IRS Tax Tip 2022-07 Whether it’s a full-time job or just a side hustle, taxpayers must report gig economy earnings on their tax return. Understanding how gig work can affect taxes may sound complicated but, it doesn’t have to be. The IRS offers several resources to help gig economy taxpayers properly fulfill their tax responsibilities.…

Paid more for just about everything this year? Expect to dig even deeper into your pockets in 2022. Consumer prices increased by 5.7% year-over-year in November, according to the Personal Consumption Expenditures price index, the Federal Reserve’s preferred inflation measure. The current reading is far above the Fed’s target of 2%. The Fed says it…

Be sure to consider the taxes you’ll owe if you want to give the family home to an adult child. Transferring a home to adult children is not quite as easy as giving them the keys and letting them move in. No matter how you do it, the taxman wants his cut, whether through estate…

You’ll owe taxes on the money now, but enjoy tax-free withdrawals later If you’ve been diligently saving for retirement through your employer’s 401(k) plan, you may be able to convert those savings into a Roth 401(k) and gain some added tax advantages. KEY TAKEAWAYS Many companies have added a Roth option to their 401(k) plans. Traditional 401(k)s…

Welcome to 2022! Here is to a healthy and prosperous new year! The new tax season is right around the corner. If you are an existing tax client, you will be receiving in the mail, a list of documents you need to bring to your tax appointment. Please note there are some changes on my…

There are many options, but the best use of the money is different for each widow and her unique circumstances. The loss of a spouse is one of the most stressful events a person can experience. With it comes a whole host of emotions that can be overwhelming for the bereaved. Hopefully, life insurance is…

The IRS reminds taxpayers there are things they should do before the current tax year ends on Dec.31. Donate to charity Taxpayers may be able to deduct donations to tax-exempt organizations on their tax return. As people are deciding where to make their donations, the IRS has a tool that may help. Tax Exempt Organization Search on…

Here are some of the changes for the 2021 tax year. For those who received unemployment in 2021, the first $10,200 will be exempt from federal income tax. If you do not receive a statement in the mail, go to your Indiana Unemployment account to print a copy for tax purposes. For business owners, mileage…

Individual taxpayers and business owners can use the IRS’s Offer in Compromise Booklet or the new how-to video series to learn how an offer in compromise works and decide if it could help them resolve their tax debt. Taxpayer’s can use pre-qualifier tool see if they are eligible for an offer in compromise. An offer in compromise is an agreement between a taxpayer…

The deadline to use the money in your flexible spending account (FSA) could be approaching, and you may be surprised by how much money you have to use up by year end. A FSA is an employer-sponsored account that allows you to put aside tax-free dollars for eligible health care costs. The IRS allowed account…