Two important tax deadlines are coming up — and they don’t involve filing your 2022 tax return
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
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
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.
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:
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...
Insight’s comprehensive 2022 payroll reporting guide.
GREETINGS CLIENTS AND FRIENDS, Season’s Greetings from the Insight Accounting Group team. As the tax year draws to a close and we take time to reflect, we want to say thank you to you for what you and your business contribute to our local and national economy....
Does my business qualify to claim the Employee Retention Credit (ERC)?
Does my business qualify to claim the Employee Retention Credit (ERC) ? If you are a client of Insight Accounting Group and own a business, we have very likely discussed the applicability of the federal Employee Retention Credit (ERC) with you sometime in the past two...
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?
Want to turn a hobby into a business? Watch out for the tax rules
Once you file your tax return, consider these 3 issues.
Selling mutual fund shares: What are the tax implications?
It’s almost that time of year again! If you’re not ready, file for an extension
The tax rules of renting out a vacation property
Lost your job? Here are the tax aspects of an employee termination
Married couples filing separate tax returns: Why would they do it?
If you’re married, you may wonder whether you should file joint or separate tax returns. The answer depends on your individual tax situation. In general, it depends on which filing status results in the lowest tax. But keep in mind that, if you and your spouse file a...
Did you give to charity in 2021? Make sure you have substantiation
The Ins and Outs of IRAs
Help safeguard your personal information by filing your 2021 tax return early.
How will revised tax limits affect your 2022 taxes?
Are you eligible for a medical expense tax deduction?
Gig workers should understand their tax obligations.
Stock market investors: Year-end tax strategies to consider
How are court awards and out-of-court settlements taxed?
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