Winter weather may still be hanging around, but for financially-minded folks, a different kind of chill is in the air – tax season is upon us! While April 15th might feel like a distant date on the horizon, it's approaching rapidly. This begs the question: early-bird filing or a last-minute scramble? There is no magical, one-size-fits-all answer; it all boils down to your unique financial situation and goals.
While many routines in life remain consistent, the tax code isn't one of them. Every year brings adjustments, and 2023 is no exception to that rule. Several vital changes, driven by inflation, have impacted everything from tax brackets to retirement contributions, but don’t fret - some of the changes might even be beneficial. Read through to get a clear breakdown of what's new, and the ways in which it will (or will not) affect your tax status this year. If you need expert tax advice or clarification on any of these adjustments, arrange a meeting with your CPA or other professional tax preparer.
Tax season often brings with it a sense of profound dread, a towering pile of paperwork, and the nagging fear you may have overlooked essential deductions. What if this year could be different, though? If you keep well-systemized records (paper and digital) from the start of the year, you can avoid the unnecessary chaos of disorganized and incomplete files at tax time. The secret of transforming tax preparation into a manageable task? Great recordkeeping!
Navigating Social Security claiming options can sometimes feel like traversing a complex financial labyrinth. While uncertainties may arise, understanding the key milestones and their implications empowers you to plot your retirement course confidently. Let us shed some light on the claiming landscape, dispel a few common myths, and review some factors that can help you to make informed decisions for a financially secure future.
As we approach the end of the year, we want to extend warm wishes to you and your loved ones. The team at Myrick CPA hopes this finds you in good spirits, anticipating the fresh opportunities and successes the New Year will bring.
As the end of the year approaches, and the trajectory of our lives seems to speed up towards the holidays, it’s a good idea to take a moment and consider your financial situation. Getting your finances in order before the year ends can provide peace of mind, positioning you for a smooth segue into the new year. Whether you want to pay off debt, save more for retirement, or simply create an updated budget to help achieve your financial goals, now is an ideal time to take action.
The seasons may change, but one thing remains a constant - the inevitability of tax season. Now, as the year winds to a close and the fall leaves have painted the town in shades of amber and gold, it's the perfect time to set the stage for a seamless preparation of next year's tax returns - so start early and you'll find yourself mastering the 2024 tax season.
Facing an IRS audit can be a daunting experience, to say the least, but it doesn’t have to be your worst nightmare. Being prepared and staying cooperative with the IRS in every way can significantly ease the stress of the process and protect your rights. Calling in a professional, such as an enrolled agent who is authorized to negotiate with the IRS on your behalf, can streamline the entire process and take that weight off your shoulders. Let’s explore some essential strategies that can help you learn how to survive a tax audit.
As society navigates the ever-evolving landscape of sustainable transportation, electric vehicles (EVs) have emerged as a powerful force in reducing emissions. EVs aren't just advantageous from an eco-conscious standpoint, either. They can also be an essential part of your overall financial strategy, thanks to a variety of tax credits and incentives on both the federal and state levels. Learn more about how Tax Credits for EVs can help power up your financial strategy.
Preserving the character and historic charm of the historic homes in Washington, DC isn't just a matter of pride; it's also an investment in the city's rich cultural heritage. The District of Columbia offers a range of tax credits to incentivize homeowners to protect and maintain historic properties. If you own a historic home in the District, explore the potential tax benefits for historic designation of your DC home.