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Are you Early or Late?
In the realm of tax filing, individuals tend to fall into one of two distinct camps: those who aim to file their taxes at the earliest opportunity and those who prefer to delay the process until the last conceivable moment. This division is not merely a matter of personal preference but reflects deeper attitudes towards…
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Michigan Clients Impacted by Severe Storms
Qualify for Tax Relief The Internal Revenue Service today announced tax relief for individuals and businesses in parts of Michigan affected by severe storms, tornadoes and flooding that began on Aug. 24, 2023. These taxpayers now have until June 17, 2024, to file various federal individual and business tax returns and make tax payments. The…
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Home Energy Credits
If you make energy improvements to your home, tax credits are available for a portion of qualifying expenses. The credit amounts and types of qualifying expenses were expanded by the Inflation Reduction Act of 2022. We’ll help you compare the credits and decide whether they apply to expenses you’ve already paid or will apply to…
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2024 Tax Season off to a Very Good Start
We are only 10 days into the tax filing season, and we have filed 410 tax returns, 36 more than this same time last year. While we are excited about the season getting off to such a good start, we are hopeful that our clients will take advantage of our online appointment scheduler if you…
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Maine taxpayers impacted by severe storms and flooding qualify for tax relief
Various deadlines postponed to June 17 These taxpayers now have until June 17, 2024, to file various federal individual and business tax returns and make tax payments. The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA). Currently, this includes Androscoggin, Franklin, Hancock, Kennebec, Oxford, Penobscot, Piscataquis, Somerset, Waldo and…
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Standard Mileage Rates for 2024
standard mileage rates for 2024 WASHINGTON — The Internal Revenue Service today issued the 2024 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2024, the standard mileage rates for the use of a car (also vans, pickups or…
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Holiday Season Office Hours
My Office will be Closed from December 19 through January 1 During this 2-week period I will be upgrading our computer and telephone networks in preparation for Tax Season.
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Alabama $150 Tax Rebate
One-time tax rebates will be sent to approximately 1.9 million taxpayers. The amount of the rebate is based on the qualified taxpayer’s status: $150 for single, head of family and married filing separately or $300 for married filing jointly. Taxpayers can expect to receive their rebate based on how they got their 2021 tax year…
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IRS Announces Delay in Form 1099-K Reporting Threshold
IRS announces delay in Form 1099-K reporting threshold for third-party platform payments for 2023; plans for a threshold of $5,000 in 2024 to phase in implementation WASHINGTON — Following feedback from taxpayers, tax professionals and payment processors and to reduce taxpayer confusion, the Internal Revenue Service today released Notice 2023-74 announcing a delay of the…
