For many Americans, Social Security benefits are the bedrock of retirement income. Maximizing that income is critical to funding your retirement dreams. The rules for claiming Social Security benefits can be complex, so following are a few essential details you need to know. [Read more...]
Nancy J. Winter, CPA – Answering the Digital Asset Question on Your Return
For 2022 federal income tax returns, taxpayers are required to answer the digital asset question on the first page of their individual return. The question is: “At any time during 2022, did you: (a) receive (as a reward, award or payment for property or services); or (b) sell, exchange, gift or otherwise dispose of a digital asset (or a financial interest in a digital asset)?” [Read more...]
Nancy J. Winter, CPA – Smart Ways to Spend Your Tax Refund
Getting an income tax refund can be both exciting and stressful, as you’ll have to decide what to do with your sudden extra cash. Should you save it? Squander it? Invest it? Some choices could improve your financial situation while others might leave you worse off.
Remember: This isn’t extra cash — it’s your own money that the IRS is returning. So how can you make the most of your tax refund? Consider the following ideas. [Read more...]
Nancy J. Winter, CPA – Can You Claim Head of Household?
For IRS purposes, a head of household is generally an unmarried taxpayer who has dependents and paid for more than half the costs of the home. Claiming this status can lead to a lower taxable income and greater potential refund than the single filing status, but to qualify, you must meet the following criteria. [Read more...]
Nancy J. Winter, CPA – 2022 & 2023 Capital Gains Tax Rates
The federal income tax rate that applies to gains from the sale of stocks, mutual funds or other capital assets depends on how long you held the asset and your taxable income. Gains from the sale of capital assets that you held for at least one year, which are considered long-term capital gains, are taxed at either a 0%, 15% or 20% rate. [Read more...]
Nancy J. Winter, CPA – How Soon Can You File Your Tax Return
The IRS has announced that the nation’s tax season for individuals will begin Monday, January 23, 2023 and reminded taxpayers who are claiming certain tax credits their refunds won’t be available until the first week of March. [Read more...]
Nancy J. Winter, CPA – 2023 Standard Mileage Rates
The Internal Revenue Service has issued new standard mileage rates for operating an automobile for business, charitable, medical or moving purposes for 2023. Beginning January 1, 2023, the standard mileage rate is 65.5 cents per mile for business use (up from 62.5 @ 7/1/22 and 58.5 from 1/1/22 – 6/30/22), 22 cents per mile for medical and moving mileage (up from .18 from 1/1/22 – 6/30/22), and 14 cents per mile for charitable organization mileage (this rate is unchanged). These rates apply to electric and hybrid-electric automobiles, as well as gasoline and diesel-powered vehicles. [Read more...]
Nancy J. Winter, CPA – Your December Money Checklist
Whether you’re getting together with family, enjoying some time off, or preparing for the New Year, the holidays are a great time to reflect on the past year. This can include evaluating your finances as well. Following is a financial checklist you can use to help you stay on track. [Read more...]