Tax year 2022 saw multiple changes made by the Internal Revenue Service to tax limits, credits, standard deductions, and so on. With the deadline for filing returns fast approaching, here is a list of some of these changes. Marginal Tax Rates The IRS slightly changed tax brackets for the 2022 tax year. The top tax…
Six Major Changes Made by IRS for 2023 Tax Season
March 10, 2023
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Why Is Estate Planning More Important Now Than Ever Before?
By Tom Wheelwright President Biden’s Build Back Better plan has an abundance of tax changes that, if implemented, could significantly decrease the amount of wealth that you can leave to your family. These potential changes are a great reason to begin reevaluating your estate planning now before it’s too late. What’s at Stake? So, why is…
Finance Department Faces Grilling by MPs Over Tax Rules in Sale of Family Businesses
OTTAWA — Parliament’s legal expert says the Liberal government waded into uncharted territory when it decided to delay enacting tax rule changes on the sale of small businesses between family members. A Conservative private member’s bill passed in late June rewrote part of the Income Tax Act so business owners could pass on companies to…
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