Get ready for taxes: What’s new and what to consider when filing in 2023

Get ready for taxes: What’s new and what to consider when filing in 2023

WASHINGTON – The Internal Revenue Service encouraged taxpayers to take important actions this month to help them file their 2022 federal tax returns. This is the second in a series of reminders to help taxpayers get ready for the upcoming tax filing season. A ”Get...
IRS provides tax inflation adjustments for tax year 2023

IRS provides tax inflation adjustments for tax year 2023

IR-2022-182, October 18, 2022 WASHINGTON — The Internal Revenue Service today announced the tax year 2023 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2022-38PDF provides...
Inflation Reduction Act of 2022 includes Credits for Clean Vehicles

Inflation Reduction Act of 2022 includes Credits for Clean Vehicles

Reprinted from the U.S. Department of Energy The Inflation Reduction Act of 2022 (Public Law) amends the Qualified Plug-in Electric Drive Motor Vehicle Credit (IRC 30D), now known as the Clean Vehicle Credit, and adds a new requirement for final assembly in North...

Inflation Reduction Act of 2022 includes Credits for Clean Vehicles

Reprinted from the U.S. Department of Energy The Inflation Reduction Act of 2022 (Public Law) amends the Qualified Plug-in Electric Drive Motor Vehicle Credit (IRC 30D), now known as the Clean Vehicle Credit, and adds a new requirement for final assembly in North...
Is your pastime a hobby or a business?

Is your pastime a hobby or a business?

From collecting stamps and woodworking to crafting and quilting, people have all kinds of hobbies – and most of these hobbies will never turn a profit. For hobbies that do earn income, people should know that they must report it on their tax return. They should also...