The Ins and Outs of IRAs

Traditional IRAs and Roth IRAs have been around for decades and the rules surrounding them have changed many times. What hasn’t changed is that they can help you save for retirement on a tax-favored basis. Here’s an overview. Traditional IRAs You can make an annual deductible contribution to a traditional IRA if: You (and your… Read more »

Understanding Dependent Credits

Do you have a child age 17 or older or another dependent? You can’t claim the child credit for such an individual but you may qualify for the credit for other dependents. The maximum credit is $500 for each dependent who meets certain conditions. The person can be a dependent age 17 or older (such… Read more »

IRS Now Accepting ACA Returns

The IRS is now accepting e-filed Affordable Care Act (ACA) information returns. Forms 1094 and 1095 and transmittals can be electronically filed through the ACA Information Returns system, also known as AIR. These returns provide information about the health coverage that a taxpayer had or was offered in the previous year. Under the ACA, insurance… Read more »

How will revised tax limits affect your 2022 taxes?

While Congress didn’t pass the Build Back Better Act in 2021, there are still tax changes that may affect your tax situation for this year. That’s because some tax figures are adjusted annually for inflation.   If you’re like most people, you’re probably more concerned about your 2021 tax bill right now than you are… Read more »

Are you ready to file your 2021 tax returns?

No date has been set for when taxpayers can begin to electronically file 2021 tax returns, but the IRS said it will be announced in the near future. The season typically begins in late January. Before e-filing can begin, IRS systems must be configured to process the previous year’s returns, and changes to tax forms… Read more »