The 2023 tax filing season will be different than the past few years. That said, getting prepared early can help make the process much easier. Some of the changes expected in 2023 could affect tax bills, which in turn could affect tax refunds. Here are some tax tips for 2023. Wait for Form 1099-K […]
How to Maximize Tax Benefits of Gifts
Whether you’re a frequent or seasonal giver, you should know how giving affects taxes. Giving can affect taxes in several ways, primarily through deductions and credits. Here are some frequently asked questions on how to maximize tax benefits of gifts. What is a tax-deductible donation? The IRS considers a tax-deductible donation to be any contribution […]
How Inflation Will Affect Your Taxes in 2023
Every year, the IRS makes inflation adjustments. With consistently high inflation in 2022, some experts are predicting larger adjustments than normal that can affect tax brackets in 2023. What is Inflation? Put simply, inflation is the overall increase in prices of goods and services over a given period of time. Inflation is the reason a […]
How to Manage Finances as a Single Individual
As the cost of living continues to rise, it is becoming increasingly difficult for single individuals to live comfortably. Without the safety net of a second income, the need to manage finances as a single individual is more important than ever. The process comes with unique benefits and challenges, both throughout the year and during tax […]
How the Economy and Inflation Affect Your Taxes
With the rise of gas prices and the decline of the housing market, it’s no secret that the United States is experiencing inflation. Inflation doesn’t stop at gas and housing, though, as the state of the economy also impacts your taxes. The IRS updates certain tax provisions annually to account for inflation, so your tax […]
What are Non-Taxable Earnings?
There are instances where income will not be taxed, whether or not you report it during tax season. Understanding which earnings are taxable versus non-taxable could save you a lot of time and trouble when you file your tax returns. Non-taxable earnings The following forms of income are non-taxable: Most healthcare benefits Scholarships and student […]