This article was published by the IRS. The Internal Revenue Service is reminding taxpayers that they must again answer a digital asset question and report all digital asset-related income when they file their 2022 federal income tax return, as they did for fiscal year 2021. The term "digital assets" has replaced "virtual currencies," a term used [...]
This article was published by the IRS. Many taxpayers may have heard of Individual Retirement Arrangements, or IRAs, but some don't know how IRAs help them save for retirement. People can set up an IRA with a bank or other financial institution, a life insurance company, mutual fund, or stockbroker. Here's a list of basic terms [...]
This article was published by the IRS. The Internal Revenue Service has issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beginning on January 1, 2023, the standard mileage rates for the use of a car (also vans, pickups, or panel [...]
This article was published by the IRS. The Internal Revenue Service has announced that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. The IRS has also issued technical guidance regarding all of the cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related [...]
If you work and have low to moderate income, be sure to look into the earned income tax credit - also known as EITC. It can put money in your pocket. The first thing to do is check out IRS.gov/eitc. There, you'll discover the credit can be worth thousands of dollars for some people. The amount [...]
