Gift tax annual exclusion increases for 2023

Every year, transfer tax and foreign item figures are adjusted to reflect increases in cost-of-living expenses, following the average Consumer Price Index (“CPI”). Based on the CPI figures reported in 2022 by the U.S. Bureau of Labor Statistics, the IRS has updated certain figures, including the gift tax exclusion. Don’t miss: How long should you …

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How long should you keep federal tax records?

After tax season is over and your tax return is filed, you might find yourself wondering how long you should keep your tax records. The length of time you should keep a record will depend on the action, expense or event in which the document records. Usually, you must keep records that support an item …

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Home ownership deductions

We’ve all heard the benefits of home ownership. Build generational wealth. Stop throwing money away in rent. Reliably pay your mortgage to build good credit history. All great reasons. But there’s more. Home ownership has a tax component. Here’s what you need to know about home ownership deductions. Don’t miss: Series I Bonds – What …

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Series I Bonds – What are you waiting for?

Have you heard about series I bonds and are wondering what they are? They are safe investments issued by the U.S. government and can help protect your money against inflation. Don’t miss: 2022 changes to Arizona tax credits Investors can purchase up to $10,000 worth of I bonds through the Treasury Direct website. Additionally, you …

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A funny thing happened on the way to the tax deadline

During tax season interactions, there are things that are just funny you cannot do anything but laugh about. They may be funny only to us, but we find them funny at a stressful time and it keeps us going. Thanks to the tax department for getting us through another round of tax returns with new …

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The window tax through the ages

I am a CPA. My husband, before he retired, was a computer programmer. So, naturally, both of our daughters are history majors! The oldest is an AP history teacher at a Title 1 school and the youngest does historical research for a company that she swears is not the NSA or CIA or any of …

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IRS raised interest rates again

The IRS raised interest rates again this year for the fourth quarter, effective October 1, 2022. The rate for underpaid taxes went up from 5% to 6%. Interest on overpayments also went up to 6% beginning October 1, 2022. Don’t miss: IRS issues with the Employee Retention Credit Interest rates are adjusted on a quarterly …

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IRS issues with the Employee Retention Credit

Last August the Inspector General for Tax Administration issued a report to the Commissioner of Internal Revenue addressing delays resulting in businesses not receiving pandemic relief benefits. The final audit report assessed the IRS’s processes and procedures to ensure the accuracy and validity of 2019 COVID related employer tax credits, including the Employee Retention Credit …

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Arizona fire districts and Proposition 310

Everyone knows that November is election month. You are probably tired of seeing campaign commercial after campaign commercial for months now. Aside from voting for people, there are ten propositions Arizona will get to weigh in on during the upcoming elections. One of them being Proposition 310, which would levy a sales tax to crease …

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Is crowdfunding taxable income?

Crowdfunding is a popular way to raise cash online, and can be used to raise money for a business, for a charity or for gifts. But is it taxable income? Don’t miss: Tax planning for adoption The nature of the use can determine whether the funds are taxable. Under federal laws, gross income includes all income …

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