Conferences, worksite visits, and other travel may be claimed as a travel deduction. The Internal Revenue Service allows “ordinary and necessary” expenses regarding travel. They also take into account how far you travel from your tax home. But what is a tax home, and what is meant by ordinary expenses? Here are the facts about…
Six Major Changes Made by IRS for 2023 Tax Season
March 10, 2023
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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…
The Changing Rules for the Electric Vehicle Tax Credit
By Kelley R. Taylor From Kiplinger’s Personal Finance When the Inflation Reduction Act passed in 2022, it ushered in an electric vehicle tax credit worth up to $7,500. This EV tax credit has caused some confusion ever since partly because of the rules on price limits as well as the manufacturing, sourcing and assembly of…
Common Tax Mistakes of Gig Workers
March 9, 2023
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More and more people are becoming gig workers due to the massive layoffs in recent days. It can be an excellent way to get some short-term income—and some people find that they can make more money through gigs than with a full-time job. Of course, you can expect to pay some taxes anytime income is…
Why Tax Stock Buybacks?
March 8, 2023
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Commentary The Biden administration has passed a 1 percent tax on stock buybacks. A stock buyback is when a public company uses its own cash to buy back its own stock. Sometimes it is financially in the best interest of the company to actually borrow money to buy back stock. Democrats dislike stock buybacks because…
The Fair Tax of 2023: A Great Idea with a Major Flaw
Commentary Twenty-five Republican members of the House of Representatives co-sponsored a bill to radically overhaul the U.S. tax system. The Fair Tax Act of 2023 (H.R.25) proposes to eliminate all federal income taxes, replacing the revenue with a national sales tax of 23–30 percent. The bill is well-thought out and extremely thorough. It effectively would…
IRS Flip-Flopping: Ineligible Americans Receiving Form 1099-K
March 8, 2023
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Some American taxpayers are reportedly receiving 1099-K tax forms from the Internal Revenue Service (IRS) even though they may not be legally obligated to file it, which comes amid the tax agency flip-flopping on the income threshold applicable regarding the form. The form 1099-K is a document sent by third-party networks like PayPal, Venmo, Amazon,…
How to Save for Health Care in Retirement
By Sandra Block From Kiplinger’s Personal Finance A health savings account provides one of the most-effective strategies to save for health care in retirement. Contributions are pretax (or tax-deductible, if your HSA isn’t employer-sponsored), the funds grow tax-deferred, and withdrawals are tax-free for qualified medical expenses. There are no income limits on HSAs, but you…
Where to Shop for Auto Insurance
By David Rodeck From Kiplinger’s Personal Finance If you’ve decided it’s time to test the market for your auto insurance, you have several ways to get quotes and see what’s out there: An Agent With a Major Insurer One option is to reach out to an agent representing one of the major insurers, such as…
How to Deduct Property Losses After a Hurricane
By Joy Taylor From Kiplinger’s Personal Finance Question: My home suffered significant damage from Hurricane Ian last year. Can I deduct the loss on my tax return? Answer: Personal casualty losses of individuals are deductible to the extent the losses are attributable to federal disasters, such as hurricanes, earthquakes, blizzards, wildfires, tornadoes or major flooding…
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