Financial institutions are responsible for sending their clients the Form 1099-B covering the sale of stocks, bonds, and mutual funds. Clients should also be sent their Form 1099-S covering the sale or exchange of real estate. Finally, most qualifying persons should be sent their 1099-MISC by this date. Continue reading Deadline for 1099-B, 1099-S, and 1099-MISC
Deadline to pay the fourth-quarter estimated tax payment for 2022. Continue reading 2022 Q4 Estimated Tax Deadline (IRS)
The American Opportunity Credit is a credit for post-secondary costs applied to decrease the taxes owed by a student, their spouse, and/or a dependent. The credit is designed to help qualifying low to moderate income persons cover the significant fees related to post-secondary education. Continue reading American Opportunity Credit
An introduction to the standard and itemized deductions that all taxpayers should know, as well as the established rates for 2022 and 2023. Continue reading 2022–2023 Standard and Itemized Deductions
An introduction to income tax brackets that all taxpayers should know, as well as the established rates for 2022 and 2023. Continue reading 2022 – 2023 Income Tax Brackets
Don’t forget that your 3rd Quarter estimated taxes for the IRS are due on September 30. The previous dates were April 30, 2022 and June 30, 2022. The next deadline is January 31, 2023. It you are not sure how much you owe for estimated taxes, go see if the estimated vouchers or tax worksheet is available in your 2021 tax return. Failure to pay … Continue reading Estimated Taxes (Iowa) Due
Qualifying medical expenses paid out of pocket can be deducted on taxes for taxpayers who itemize their deductions. With dozens of potential expenses to consider, we offer a starting point in the checklist below. Here, you will find some of the most commonly identified expenses as listed in the IRS Publication 502. Continue reading Medical Expenses Checklist
The 1099-K originates in business transactions performed using online payment systems like PayPal. The situation changed for everyone starting January 2022, eliminating a potential tax loophole for small businesses and creating substantial more risk for personal use. Continue reading Keep It Personal – Classify Your Online Payments Properly or Face the 1099-K
The government recognizes several different tax breaks for students and parents that might save you thousands of dollars. That could add up rather quickly. Continue reading Tracking Education Expenses
In an attempt to extend additional tax breaks for people who contributed to charity during the past year when so many needed the help, the IRS is offering higher than usual tax deductions for some taxpayers. Continue reading Record Your Charitable Donations
