taxes

Basic Taxes Overview 2022

As January 2022 comes to a close Americans everywhere will be receiving W-2 Forms, 1099 forms, and others depending upon their specific financial situation and income scenarios for 2022. So, let’s do a quick overview of tax law in 2022 and how that will affect filing 2022 taxes in 2023. …

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401k

401k Contribution Limits 2022 and 2023

401k contribution limits prevent higher income taxpayers from stuffing too much money tax-free into their 401k plans. Each year, the IRS adjusts tax numbers due to either tax law changes, or statutorily mandated adjustments. However, in some cases, the tax amounts are tied to inflation so that they automatically adjust. In …

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claim eic

How To Qualify for the Earned Income Credit – The Easy Version

OK. Let me start by saying that if your adjusted gross income is going to end up in the six figures, you’re out. Go read this article about investing with Acorns, or this one about Credit Karma reviews, or this one about maximizing cash back with Rakuten. Also, there are …

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charitable contributions

Charitable Contributions Tax Deduction

Republicans passed the Tax Cuts and Jobs Act in 2017 reshaping the way many Americans pay taxes. Apart from the uninspired, and obvious marketing, based name, the law made some deductions disappear. It tried to fill in those deductions by giving everyone a higher standard deduction. Theoretically, people pay the …

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new 2022 tax numbers

New 2022 Tax Numbers Released – Good News for Taxpayers

The IRS just released the new tax inflation adjustments for 2022. As you are likely aware the IRS adjusts some tax deductions and income limits for inflation each year. The new 2022 tax numbers are higher across the board thanks to higher than the last few years inflation numbers. New …

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medical-taxes

Medical Expenses Deduction 2021

Can you deduct medical expenses in 2021? Are your medical expenses tax deductible? Yes… but… Medical Expenses Tax Deduction Limit Medical expenses are tax deductible for 2021, but only after they exceed 7.5% of your income. You also must itemize your deductions to claim the medical expenses tax deduction. Finally, …

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taxes 2020 personal deduction

IRS Standard Deduction 2022

What is the standard deduction amount for 2022 and 2021? The IRS updated the number and it’s a little bit higher this year. When filing income taxes, taxpayers can choose to either itemize tax deductions, or take the standard tax deduction amount. The IRS adjusts how much the standard deduction …

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