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Taxpayers should review the 401(k) and IRA limit increases for 2023
The amount individuals can contribute to their 401(k) plans in 2023 will increase to $22,500 -- up from $20,500 for 2022. The income...
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Platinum Professional Services
- Nov 18, 2022
- 2 min
Seniors Can Reduce their Tax Burden by Donating to Charity Through their IRA
In most cases, distributions from a traditional Individual Retirement Account are taxable in the year the account owner receives them but...
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Platinum Professional Services
- Nov 2, 2022
- 2 min
Service providers and Others May Receive 1099-Ks for Sales over $600 in Early 2023
The Internal Revenue Service reminds taxpayers earning income from selling goods and/or providing services that they may receive Form...
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Platinum Professional Services
- Oct 2, 2022
- 3 min
Hurricane Ian Victims in Florida Qualify for Tax Relief
Hurricane Ian victims throughout Florida now have until Feb. 15, 2023, to file various federal individual and business tax returns and...
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Platinum Professional Services
- Sep 7, 2022
- 2 min
Maximum Educator Expense Deduction Rises to $300 in 2022
As the new school year begins, the Internal Revenue Service reminds teachers and other educators that they’ll be able to deduct up to...
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Platinum Professional Services
- Sep 5, 2022
- 1 min
COVID Tax Relief: IRS Provides Broad-Based Penalty Relief for Certain 2019 and 2020 Returns
To help struggling taxpayers affected by the COVID-19 pandemic, the IRS issued Notice 2022-36, which provides penalty relief to most...
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Platinum Professional Services
- Aug 9, 2022
- 2 min
Some Things to Know About Crowdfunding and Taxes
Crowdfunding is a popular way to raise money online. People often use crowdfunding to fundraise for a business, for charity, or for...
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Platinum Professional Services
- Jul 18, 2022
- 2 min
Here is What Taxpayers Need to Know About Business Related Travel Deductions
Business travel can be costly. Hotel bills, airfare or train tickets, cab fare, public transportation – it can all add up fast. The good...
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Platinum Professional Services
- Jun 20, 2022
- 3 min
Some Tax Considerations for People who are Separating or Divorcing
When people go through a legal separation or divorce, the change in their relationship status also affects their tax situation. The IRS...
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Platinum Professional Services
- Jun 10, 2022
- 2 min
IRS increases mileage rate for remainder of 2022
The Internal Revenue Service announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may...
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Platinum Professional Services
- Jun 9, 2022
- 2 min
People can Protect Themselves from Tax-Related Identity Theft with an Identity Protection PIN
Identity Protection PINs stop identity thieves from filing fraudulent tax returns. When a taxpayer chooses to participate in this...
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Platinum Professional Services
- May 25, 2022
- 2 min
Things Organizations Should Know About Applying for Tax-exempt Status
To be tax-exempt under Section 501(c)(3) of the Internal Revenue Code, an organization must be organized and operated exclusively for any...
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Platinum Professional Services
- Apr 12, 2022
- 2 min
Estimated Federal Tax Payments First Quarter Deadline is Monday, April 18 2022
The Internal Revenue Service reminds those who make estimated tax payments such as self-employed individuals, retirees, investors,...
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Platinum Professional Services
- Mar 11, 2022
- 2 min
IRS Unveils Voice and Chat Bots to Assist Taxpayers
The Internal Revenue Service announced it has begun using voice and chat bots on two of its specialized toll-free telephone assistance...
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Platinum Professional Services
- Mar 4, 2022
- 2 min
How Businesses Can Deduct Startup Costs From Their Federal Taxes
For costs paid or incurred after September 8, 2008, the business can deduct a limited amount of start-up and organizational costs. They...
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Platinum Professional Services
- Feb 8, 2022
- 2 min
Tax Preparers Should Know the Difference between Standard and Itemized Deductions
Taxpayers have two options when completing a tax return, take the standard deduction or itemize their deductions. Most taxpayers use the...
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Platinum Professional Services
- Jan 19, 2022
- 4 min
2022 Tax Filing Season Begins Jan. 24; IRS Outlines Refund Timing and What to Expect
The Internal Revenue Service announced that the nation's tax season will start on Monday, Jan. 24, 2022, when the tax agency will begin...
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Platinum Professional Services
- Jan 3, 2022
- 2 min
What Small Business Owners Should Know About the Depreciation of Property Deduction
Depreciation is an annual tax deduction that allows small businesses to recover the cost or other basis of certain property over the time...
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Platinum Professional Services
- Dec 23, 2021
- 2 min
Teachers Can Deduct Out-of-pocket Classroom Expenses Including COVID-19 Protective Items
The school year is in full swing. Many teachers are already dipping into their own pockets to buy classroom supplies that will help set...
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Platinum Professional Services
- Nov 22, 2021
- 1 min
Small Business Advertising and Marketing Costs May be Tax Deductible
The tax law allows businesses to deduct expenses that help them bring in new customers and keep existing ones. These costs may include...
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