Many taxpayers are under the assumption that it’s bad to delay filing your taxes by filing an extension.  While individual tax returns are due April 15 each year, you can file an automatic 6-month extension so that the return is not due until October 15. The rumor that you have a better chance of getting […]

As an incentive to help restaurants recover economically due to the COVID-19 pandemic, Congress has temporarily allowed that expenses for business-related meals are 100 percent tax deductible from January 1, 2021 through December 31, 2022.  After that date, the federal tax deduction for business-related meals will return to the 50 percent level. It’s important for […]

Each year, the IRS adjusts tax rates, standard deduction amounts, and other limits to account for tax law updates and cost-of-living adjustments. Currently for 2022, there are seven tax brackets: 10%, 12%, 24%, 32%, 35%, and 37%. Your filing status (example: single, married filing jointly, head of household) will be the determining factor of where […]

It’s almost that time of year again…tax season! While it may still feel like you have plenty of time to prepare, planning ahead can help ensure that you file an accurate return and avoid potential delays in the processing of any refund you might be due. How can you make sure you have everything ready […]