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What U.S. Taxpayers Should Know about 2023 IRS Inflation Adjustments

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.

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Tax Breaks for Married Couples: Discover the Advantages and Benefits

It’s no secret that marriage is a life-changing event, often in ways you never expected. One of those oft-overlooked changes is the impact that getting married can have on your taxes. Learn more about the eligibility criteria and explore the best strategies to maximize your savings. Whether you’re newlyweds or are celebrating a milestone anniversary, a better understanding can help you and your spouse make more informed financial decisions. There are a relatively broad range of tax breaks for married couples. Discover the advantages and benefits, all of which have the potential to lead to significant savings.

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A Brief Guide on How to Avoid the Costly Consequences of Tax Penalties

It's no secret that it can be frustrating to navigate the complexities of US tax codes and regulations. Of course, the last thing anyone wants is to find themselves facing tax penalties. While every situation is unique, there are some common pitfalls that can trigger penalties, so empowering yourself with a bit of information can help you stay compliant. Here’s a brief guide on how to avoid the costly consequences of tax penalties.

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Posted by: Myrick CPA Posted on: Jul 20 2023

Tax Credits You Don't Want to Miss: How to Determine Your Eligibility

Tax credits are powerful tools that directly reduce your tax liability, dollar for dollar. Unlike deductions designed to reduce your taxable income, tax credits directly reduce the amount of tax you owe. Tax credits are a great way to save money on your taxes because they can help to reduce your overall tax burden or even entitle you to a tax refund. Read on to learn more about the tax credits you don’t want to miss - and how to determine your eligibility.

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