Taxes Plus Wealth Management Inc

11/18/2025

07/05/2025

Our dog and our mascot went to doggy heaven today. Sadly he was only seven years old. Lucky will be missed by friends family and clients. Thank you for your support

09/18/2024

What comes next ??? Let’s talk !!

07/03/2023

https://twitter.com/irsnews/status/1675957912571637763?s=46&t=JveyA2pWgAg_oPzSxV91nQ

01/25/2023

If you received the following credit your refund may be less this year

Earned income credit
Child tax credit
Dependent care credit (day care)

Depending on your situation your refund could be substantially lower if you have these credit in the prior tax year

11/15/2022

Charitable Contributions Can Reduce Tax on IRA Distributions – Did You Know?

In general, distributions from a traditional IRA are taxable income. However, if you have a traditional IRA and are age 70 1/2 or older, you may have the option of making tax-free charitable contributions through your IRA. A qualified charitable distribution (QCD) is a contribution made directly to an eligible charity from IRA funds. The account trustee, such as a bank or investment broker, must arrange and execute the contribution.

A QCD counts toward your annual required minimum distribution (RMD). Therefore, if you do not need funds from your traditional IRA this year, making a QCD may enable you to satisfy RMD rules without owing tax on the distribution. You must report QCDs on your tax return on the line for IRA distributions, but you may usually report the taxable portion of a QCD as zero.

Limitations on the nontaxable amount of a QCD may exist, depending on factors like your recent IRA contribution amounts. A tax professional can help you verify your eligibility to make a tax-free QCD, and properly arrange and report the transaction to comply with all IRS rules.

11/09/2022

Charitable Donations - Did You Know?

If you are thinking of making charitable donations by year-end, the IRS has a tool to make it easier to get information about charitable organizations. The Tax Exempt Organization Search website offers additional information as well as a mobile-friendly interface.

Search tool: hhttps://www.irs.gov/charities-non-profits/search-for-tax-exempt-organizations

11/01/2022

2023 Healthcare Open Enrollment - Did You Know?

The 2023 open enrollment period for Marketplace health insurance starts today, November 1, 2022, and ends December 15, 2022. Plans will start January 1, 2023.

Once the Open Enrollment period is over, you will only be able to enroll if there's a qualifying life event for the Special Enrollment Period.

Enrollment can be done at https://healthcare.gov, and a simple checklist of documents you'll need can be found here: https://marketplace.cms.gov/outreach-and-education/marketplace-application-checklist.pdf.

10/28/2022

Tax Considerations for People Changing Marital Status – Did You Know? (2/2)

A person is considered married for tax purposes if they are married on the last day of the year. Therefore, the IRS urges all taxpayers whose marital status changes during 2022 to consider several possible impacts on their taxes. In particular, for taxpayers who get married this year, or become divorced or legally separated, these issues may come into play:

UPDATING YOUR WITHHOLDING: Generally, if your marital status changes, you will need to file a new Form W-4 with your employer(s) so that your paycheck withholding may be adjusted accordingly. If you also have self-employment income or work multiple jobs, you may wish to use the IRS Withholding Estimator tool (link below) to check your withholding amounts. If you pay estimated taxes, you may need to adjust your payments based on your new marital status.

CHANGING FILING STATUS: If you are married as of December 31, 2022, you may select either Married Filing Jointly or Married Filing Separately status on your 2022 federal tax return. For many couples, joint filing may result in lower tax, but exceptions exist. If you are divorced or legally separated as of December 31, you may file under Single or, if you qualify, Head of Household status. Head of Household filers receive a larger standard deduction and other tax benefits.

A tax professional can help you sort out any tax issues related to your change in marital status, including choosing the most advantageous filing designation.

IRS Withholding Estimator: https://www.irs.gov/individuals/tax-withholding-estimator

09/28/2022

money in handPhoto by Johnathan Cutrer (Creative Commons) Would you like some additional cash right now? How does several hundred dollars sound? That's the amount many individuals will receive from the state of Connecticut for each eligible child with a child tax rebate, if you meet the requirements...

09/12/2022

IRS Provides Penalty Relief to Millions of Taxpayers – Did You Know?

As part of ongoing COVID-19 tax relief efforts, the IRS is waiving penalties for many businesses and individuals who file their 2019 or 2020 tax returns late. Eligible taxpayers will not have to pay a late filing penalty in relation to returns for those two years. Those who have already filed their 2019 and/or 2020 returns and paid late filing penalties will receive a refund of the penalty.

This penalty waiver will be automatic for all eligible taxpayers. However, in order to receive penalty relief, taxpayers must file their 2019 and 2020 federal tax returns by September 30, 2022.

Note that this waiver generally applies only to penalties for late filing, and not to penalties assessed for late payment of tax or other reasons.

09/06/2022

Quarterly Estimated Tax Payments - Reminder

If you are making quarterly estimated tax payments to the IRS, the due date for the June 1st - August 31st, 2021 quarter of year is Thursday, September 15th, 2022.

For payments made using IRS Direct Pay, you can make payments until 8PM EST, and for payments using a credit or debit card, payments can be made up to midnight on the due date.