The Tax Cuts and Jobs Act (“TCJA”) almost doubled the Standard Deduction. For 2022, Single filers can claim $12,950, Head of Household $19,400 and Married Filing Jointly $25,900. Additionally, the maximum amount that can be deducted for state and local…
Taxpayers must pay their taxes “as they go.” For many taxpayers, their income taxes are withheld from their paychecks. For taxpayers that don’t have any withholding, they will need to make estimated tax payments.
Most married couples file their income tax returns jointly. However, married couples have an option—they can file married filing jointly or married filing separately. Married couples can change their filing status from year to year. The only requirement is that…
The health-care reform legislation that was recently signed into law contains a number of tax changes. Some of these changes take effect immediately; others won’t have an impact for a few years. Here’s a year-by-year breakdown of some of the…
Taxpayers over age 70-1/2 with an IRA have a year-end tax planning opportunity.
