Another Rough Tax Season for IRS and Taxpayers?
This could be another rough tax season for the IRS and taxpayers because many returns still require manual review, resulting in significant delays in the IRS issuing refunds.
Cost Basis: Simple Definition, Complicated Calculations
Chief Investment Officer Troy Harmon, CFA, CVA, joined by Senior Financial Planner Josh Weidie, CWS®, team up to cover a listeners’ situation involving cost basis of her stocks and why it is important to track the cost basis of your investments.
The IRS is Accepting Returns, but Make Sure You Have all Your Forms
Chief Investment Officer Troy Harmon, CFA, CVA, is joined by Senior Associate Michael Griffin, CFP®, and Tax Manager Jessie Thomas, CPA, from Henssler CPAs & Advisers to provide some critical information about the upcoming tax season, as 2021 income tax returns are due April 18.
2022 Annual Limits Relating to Financial Planning
Need to know the contribution limits for the various retirement accounts? We have your answers. Download our 2022 Annual Limits Relating to Financial Planning quick reference sheet.
Why Tax Basis Is So Important
The basis of an asset is very important because it’s used to calculate deductions for depreciation, casualties, and depletion, as well as gains or losses on the disposition of that asset. We explain in this week’s Tax Tip.
Does Your Business Need to File Forms 1099-NEC or 1099-MISC?
If you use independent contractors to perform services for your business, for each one that you pay $600 or more for the year, you are required to issue the worker and the IRS a Form 1099-NEC no later than January 31, 2022, for 2021 payments.
Advance Child Tax Credit and EIP Must Be Reconciled on Your 2021 Return
Many taxpayers received advanced payments of the Child Tax Credit in 2021. This must be reconciled on your 2021 tax return.
How Can a Nonworking Spouse Qualify to Fund an IRA?
A frequently overlooked tax benefit is the spousal IRA, which allows a nonworking or low-earning spouse to contribute to his or her own IRA, as long as his or her spouse has adequate compensation.
Start 2022 Off Right: Clean Up QuickBooks
Is your QuickBooks company file ready for 2022? Here are three things you can do to put things in order.
New Tax Information Reporting Requirement for Cryptocurrency
With the Infrastructure Investment and Jobs Act of 2021, cryptocurrency exchanges will have new information reporting requirements starting in 2023. The first reporting forms related to crypto transactions will be issued to the IRS and investors in January 2024.