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What are the tax implications of winning money or valuable prizes?
What are the tax implications of winning money or valuable prizes? If you gamble or buy lottery tickets and you’re lucky enough to win, congratulations! After you celebrate, be aware that there are tax consequences attached to your good fortune. Winning at gambling...
Investment swings: What’s the tax impact?
Investment swings: What’s the tax impact? If your investments have fluctuated wildly this year, you may have already recognized some significant gains and losses. But nothing is decided tax-wise until year end when the final results of your trades will reveal your...
Know the Signs of an Employee Retention Credit Scam
Know the Signs of an Employee Retention Credit Scam If it sounds too good to be true, it probably is. The IRS has sounded the alarm repeatedly regarding a scam involving the Employee Retention Credit (ERC). Third parties have been aggressively promoting that...
Can you deduct student loan interest on your tax return?
Can you deduct student loan interest on your tax return? The federal student loan “pause” is coming to an end on August 31 after more than three years. If you have student loan debt, you may wonder whether you can deduct the interest you pay on your tax return. The...
Pocket a tax break for making energy-efficient home improvements
Pocket a tax break for making energy-efficient home improvements An estimated 190 million Americans have recently been under heat advisory alerts, according to the National Weather Service. That may have spurred you to think about making your home more energy...
Retirement account catch-up contributions can add up
If you’re age 50 or older, you can probably make extra “catch-up” contributions to your tax-favored retirement account(s). It is worth the trouble? Yes! Here are the rules of the road.The deal with IRAs Eligible taxpayers can make extra catch-up contributions of...
Inheriting stock or other assets? You’ll receive a favorable “stepped-up basis”
If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. How do the rules work? Under the current fair market value basis rules (also known as the “step-up and step-down” rules), an heir...
The best way to survive an IRS audit is to prepare
The IRS recently released its audit statistics for the 2022 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But even though a small percentage of returns are being chosen for audits these days, that will be little consolation...
Using your IRA distributions to benefit charity
Recent legislation opened up a new opportunity to use your IRA to make tax efficient contributions to your favorite charity. Individuals must receive annual required minimum distributions (RMDs) out of their retirement plan or IRA when they reach age 73 or older (this...
Questions you may still have after filing your tax return
If you’ve successfully filed your 2022 tax return with the IRS, you may think you’re done with taxes for another year. But some questions may still crop up about the return. Here are brief answers to three questions that we’re frequently asked at this time of year....
Paperwork you can toss after filing your tax return
Once you file your 2022 tax return, you may wonder what personal tax papers you can throw away and how long you should retain certain records. You may have to produce those records if the IRS audits your return or seeks to assess tax. It’s a good idea to keep the...
There’s a favorable “stepped-up basis” if you inherit property
There’s a favorable “stepped-up basis” if you inherit property A common question for people planning their estates or inheriting property is: For tax purposes, what’s the “cost” (or “basis”) an individual gets in property that he or she inherits from another? This is...
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...
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