Gig workers, the gig economy has altered how individuals conduct business and offer services in recent years. Whether they obtained their income from a temporary, side, or part-time job, taxpayers are required to record their gig economy earnings on a tax return. To assist these business owners and employees in understanding and fulfilling their …

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Q4 Estimated Tax Payment     To keep up with their tax obligations, many individuals pay their anticipated taxes quarterly throughout the year. In order to prevent an unexpected tax bill or penalty when they file their taxes in 2023, anybody who paid too little tax in 2022 must submit a Q4 payment on or …

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Retirements Credits and Deductions Employees with low and moderate incomes may start saving for retirement now and qualify for a special tax credit in 2022 and subsequent years.   The Saver's Credit, also known as the Retirement Savings Contributions Credit, assists in offsetting a portion of the first $2,000 that employees voluntarily pay to IRAs, …

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Required Minimum Distributions (RMD) or  Individual Retirement Account (IRA) Plans To Avoid Penalties   Taking RMD of Retirement Plans To Avoid Penalties, the mandated minimum distribution dates for people who were born in 1950 or earlier and have assets in their retirement plans and individual retirement arrangements are rapidly approaching. Failure to meet these deadlines …

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IRS issue interim guidance on new corporate alternative minimum tax   Until the publication of proposed rules, the Internal Revenue Service has released Notice 2023-07PDF, which offers interim guidance on the implementation of the new corporate alternative minimum tax (CAMT).   The CAMT, which is a 15% minimum tax on the adjusted financial statement income …

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Quarterly Estimated Tax   Who is required to pay Quarterly Estimated Tax? Individuals who are self-employed or receive income from independent contractors that is not subject to tax withholding should pay their taxes to the IRS on a quarterly basis. Additionally, those who owed money when they submitted their tax return for the current year …

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Automobile and Vehicle Expenses     New Mileage Rate for Automobile and Vehicle Today, the Internal Revenue Service released the optional standard mileage rates for 2023, which are used to determine the expenses that may be deducted for automobile mileage expenses when driving a car for work, charity, medical care, or relocation. The following are …

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The commercial clean vehicle credit for cars bought and put into operation during the tax year was announced today by the Treasury Department and Internal Revenue Service in Notice 2023-9PDF.   The guideline advises taxpayers that the incremental cost for all street vehicles in the calendar year 2023 has been examined by the Internal Revenue …

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A credit for qualifying clean cars purchased and put into operation by the taxpayer during the tax year is offered under the Inflation Reduction Act of 2022 (IRA). In accordance with the vehicle classification, the IRA added the requirements that any vehicle eligible for the new clean vehicle credit must undergo final assembly in North …

IRS Issue Guidance On Their Intent To Publish Regulations Regarding Clean Vehicles Read More »