Posts

Showing posts from January, 2023

1.23.2023

 You don't have to be an accountant to file your taxes, but you should definitely hire one. It's not just about getting a refund--it's also about avoiding penalties and being sure that you're taking advantage of all available deductions and credits. A CPA has the knowledge and expertise to navigate the complex tax system, so they can ensure that you are taking advantage of all available deductions and credits. And if you've ever tried to do your own taxes, then you know how much time it takes--and how easy it is for something to go wrong! Hiring a CPA can save you time and effort by handling all the necessary paperwork and filing on your behalf. And most importantly: accuracy! A CPA is trained to ensure that your tax return is accurate and complete, which can help you avoid costly mistakes and audits.

Day 1

 Are you ready for the 2023 tax season? If you're not a CPA, there's a good chance that this time of year makes your head spin. The tax code is so complex and full of traps for the unwary that even people who are familiar with it can feel overwhelmed by how much work is involved in preparing their taxes. But don't worry! That's where we come in. We've got the knowledge and expertise to navigate the complex tax system and ensure that you are taking advantage of all available deductions and credits. And if we can't find them for you, we'll make sure they don't exist! We also handle all the necessary paperwork and filing on your behalf--saving you time, effort, and stress during one of the busiest times of year. And because we're trained accountants (not just someone who knows how to use TurboTax), our work is accurate--which means no costly mistakes or audits down the road!

2023 Tax Season

 Many taxpayers will receive smaller refunds when they file their tax returns for tax year 2022, due to Congress not extending the tax breaks put in place during the height of the Covid-19 pandemic as part of its year-end budget bill, as stated by tax preparers. Some taxpayers who received refunds in recent years may now have a balance due. The amount of the refund will depend on the taxpayers' situation, including whether they adjusted the amount they asked their employer to withhold in taxes and whether they paid estimated taxes. The average individual tax refund last year was $3,176, up 14% from $2,791 in the 2021 tax season. The federal economic impact payments is one of the main reasons why taxpayers may see a decrease in their refunds this year. Most taxpayers received their 2021 stimulus checks automatically, but some got the money as a recovery rebate credit of $1,400 per person on their 2021 income tax return. For a family of four, that could have meant a $5,600 credit on