IRS recently issued updates for certain individual income tax items. Here are the new standard deduction amounts for 2024: The standard deduction for married couples filing jointly for tax year 2024 rises to $29,200, an increase of $1,500 from tax year 2023. For single taxpayers and married individuals filing separately, the standard deduction rises to… Read More
Laurie wants you to know the new IRS tax brackets for 2024. Tax Rate Single Filers Married Couples Filing Jointly Heads of Households 10% $0 to $11,600 $0 to $23,200 $0 to $16,550 12% $11,600 to $47,150 $23,200 to $94,300 $16,550 to $63,100 22% $47,150 to $100,525 $94,300 to $201,050 $63,100 to $100,500 24% $100,525… Read More
The IRS is cracking down on a popular small business tax break… Read More
How to be prepared for an ERC audit… Read More
Here is a list of income that is not taxed: 1. Adoption assistance If your employer provided you with paid adoption assistance, that’s nontaxable income. For 2022, the max amount is $14,890 per child. The IRS has a few rules about what qualifies as an expense, like adoption fees, court costs, and travel. 2. Alimony… Read More
As of January 1, 2023, the IRS has increased the standard mileage rate tax deduction to 65.5 cents per mile. For the first six months of 2022 the rate was 58.5 cents per mile, and for the last six months of 2022 the rate was 62.5 cents per mile. Generally, you can deduct costs relating… Read More
It has been difficult to track the multitude of changes to RMD rules over the last 3 years. In 2020, the starting age for RMDs was raised from 70 ½ to 72. That same year, RMDs were ultimately suspended for a year because of the pandemic. In 2022, the IRS changed the tables used to… Read More
On December 22nd the IRS surprisingly extended the previous deadline on January 3, 2022 to February 15, 2022. This extension applies to the filing of the 2020 tax returns and quarterly estimated tax payments that were originally due on September 15, 2021 and January 18, 2022. This applies to all taxpayers in Mississippi and Louisiana.… Read More
Effective this morning the IRS has extended the filing deadline for 19 Mississippi counties until January 3, 2022. So, the 2020 tax returns and the third quarter 2021 estimated tax payments are no longer due until January 3rd.… Read More