by DhallaCPA | Apr 11, 2023 | Tax Tips
You generally must pay federal tax on all income you receive but there are some exceptions when you can exclude it. For example, compensatory awards and judgments for “personal physical injuries or physical sickness” are free from federal income tax under the tax...
by DhallaCPA | Apr 5, 2023 | Tax Tips
If you’re a parent, you may be confused about the rules for claiming the Child Tax Credit (CTC). The rules and credit amounts have changed significantly over the last six years. This tax break became more generous in 2018 than it was under prior law — and it became...
by DhallaCPA | Feb 27, 2023 | Tax Tips
If you have a child or grandchild who’s going to attend college in the future, you’ve probably heard about qualified tuition programs, also known as 529 plans. These plans, named for the Internal Revenue Code section that provides for them, allow prepayment of higher...
by DhallaCPA | Feb 14, 2023 | Tax Tips
The effects of inflation are all around. You’re probably paying more for gas, food, health care and other expenses than you were last year. Are you wondering how high inflation will affect your 2022 and 2023 tax bills? The IRS recently announced next year’s...
by DhallaCPA | Feb 6, 2023 | Tax Tips
Q1 tax calendar: here are some of the key tax-related deadlines affecting businesses and other employers during quarter one of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. January 17 (The usual deadline...
by DhallaCPA | Jan 26, 2023 | Tax Tips
Socking away money in a tax-advantaged retirement plan can help you reduce taxes and help secure a comfortable retirement. If your employer offers a 401(k) plan or Roth 401(k), contributing to the plan is a smart way to build a substantial nest egg. If you’re not...
