Tag: IRS (page 1 of 2)

Did You Know…

If you installed a solar panel system or another type of renewable energy system during 2023 to your home, you may be eligible for a tax credit which would be equal to around 30% of the total cost of installation.

How Much Can You Save for Retirement in 2024?

The IRS has announced the contribution limit for employees who participate in a 401K, 403B and most 457 plans has increased to $23,000 for the tax year 2024 (up from $22,500 for 2023).

The catch-up contribution limit for employees aged 50 and over who participate in these plans will remain at $7,500 for 2024.

New IRS E-Filing Requirement

Starting with tax year 2023, if your business has 10 or more W2s and/or 1099s to prepare, you must file them electronically with the IRS.

 

Ways To Improve Your 2023 Tax Return Starting Now!

Get a jump start on next year’s return! The government is constantly coming out with new ways to save on taxes every year. This year the best ways to do so involve energy home savings and electric cars which you can find below:

1) For single-family house-energy savings projects started after August 16, 2022 and that will be completed by September 30, 2031, you may receive the below rebates:
– 50% of the costs up to $4000 maximum if energy savings are at least 35%
– $2000 maximum if the energy savings are more than 20% to less than 35%

2) For new construction of energy saving appliances, the following maximum rebates can be achieved:
– $1750 for a heat pump water heater
– $8000 for a heat pump for space heating or cooling
– $840 for either an electric stove, oven, etc. or an electric heat pump clothes dryer

3) For new construction of non-appliance upgrades, the following maximum rebates can be achieved:
– $4000 for an electric load service center upgrade
– $1600 for insulation, air sealing, and ventilation
– $2500 for electric wiring

4) The Clean Vehicle Tax Credit – this is a $7500 credit for yourself if you:
– buy a new electric vehicle that has final assembly in North America
– is a four-wheel vehicle and is for use on public streets
– has a minimum battery capacity of 7 kilowatt-hours
– does not exceed $80,000 for vans, SUVs, and pick-ups and $55,000 for other vehicles
To achieve the above credit, your adjusted gross income (AGI) must not exceed:
$300,000 for Married Filing Jointly
$225,000 for Head of Household
$150,000 for all others

Tax Season 2022! Tax Matters Newsletter

2022 Tax Newsletter

Tax Time! 2021 Tax Season Newsletter

Click Here to Read the 2021 Tax Newsletter

How Much Can You Save for Retirement in 2022?

The IRS has announced the contribution limit for employees who participate in a 401K, 403B and most 457 plans will increase to $20,500 for the tax year 2022 (up from $19,500 in 2021 and 2020).

The catch-up contribution limit for employees aged 50 and over who participate in these plans remains unchanged at $6,500.

Tax Time! Newsletter for the 2020 Tax Season

Click Here to read the full Tax Matters newsletter for the 2020 Tax Season

Tax Season is Almost Here!

The IRS will start accepting personal income tax returns on Monday, January 27th.

The deadline to file your 2019 tax return and pay any tax owed is Wednesday, April 15th.

The IRS continues to encourage taxpayers to file their returns electronically and choose direct deposit for faster receipt of refunds.

New W4 Form for 2020

The beginning of a new year is a great time for employees to review their withholding and determine if any adjustments are necessary.

The IRS has released the 2020 Form W4 which has been redesigned to reduce complexity and increase the accurateness of the withholding system.

The 2020 W4 form should be used by new hires and any employees making withholding changes in 2020.

Click here to view the 2020 Form W4

Click here for more information regarding the 2020 Form W4

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