The Journal of Accountancy has released these 2022 tax rates from the IRS: The 2022 standard deduction will be $12,950 for single taxpayers (and married individuals filing separate returns), $25,900 for married taxpayers filing jointly, and $19,400 for heads of household, which for 2021 are $12,550, $25,100, and $18,800, respectively. Other changed amounts for 2022 [...]
In the “old days”, you went to the general store for your dry goods, the blacksmith for your horseshoes or tool repair and likely had your own cow and chickens for milk and eggs. Fast forward, you went to a lawyer to get a will, an insurance rep to get a policy and an accountant [...]
The events of the past few years have brought significant changes to the lives of almost everyone, and our financial future as a country is tenuous as a result! As Fall takes hold, there is still time to at least make one glass of lemonade from all the lemons, but people need to put time [...]
In a few months the U. S. will begin filing tax returns again, and at tax firms all over the country people will be making the “E-Trade” Shocked Baby Face (remember him?) when they see they are being charged penalties and interest for under paying their taxes due. Even if they made a 941 payment [...]
In October, as Halloween approaches, the fall wrap up begins around the house. Any remaining lawn chairs, storm windows and etcetera, all go into place ahead of the first storm. Sure, for some places, like Arizona, winter is just a nice break from the heat. But, for a majority of the country that lives in [...]
With fall in the air, it’s time to start thinking about things that need to be done to prepare for winter. The garden harvests are rolling in, fresh vegetables are everywhere and it’s really, really great. Time to fill up your oil tanks before the price change, and at least know where those snow tires are in [...]
That’s a reference to an old cartoon where Bullwinkle the moose was about to do a magic trick and would push up his fur, as if it was a shirt, and say “nothing up my sleeves, PRESTO” and pull a rabbit out of a hat. It would never be a rabbit that came out of [...]
The real tax filing deadline is less than three weeks away (Christmas is less than 100 days away but that’s another blog)! There are many reasons people find themselves needing to delay their tax filing. Sometimes there is no reason, it’s just their least favorite thing to do. “The IRS allows for extensions and for [...]
Every new president makes changes to the tax code, so why is this time so different? The short answer is because our “books” as a country have never been in worse shape, not even during World War II. COVID related spending is only icing on the already giant cake of our current federal debt that [...]
Don’t let your stockbroker off the hook when it comes to tax planning. Many people work with brokers when they buy and sell stocks. Many people now, because of the internet, also have become their own stockbrokers, doing their own research and trading on various platforms. Whether you use a professional or do your trades yourself, you [...]
