 comes to an end, we at Bailey Scarano are getting ready for the upcoming tax season. Keep your eyes open in early January for your paper or electronic tax organizer so you can collect and organize your 2021 tax information. We are ready to help and happy to answer any questions you may …
While you may not have your 2021 taxes on your mind right now, we do. As we start preparing for tax season before we take some time off for the holidays, we wanted to make sure you were aware of two important letters coming from the IRS in January. Letter 6419 – Advance Child Tax …
On October 30, all members of the G20 endorsed a global corporate minimum tax rate of 15% in an effort to discourage countries from slashing corporate tax rates and creating tax shelters to attract large multinational corporations. The agreement comes on the heels of an international agreement in October among 136 of the 140 Organization …
Global Corporate Minimum Tax Rate Endorsed by G20 Read More »
Curious what your tax bracket will be in 2022? Now you will know since the IRS recently released the annual inflation adjustments for 2022 for the income tax rate tables, plus more than 56 other tax provisions. The IRS makes these cost-of-living adjustments (COLAs) each year to reflect inflation. 2022 Income Tax Brackets For 2022, …
Did you apply for an Economic Injury Disaster Loan (EIDL) and get turned down? Or did you mean to apply and never got to it? We have what could be good news for you, but the deadline to apply is fast approaching. First, let’s explain what each program is and how they differ. Overview of …
Economic Injury Disaster Loan Funds are Still Available Read More »
While most of the Infrastructure Investment & Jobs Act (IIJA) is focused on physical infrastructure projects across the country, there are a handful of tax provisions included in the bill as well, including: End of Employee Retention Credit The American Rescue Plan Act extended the Employee Retention Credit (ERC) for the third and fourth quarters …
Tax Provisions in Recently Passed Infrastructure Bill Read More »
When it comes to divorce, alimony and taxes, it is not uncommon to have a lot of questions. While most are answered with the ubiquitous “it depends,” the question of whether paying health insurance premiums can qualify as alimony has been resolved. In a recent court decision, the court ruled that an individual can …
Ex-Spouse Health Insurance Premiums Deductible as Alimony Read More »
Have you been having enough taxes withheld from your paycheck this year? Have you experienced some unexpected financial changes? If you think you may be off in terms of taxes due, the IRS’s Tax Withholding Estimator can help you determine: If you have withheld too much and how to make an adjustment to put more cash into your …