Resources
April 2023 Newsletter
Featured Articles
Reporting Foreign Income on Your Federal Tax Return
April 2023
By law, U.S. citizens and resident aliens living abroad must file a U.S. income tax return and report any worldwide income. Some key tax benefits, such as the foreign earned income exclusion, are only available to those who file
Defer Capital Gains With Sec. 1031 Exchanges
April 2023
If you're a savvy investor, you probably know that you must generally report any mutual fund distributions as income, whether you reinvest them or exchange shares in one fund for shares in another. In other words, you must report
What Is the Net Investment Income Tax?
April 2023
While the Net Investment Income Tax (NIIT) most often affects wealthier individuals, in certain circumstances, it can also affect moderate-income taxpayers whose income increases significantly in a given tax year.
What Is the NIIT?
The NIIT is a 3.8 percent tax
Tax Treatment of Selling Collectibles
April 2023
If you enjoy collecting antiques and collectibles or investing in fine art, wine, or vintage cars, there may be a time when you're ready to cash in and reap the financial rewards. But you need to be aware of
Federal Tax Returns: Should You File an Extension?
April 2023
Obtaining a six-month extension to file is relatively easy, and there are legitimate reasons for doing so; however, there are also a few downsides. If you need more time to file your federal income tax return this year, here's
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.
April 2023 Newsletter
Tax Tips
Tax Due Dates for April 2023
April 2023
April 10
Employees who work for tips - If you received $20 or more in tips during March, report them to your employer. You can use Form 4070.
April 18
Individuals - File an income tax return for 2022 (Form 1040 or Form 1040-SR)
Special Tax Rules for Children With Investment Income
April 2023
Special tax rules may apply to some children who received investment income in 2022 or expect to receive it in 2023. Investment income generally includes interest, dividends, and capital gains. It also includes other unearned income, such as taxable
POA Authorization Approval Requests Available Online
April 2023
An important part of estate planning is designating a power of attorney; however, the IRS will not discuss your taxes or identity with anyone without your authorization. Recently, the IRS has made it easier for taxpayers to quickly review,
Deducting Medical and Dental Expenses
April 2023
If you, your spouse, or dependents had significant medical or dental costs in 2022, you may be able to deduct those expenses when you file your tax return this year. Here's what you should know about medical and dental
Tax Credits for Accommodating Disabled Workers
April 2023
Businesses that make structural adaptations or other accommodations for employees or customers with disabilities may be eligible for tax credits and deductions. Here's an overview of the tax incentives designed to encourage employers to hire qualified people with disabilities
Include Gig Economy Income on Tax Returns
April 2023
People working in the gig economy earn income as freelancers, independent workers, or employees. Typically, an online platform is used to connect people with potential or actual customers to provide goods or services. Examples include renting out a home
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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