If you’ve been following me on social, you know that I returned to Forbes as of January 2023. You can find my latest articles on Forbes.com here. Some—but not all—of the articles are behind a metered paywall. If you want to be able to click through whenever you’d like, there are annual monthly and annual…
The IRS officially opened tax season today, January 23, 2023. Not all taxpayers are ready to file—some, like me, are still waiting for tax forms. If you’re staring at your pile of papers (hopefully, you’ve been keeping them in one place), and are worried that you’re still missing a record or two, here are some…
Tax season will officially open on January 23, 2023. Now is a good time to start getting organized. The first step for many taxpayers? Finding those tax forms. If you don’t have have your tax forms in hand just yet, keep checking the mail: Employers are supposed to provide employees with Forms W-2 and other…
In January, many taxpayers will swarm their tax preparers, organized files in hand. You know, those folks with insanely detailed Excel spreadsheets and neatly annotated records (likely color-coded) bundled and ready to be uploaded. I am not one of those taxpayers. If you’re reading this, it’s likely the case that you’re not either. And that’s…
Tax season will open on Monday, January 23, 2023. What does opening the season mean? It means that IRS will officially begin accepting paper and electronic tax returns that day. Every year, taxpayers have questions about early filing. Many software companies and tax professionals will accept tax returns before opening day. That doesn’t mean that…
The rains hit California hard this month. As of this morning, millions of California residents are still under a flood watch with more rain in the forecast—at least 31 of the state’s 58 counties have been declared disaster areas. According to Gov. Gavin Newsom, at least 17 people died from the storms. As we continue…
Taxpayer asks: My wife and I live in a single-family home that we own jointly. We are retired, and our income is from social security. Our son contributes $600 monthly, which covers our real estate taxes and mortgage interest. Is it possible for our son to take the tax deductions for the real estate taxes…
Heading back to the office is always challenging after the holidays. But as you get back to work—and get busy—don’t forget to make your fourth-quarter estimated tax payments. They are due on or before January 17, 2023. Who Needs To Make Estimated Payments? Generally, you should make estimated tax payments if you are not subject…
The IRS says that it has finished its review and issued automatic corrections for taxpayers who were improperly taxed on unemployment compensation for the 2020 tax year. Unemployment compensation is typically taxable. However, as part of Covid relief, certain unemployment compensation was excluded from taxation for the 2020 tax year. To qualify, your modified adjusted…
The Internal Revenue Service (IRS) has issued its 2023 standard mileage rates. Beginning on January 1, 2023, the standard mileage rates for the use of a car, van, pickup, or panel truck will be: Note that these rates apply to electric and hybrid-electric automobiles, as well as gasoline and diesel-powered vehicles. You can find the official rates…
