CT tax firm Archives - Bailey Scarano

Strategies to Tackle the Upcoming Surge in IRS Audits for Wealthy Taxpayers

Bailey Scarano Blog, Tax & Money Tips / By Bonnie Buol Ruszczyk

The Internal Revenue Service (IRS) is sharpening its focus on America’s wealthiest taxpayers, signaling a wave of increased audits, particularly targeting large partnerships. In light of this, it’s prudent for those within the IRS’s scope to reassess their tax filings, especially over the last three years, the typical statute of limitations for IRS audits. Scrutinizing …

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Update on Clean Vehicle Credits

Bailey Scarano Blog, Tax & Money Tips / By Bonnie Buol Ruszczyk

The Internal Revenue Service (IRS) has issued detailed guidance on the clean vehicle credit for both new and used clean vehicles, which is important for manufacturers, dealers, sellers, and taxpayers to understand. What is – and What Qualifies for – the Electric Vehicle Tax Credit? It is a nonrefundable tax credit offered to taxpayers who …

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IRS Introduces Option to Withdraw Employee Retention Credit Claims

Bailey Scarano Blog, Tax & Money Tips / By Bonnie Buol Ruszczyk

If you own a business, we are sure you have also gotten emails, phone calls, and even texts from companies promising to help you to apply for – and receive – employee retention credits. While there are legitimate reasons for some businesses to apply, many companies fell for “too good to be true” offers of …

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Understanding the Updated Social Security Changes for 2024

Bailey Scarano Blog, Tax & Money Tips / By Bonnie Buol Ruszczyk

As we are quickly approaching 2024, it’s important to be aware of the changes in the Social Security wage cap and benefit amounts. The wage cap is now set at $168,600, marking a significant threshold for taxpayers. Additionally, beneficiaries of Social Security and Supplemental Security Income (SSI) will see a 3.2% increase in their benefits. …

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Don’t Fall for These IRS Myths

Bailey Scarano Blog, Tax & Money Tips / By Bonnie Buol Ruszczyk

False info about taxes is not all that uncommon, but recently the IRS addressed the following common myths about refunds: Myth 1: Calling the IRS or visiting an IRS office speeds up a refund. The best way to check the status of a refund is online through the “Where’s My Refund?” tool. Taxpayers can also call …

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IRS Releases 2022 Standard Mileage Rates

Bailey Scarano Blog, Tax & Money Tips / By Bonnie Buol Ruszczyk

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 …

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Handle Mutual Funds With Care at Year End

Bailey Scarano Blog, Tax & Money Tips / By Bonnie Buol Ruszczyk

As the year is coming to a close, it is a good time to review any mutual fund holdings in your taxable accounts and and do what is necessary to avoid potential tax traps. Avoid surprises Near the end of the year, mutual funds typically distribute all or most of their net realized capital gains …

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Do You Know Your Taxpayer Filing Status?

Bailey Scarano Blog, Tax & Money Tips / By Bonnie Buol Ruszczyk

Most of us are ready for 2020 to end. From a tax perspective, however, the end of the year means thinking about the filing status you’ll use when filing your tax return for the year. Partly, it depends on whether you’re married on December 31, 2020. Five different statuses When you file your federal tax …

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Adding a REIT to Your Investments

Bailey Scarano Blog, Tax & Money Tips / By Bonnie Buol Ruszczyk

This year’s stock market has been quite the roller coaster ride, and many people craving a sense of stability. If volatility makes you worry, it’s important to maintain a diversified portfolio that won’t plummet every time the Dow drops. One way many diversify their portfolios is by adding some real estate investments. Don’t go out …

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2020 Mid-Year Tax Check-In

Bailey Scarano Blog, Tax & Money Tips / By Bonnie Buol Ruszczyk

While the extended tax deadline just passed, it is time to start thinking about your mid-year tax planning. With new laws in place, there are opportunities in 2020 that we haven’t had before, along with time tested tax reduction strategies. Here are a few things to think about. Business Owners The deadline to apply for …

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Don’t Fall for Fraudulent Schemes

Bailey Scarano Blog / By Bonnie Buol Ruszczyk

2020 has been one for the history books, and we are only halfway through it. In addition to the health concerns and political upheaval, the pandemic has spurred unprecedented economic challenges. Unfortunately, many dishonest individuals and organizations take this as an opportunity to prey on our anxieties. As the year rolls along, new and ever …

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PPP Loan Questions and Answers

Bailey Scarano Blog, Tax & Money Tips / By Bonnie Buol Ruszczyk

There have been A LOT of questions around the substance and execution of the Paycheck Protection Program loans. On the evening of April 6, the Treasury Department released a Q&A to try to provide some clarification on the most commonly asked questions. You can read the full document here. Below, we have pulled out, and summarized, …

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