Author Archives: Jay Butchko
FAQs About the New Clean Vehicle Tax Credit
Taxpayers who purchased an all-electric, plug-in hybrid, or fuel cell electric vehicle last year could be eligible for a tax credit of up to $7,500. Because a number of changes were made to this credit last year, there is still a lot of confusion about who qualifies for it and how it is claimed…. Read More »
Storm Victims in Alabama, California, and Georgia Eligible for Tax Filing Extension
Storm victims who live in Alabama, California, and Georgia have been granted an extension to file their 2022 income tax returns. Those who live or own a business in areas designated as disaster zones by the Federal Emergency Management Agency (FEMA) in these three states now have until October 16th not only to file… Read More »
Do You Qualify for an Individual Tax Credit?
Tax credits are dollar-for-dollar amounts that taxpayers can claim when they submit their yearly tax returns. When eligible for a credit, taxpayers can use the amounts to lower their tax bills and even increase their refunds. Read on to learn more about individual tax credits and who is eligible to claim them. Refundable and… Read More »
Processing of Employee Retention Credit Halted After Submission of Questionable Claims
The IRS recently announced that it would be placing a moratorium (through the end of the year) on the processing of all new claims for the Employee Retention Credit. The announcement came after it was revealed that aggressive marketing to ineligible applicants had resulted in a surge of false claims. The agency plans to… Read More »
401(k) and IRA Contribution Limits Set to Increase Next Year
Many employers offer 401(k) plans to their employees, which allow individuals to place a portion of their paycheck automatically into their retirement savings account. While there are a lot of advantages to investing in 401(k) plans, there are also limits to how much a person can contribute. There are similar limits to the kinds… Read More »
How to Calculate Tax Withholding Correctly
Federal income taxes are handled on a pay-as-you-go basis, which means that taxpayers must pay taxes on what they earn as income during the year. Most do so by having their employers withhold a certain amount from their paychecks. Failing to withhold the right amount, however, could result in an unexpected tax bill. One… Read More »
Filing a Tax Appeal with the Independent Office of Appeals
The IRS guarantees taxpayers certain rights, including the right to appeal the agency’s decisions about tax-related disputes. In these cases, taxpayers can try to avoid the time and expense of taking the case to trial by submitting a request for review to the IRS Independent Office of Appeals. When reviewing these cases, Appeals officers… Read More »
Beware of These Tax Scams
Taxpayers should always be wary of tax scams, which have proliferated in recent years. Taking precautionary measures, however, is especially important during the summertime, when tax scams surge across the country. Many of these scams involve emails and text messages that promise tax refunds or offers to help with tax issues, but that actually… Read More »
Summertime Activities Could Affect Next Year’s Tax Return
While many people associate April with the dreaded tax season, it’s also important for taxpayers to keep in mind that decisions they make throughout the year will affect their tax returns. This often proves to be the case in summer, when many couples choose to make major life changes, like getting married or relocating…. Read More »
A Few Tax Tips for New Parents
When it comes down to it, kids can be expensive. This is as true for those who are just bringing home a new baby from the hospital as for parents who adopt or for those who are raising a relative’s child. Fortunately, there are a lot of tax breaks available to parents, guardians, and… Read More »
