Siegel and Company PC

02/07/2024

These crucial small-business tax credits are flying under the radar

A series of tax credits for business owners could help workers with retirement savings — but many companies aren't taking advantage

12/19/2022

1099-K forms will now be issued for individuals who make $600 or more. Previously, the rule was if you made $20,000 or more you were required to receive a 1099-K. This lower threshold means more taxpayers will receive this tax form in the new year which could mean they will be required to file a schedule C.

~George Siegel

IR-2022-213, December 6, 2022 — The Internal Revenue Service encouraged taxpayers to take important actions this month to help them file their 2022 federal tax returns.

10/25/2022

IR-2022-08, January 10, 2022 — The IRS announced that the nation's tax season will start on Monday, January 24, 2022, when the tax agency will begin accepting and processing 2021 tax year returns.

09/01/2022

Not being able to claim capital losses from certain stock repurchases because of the wash sale rule can boost your tax bill.

11/03/2021

It's possible, starting retroactively for tax year 2021, you may be able to again deduct your real estate taxes, state and local taxes above $10,000 as Schedule A deductions!

Taxpayers can deduct up to $10,000 of their state and local taxes on their federal income tax.

11/02/2021

Backdoor Roth IRA survives Democratic plan for now...

A House tax plan would have killed tax strategies used by the wealthy to get more money into Roth IRAs. The new Build Back Better framework keeps them.