Resources
August 2022 Newsletter
Featured Articles
Tax Breaks for Teachers and Educators
August 2022
It's almost time for the start of the new school year, and teachers and other educators should know that they can still deduct certain unreimbursed expenses. Deducting expenses such as classroom supplies, training, and travel helps reduce the amount
New Job? Don't Forget About Your 401(K)
August 2022
One of the most important questions you face when changing jobs is what to do with the money in your 401(k) because making the wrong move could cost you thousands of dollars or more in taxes and lower returns.
Let's
Got Cash? What To Do With a Windfall
August 2022
A cash windfall is any amount of money that you didn't expect to receive and is over your regular income. Most would consider it to be any amount over $1,000 - and quite often, the amount of money is
Roth IRAs: Put Your Child's Summer Earnings to Work
August 2022
With plentiful opportunities for teen employment this year, now is the perfect time to consider opening a Roth IRA for your minor child. Here's what you need to know.
What is a Roth IRA?
A Roth IRA is a type of
Qualified Charitable Distributions From IRAs
August 2022
If you're a retiree aged 70 1/2 or older, consider taking advantage of legislation that allows you to reduce or eliminate the amount of income tax on IRA withdrawals transferred directly to a qualified charitable organization. You can use
Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.
August 2022 Newsletter
Tax Tips
Tax Due Dates for August 2022
August 2022
August 1
Employers - Federal unemployment tax. Deposit the tax owed through June if more than $500.
Employers - If you maintain an employee benefit plan, such as a pension, profit sharing, or stock bonus plan, file Form 5500 or 5500-EZ for calendar
Understanding Your Rights as a Taxpayer
August 2022
By law, all taxpayers have fundamental rights when interacting with the IRS, and all taxpayers should know and understand their rights. Ten categories of rights are presented in the Taxpayer Bill of Rights. Here's an overview:
1. The right to
Applying for Tax-exempt Status as a Nonprofit
August 2022
To be tax-exempt under Section 501(c)(3) of the Internal Revenue Code, an organization must be organized and operated exclusively for any of these purposes: charitable, religious, educational, scientific, literary, testing for public safety, fostering national or international amateur sports
Filing a Final Tax Return for a Decedent
August 2022
When someone dies, their surviving spouse or representative must file a final tax return for the deceased person or decedent. Usually, the representative filing the final tax return is named in the person's will or appointed by a court.
Kids' Day Camp Expenses May Qualify for a Tax Credit
August 2022
Day camps are common during school vacations and the summer months. Many parents enroll their children in a day camp or pay for daycare so they can work or look for work. Unlike overnight camps, the cost of summer
Requesting a Tax Transcript From the IRS
August 2022
Filing an error-free tax return is key to taxpayers getting any refund they are due as soon as possible. Using Online Account on the IRS website is the fastest and easiest way to see account information such as estimated tax payments,
Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.
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