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Two important tax deadlines are coming up — and they don’t involve filing your 2022 tax return

Two important tax deadlines are coming up — and they don’t involve filing your 2022 tax return

by Insight Accounting Group | Mar 21, 2023 | Investments, Taxes

April 18 is the deadline for filing your 2022 tax return. But a couple of other tax deadlines are coming up in April and they’re important for certain taxpayers: Saturday, April 1 is the last day to begin receiving required minimum distributions (RMDs) from IRAs,...
The 2022 gift tax return deadline is coming up soon

The 2022 gift tax return deadline is coming up soon

by Insight Accounting Group | Mar 14, 2023 | Estate Planning, Taxes

Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2022 gift tax return. And in some cases, even if it’s not required to file one, you may want to do so anyway. Filing...
Claiming losses on depreciated or worthless stock

Claiming losses on depreciated or worthless stock

by Insight Accounting Group | Mar 7, 2023 | Investments, Taxes

Have you bought stock in a company that later dropped in value? While you may prefer to forget such an ill-fated investment, at least you can claim a capital loss deduction on your tax return. Here are the rules that apply when a stock you own is sold at a loss or...
Awarded money in a lawsuit or settlement? It’s only tax-free in certain circumstances.

Awarded money in a lawsuit or settlement? It’s only tax-free in certain circumstances.

by Insight Accounting Group | Mar 1, 2023 | Taxes

You generally must pay federal tax on all income you receive but there are some exceptions when you can exclude it. For example, compensatory awards and judgments for “personal physical injuries or physical sickness” are free from federal income tax under the tax...
Tax Court Case Illustrates Why Mileage Logs are Important:

Tax Court Case Illustrates Why Mileage Logs are Important:

by Insight Accounting Group | Feb 15, 2023 | Small Businesses, Taxes

A taxpayer who deducted expenses related to use of his business vehicles recently took a wrong turn in Tax Court. Ultimately, his deductions were denied because he couldn’t provide the documentation need to support his deductions. In general, you can deduct costs...
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Recent Posts

  • Two important tax deadlines are coming up — and they don’t involve filing your 2022 tax return
  • The 2022 gift tax return deadline is coming up soon
  • Claiming losses on depreciated or worthless stock
  • Awarded money in a lawsuit or settlement? It’s only tax-free in certain circumstances.
  • Tax Court Case Illustrates Why Mileage Logs are Important:
  • Insight’s comprehensive 2022 payroll reporting guide.
  • Does my business qualify to claim the Employee Retention Credit (ERC)?
  • You may be liable for “nanny tax” for all types of domestic workers.
  • Plan now to make tax-smart year-end gifts to loved ones
  • Tax and other financial consequences of tax-free bonds.
  • Year-end tax planning ideas for individuals
  • Don’t forget income taxes when planning your estate.
  • Seller-paid points: Can homeowners deduct them?
  • Home sweet home: Do you qualify for office deductions?
  • Estimated tax payments: Who owes them and when is the next one due?
  • Is your withholding adequate? Here’s how to check.
  • The kiddie tax: Does it affect your family?
  • How disability income benefits are taxed.
  • Your estate plan: Don’t forget about income tax planning
  • Social Security benefits: Do you have to pay tax on them?
  • Is it a good time for a Roth conversion?
  • The ins and outs of Series EE savings bond taxation
  • IRA charitable donations: An alternative to taxable required distributions.
  • Valuable gifts to charity may require an appraisal
  • Thinking about converting your home into a rental property?

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