Three Things About That Special Charitable Contribution Deduction
For 2020 only, we have a special charitable contribution deduction, allowing up to $300 for those who don’t itemize. This allowance doesn’t follow the usual rules, though. Here are three things you’ll...
View ArticleKey Retirement Savings Figures Unchanged for 2021
Once upon a time, inflation went hand-in-hand with tax increases. Wages and prices would rise while tax brackets and deduction limits remained unchanged. The same amount of real, inflation-adjusted...
View ArticleTax Provisions in the Infrastructure Law
Despite being a huge, consequential piece of legislation, the Infrastructure Investment and Jobs Act barely touches the Internal Revenue Code. It contains a couple of provisions that will be of...
View ArticleTax Figures for 2022
Most of the federal tax figures get adjusted each year for inflation. That’s something to be happy about. It means the amount of money you can earn before you hit the next tax bracket is larger. The...
View Article2022 Medicare Part B Premium
The standard Medicare Part B premium is set to shoot up from $148.50 in 2021 to $170.10 in 2022. One reason for the sharp increase: making up for a 2021 cap on this premium that was part of a package...
View ArticleSalary Paid in Cryptocurrency
Recently there’s been some back-and-forth between Mayor Francis Suarez of Miami and mayor-elect Eric Adams of New York. Each wants his city to be a hub for cryptocurrency activity. So, when Suarez...
View ArticleIRS Video Guide to OIC
The IRS has posted a series of videos explaining how to make an offer in compromise (“OIC”). You may want to make an OIC if you have an unpaid federal tax debt that’s beyond your reasonable ability to...
View ArticleAMT and Capital Gain
Due to a quirk in the tax system, you may encounter alternative minimum tax (AMT) if you have a large long-term capital gain. We’ve updated and revised our explanation of how this happens and what you...
View ArticleNon-Itemizer Charitable Deduction
There’s still time to take advantage of a special provision letting you claim a charitable contribution deduction for 2021 even if you don’t itemize. The main restrictions: The contribution must be...
View Article2022 Tax Season is Open
As we all know, the four seasons are baseball, football, basketball and tax. Those who have been eagerly awaiting 2022 tax season need wait no longer! IRS is ready to receive 2021 tax returns. If you...
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