Posts by Katie Renelt
5 Common Mistakes Your Tax Return May Reveal
What does your tax return say about your financial situation? The paperwork you file each year offers excellent information about how you are managing your money—and the areas where it might be wise to make changes in your financial habits. By taking the proper steps, your tax return will be transformed from a passive bag…
Read MoreTax Treatment of the California Middle Class Tax Refund
The IRS has issued guidance on the tax treatment of the California Middle Class Tax Refund (MCTR), as well as payments made to qualified residents in 20 additional states. IRS 2023-23 states that taxpayers will not need to report these tax payments on their 2022 tax returns in the ‘interest of sound tax administration.’ The…
Read MoreWill your tax bracket change in 2023?
The IRS has released the updated tax brackets, deductions, and credits for the 2023 tax year. While tax filing for this year won’t happen until early 2024, it’s important to pay attention to your tax rate. Strategizing now can help minimize your tax liability and maximize your income potential. Here are the updated numbers for…
Read MoreSecure Act 2.0 Updates Retirement Plans Starting in 2023
The new Secure Act 2.0 legislation expands upon the Secure Act of 2019 with updates to retirement savings plans across the country. Here’s what you need to know. Automatic Enrollment Requirements Plan sponsors of 401(k) and 403(b) plans will be required to automatically enroll eligible employees with a starting contribution of 3% of their salary…
Read More2023 Mileage Rates for Business Reimbursements
The IRS recently released the 2023 mileage rates for businesses to use as guidance when reimbursing workers for applicable miles driven within the year. The rates tend to increase yearly to account for rising fuel and vehicle and maintenance costs and insurance rate increases. Businesses can use the standard mileage rate to calculate the deductible…
Read MoreTake Control of Your Legacy: Planning for Generational Wealth Transfer
The Silent Generation and Baby Boomers are incredibly fortunate generations—and so might be their heirs. Cerulli’s U.S. High-Net-Worth and Ultra-High-Net-Worth Markets 2021 report predicts these generations will transfer $72.6 trillion in assets to heirs and $11.9 trillion to charities through 2045. That’s a lot of money, and it presents a unique opportunity for Gen Xers…
Read MoreIRS Announces Retirement Plan Contribution Limits for 2023
On October 21, 2022, the Internal Revenue Service (IRS) announced the updated contribution limits to retirement plans in Notice 2022-55. The new limits are valid beginning in tax year 2023. These limits are important, as they cap the tax benefits that can be realized from retirement plan savings contributions each year and are adjusted to…
Read MoreUnderstanding the IRS Disaster Relief Programs for Taxpayers
Throughout the year, the Federal Emergency Management Agency (FEMA) will designate incidents that adversely affect residents in the affected areas as disasters. This FEMA designation puts relief efforts in motion, both short and long-term. While immediate needs like food, water, and shelter are at the top of the list, long-term efforts, like relief options through…
Read MoreDo You Know How to Navigate the New IRS Requirements for R&D Tax Credit Claims?
While the new research and development tax credit requirements went into effect on January 10, 2022, which require more detailed proof that claims are valid, many businesses seeking the refund may face extra work when applying for the credit on their next tax return. Knowing the credit’s specificity requirements will allow businesses to ensure sufficient…
Read MoreThe New 1099Ks Are Coming: Are You Ready?
A key provision of the American Rescue Plan Act passed in 2021 includes lowering the thresholds that trigger a Form 1099-K – Payment Card and Third-Party Network Transactions. This means businesses and individuals may receive this form for tax year 2022, something they may not have seen in previous years. New Form 1099-K Guidelines For…
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