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Inherited an IRA? Four Things Every Beneficiary Should Know

October 10, 2023

Inherited IRA distribution rules have changed in ways that can significantly impact your taxes and tax strategy. Inherited IRA beneficiaries should be aware of several important tax considerations — especially considering recent rule changes and delays involving required minimum distributions (RMDs). Here are a few tax things every IRA beneficiary should know. Inherited IRA taxRead more…


5 Tax Moves Retirees Should Consider Before December 31

October 5, 2023

Now is the prime time to start thinking about optimizing your Roth conversions, RMDs, capital gains, Medicare premiums and charitable giving before the end of the year. Below are five things retirees should consider before December 31.   Roth conversions ‘in the valley’ The valley is the period between when you retire and when yourRead more…


New ERC Credit Claims for 2023 Processing Stopped

September 27, 2023

The IRS has stopped processing new employee retention tax credit claims as of September 14. Due to an increase in ERC tax credit scams, fraud and to protect honest business owners, the IRS won’t process new employee retention credit (ERC) claims for the foreseeable future. The immediate moratorium on new ERC claims processing was announced Read more…


September is National Preparedness Month

September 5, 2023

With the height of hurricane season fast approaching and the ongoing threat of wildfires in many places, it is important that everyone develops an emergency preparedness plan Everyone, from individuals to organizations and businesses, can start now by: Securing and duplicating essential tax and financial documents. Creating lists of property. Knowing where to find informationRead more…


Warning Signs of Employee Retention Credit Scams

August 9, 2023

Businesses and tax-exempt organizations should watch out for telltale signs of misleading claims involving the Employee Retention Credit. Scammers and unscrupulous promoters continue to run aggressive broadcast advertising, direct mail solicitations and online promotions for the credit. Many of these ads wildly misrepresent and exaggerate who can qualify for the ERC, which is sometimes alsoRead more…


Deducting Medical/Dental Expenses on Your Tax Return

March 20, 2023

If you itemize your deductions you may be able to deduct expenses you paid that year for medical and dental care for yourself, your spouse and your dependents.  You may deduct only the amount of your total medical expenses that exceed 7.5% of your adjusted gross income. Deductible medical expenses may include but aren’t limitedRead more…


The IRS and ID.me

January 26, 2023

  PPL is requesting that you create an ID.me account with the IRS. Creating an ID.me account is beneficial to you and to PPL. One of the benefits of creating an ID.me account is your ability to electronically sign a Power of Attorney authorizing PPL to communicate with the IRS on tax related matters. 1)      View,Read more…


10 Bookkeeping Tips for Small Business Owners

January 10, 2023

Owing a small business can be overwhelming at times. Bookkeeping for small business owners can be even more overwhelming. Below are 10 bookkeeping tips to help you manage your bookkeeping. Tip # 1.  Keep your business and personal finances separate. Comingling business and personal finances is a common mistake made by small business owners. NotRead more…


Business Use Mileage Rates for 2023

January 4, 2023

The Internal Revenue Service today issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beginning on January 1, 2023, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 65.5 cents perRead more…


Capital Gains Tax Blog Series 5: Updates for 2023

November 29, 2022

The thresholds for each tax rate are adjusted annually for inflation. The IRS has released  the 2023 thresholds (click here for the 2023 inflation adjustments).  Given the high inflation rates of late, the thresholds will increase at a greater rate for 2023 than they have in recent years. This is good for taxpayers, since itRead more…