After another year of tax law changes, there are significant updates for the 2022 season, with the possibility of a smaller refund or bigger bill for many taxpayers, experts say. With many everybody facing reduced tax breaks, it’s important to be proactive...
The FBAR. What is it? Per the Bank Secrecy Act, every year you must report certain foreign financial accounts, such as bank accounts, brokerage accounts and mutual funds, to the Treasury Department and keep certain records of those accounts. You report the accounts by...
It may be time to up your 401(k) contributions. The IRS is increasing the limit by $2,000 for 2023, the agency announced Friday. Cost of living adjustments will bring the 2023 limit to $22,500 (up from $20,500) for individual contributions to retirement accounts...
If your income doesn’t rise in 2023, some tax relief is on the way You might owe less in taxes next year. As part of its annual adjustments based on inflation, the IRS increased the income thresholds for its tax brackets by thousands of dollars. These changes are...
The Internal Revenue Service is making progress on its backlog of unprocessed tax returns, as it’s asked by the American Institute of CPAs to extend its recently announced penalty relief through the end of the year. The IRS reported Monday it has reduced the...
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