News Updates

Valuable tax benefits for members of the military

Members of the military may qualify for tax benefits not available to civilians. For example, they don’t have to pay taxes on some types of income. Special rules may lower the tax they owe or allow them more time to file and pay their federal taxes.

Read More »

Tax benefits of making a business accessible to workers and customers with disabilities

Tax benefits of making a business accessible to workers and customers with disabilities

The 2022 contribution limit for 401(k) plans will increase to $20,500.
Contributions to traditional and Roth IRAs will remain at $6,000.
If neither taxpayer nor their spouse is covered by a retirement plan at work, their FULL contribution to a traditional IRA is deductible.
If the taxpayer or their spouse was covered by a retirement plan at work, the deduction may be reduced or phased out until it is eliminated – amount will depend on the taxpayer’s filing status and their income.
The amount individuals can contribute to SIMPLE retirement accounts increases to $14,000 in 2022.

Read More »

What taxpayers can do now to get ready to file taxes in 2022

There are steps people, including those who received stimulus payments or advance child tax credit payments,

The 2022 contribution limit for 401(k) plans will increase to $20,500.
Contributions to traditional and Roth IRAs will remain at $6,000.
If neither taxpayer nor their spouse is covered by a retirement plan at work, their FULL contribution to a traditional IRA is deductible.
If the taxpayer or their spouse was covered by a retirement plan at work, the deduction may be reduced or phased out until it is eliminated – amount will depend on the taxpayer’s filing status and their income.
The amount individuals can contribute to SIMPLE retirement accounts increases to $14,000 in 2022.

Read More »

IRS announces changes to retirement plans for 2022

IRS announced they will implement changes to retirement plans for 2022

The 2022 contribution limit for 401(k) plans will increase to $20,500.
Contributions to traditional and Roth IRAs will remain at $6,000.
If neither taxpayer nor their spouse is covered by a retirement plan at work, their FULL contribution to a traditional IRA is deductible.
If the taxpayer or their spouse was covered by a retirement plan at work, the deduction may be reduced or phased out until it is eliminated – amount will depend on the taxpayer’s filing status and their income.
The amount individuals can contribute to SIMPLE retirement accounts increases to $14,000 in 2022.

Read More »