As we close out the year and get ready for tax season, here’s what individuals and families need to know about tax provisions for 2022.
Individual Taxpayers: The Year in Review
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Posts by Caras & Shulman
Deducting Casualty Losses on a Tax Return
Every year, hurricanes, tornadoes, floods, wildfires, and other natural disasters affect US citizens. The bad news is that recovery efforts after natural disasters can be costly. For instance, when hurricanes strike, they not only cause wind damage but can cause widespread flooding.
Understanding IRAs: Terms to Know
IRAs, or Individual Retirement Arrangements, provide tax incentives for people to make investments that can provide financial security for their retirement. To help people better understand this type of retirement savings account, here’s a basic overview of terms to know:
Year-end Tax Planning Strategies for Business Owners
Several end-of-year tax planning strategies are available to business owners to reduce their tax liability. Let’s take a look:
Tips for Avoiding an IRS Tax Audit
Although the chances of taxpayers being audited have declined in recent years, with taxes becoming more complicated every year, there is always the possibility that a tax mistake turns into an IRS tax audit. Avoiding “red flags” like the ones listed below could help.
Year-end Tax Planning Strategies for Individuals
With the end of the year fast approaching, now is the time to take a closer look at tax planning strategies that could reduce your tax bill for 2022.
Lending Money to a Friend? It Pays To Plan Ahead
Lending money to a cash-strapped friend or family member is a noble and generous offer that just might make a difference. But before you hand over the cash, you need to plan ahead to avoid tax complications for yourself down the road.
Cash Management Tips for Small Businesses
Cash flow is the lifeblood of every small business but many business owners underestimate just how vital managing cash flow is to their business’s success. In fact, a healthy cash flow is more important than your business’s ability to deliver its goods and services.
Understanding Marginal vs. Effective Tax Rates
Understanding marginal and effective tax rates is important for tax planning purposes; however, many taxpayers don’t fully understand the differences.
What To Know About IRS Letters and Notices
When the IRS needs to ask a question about a taxpayer’s tax return, notify them about a change to their account, or request a payment, it often mails a letter or notice to the taxpayer. Taxpayers should know that the IRS sends millions of these letters and notices to taxpayers for a variety of reasons. Many of these letters and notices can be dealt with simply, without having to call or visit an IRS office.
