Embrace a Fresh Start: Welcome to the New Tax Season!

As the calendar resets and a new year is upon us, it’s time to gear up for the upcoming tax season.

This period brings proactive planning, organization and informed decision making to navigate tax obligations efficiently.

The IRS will begin accepting electronically filed returns mid-January and the deadline to file will follow on April 15th.

What to do when you receive a letter from the IRS

If you receive a letter from the IRS, it’s more than likely regarding your federal tax return.

Your notice will explain the reason for receiving it as well as necessary actions to take. You could have a balance due, or the IRS determined you are due a larger or smaller refund than anticipated. They may also need additional information, have questions or are making a change to your return. The IRS may also need to verify your identity.

Married Filing Jointly vs Separately

Married taxpayers, who were married on the last day of the tax year, have two filing status options when it’s time to file their annual tax return. The best choice varies depending on each couple’s individual needs.

Married filing jointly offers lower tax rates, but filing separately may be more beneficial depending on the couple’s individual situations.

So, which filing status is best for you? 

Secure Act 2.0 and 401K Enrollment

There’s been an update to the original SECURE Act passed in 2019. The original SECURE Act governed how to contribute and withdraw from your IRAs and employer-sponsored retirement accounts.

The SECURE Act 2.0 passed at the end of 2022 and created many changes, especially those that affect employer-sponsored 401K accounts.

Of utmost importance are the requirements for new plans that…

Primary Residence Gain Exclusion

Your home is your pride and joy, and you earn capital gains when it appreciates. This is why many people buy a home versus renting. When you sell your home, the IRS wants its share of the profits earned. But, if the home is your primary residence, meaning you lived there full-time, you may be able to exclude some of your earnings from your taxable income using the primary residence gain exclusion.

How is Cryptocurrency Taxed in the United States?

Cryptocurrencies have been increasing in popularity, and we are seeing more and more questions about how they are taxed. In this blog post, we will take a brief look at the current state of cryptocurrency taxation in the United States. We will answer some common questions about how taxes work for digital currency transactions and provide some tips on how to stay compliant with the tax law.

How to Deduct Your Home Office as a Tax Expense

If you use a part of your home exclusively as your home office, you might be able to write off the expenses on your tax returns up to $10,000 if you don’t show a loss. You don’t have to live in a specific type of home and the deduction applies to both homeowners and renters.

The Tax Cuts and Jobs Act made it a lot easier for self-employed taxpayers to deduct their home office expenses. It doesn’t cause the red flag most people assumed, and it typically doesn’t cause more issues when you sell the home.

Here’s what you must know about deducting your home office expenses.

Should you Opt Out of the Advanced Child Tax Credit?

Should you Opt Out of the Advanced Child Tax Credit? Part of the American Rescue Plan Act (ARPA) that was passed in March allowed for an increased child tax credit for certain taxpayers and the choice to receive 50% of the child tax credit as a monthly payment starting in July 2021 and ending in […]

Avoid Scams, Get an IP PIN

Is your tax return secure? An IP PIN may help Starting in 2011, the IRS began offering taxpayers a way to protect their tax return from fraudulent electronic filing by issuing taxpayers an Identity Protection Personal Identification Number (IP PIN). The IP PIN is a six-digit number required to be included on a tax return […]

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