Baldwin Accounting Corporation

Baldwin Accounting Corporation Call today and set up a free consultation. See what is in it for you to check us out. Now taking new clients, individuals and or business.

Call us today and let us tell you what we can do for you and see how different we
are from anyone else. We offer so much for you to choose from.

04/21/2023

Amended Returns. Coming soon: Direct deposit of refund on amended returns. Presently, Form 1040-X filers get paper checks from IRS for any refunds due to them. Soon, filers will be able to opt for refunds to be directly deposited into bank accounts. This change, when put in place, should hasten the turnaround time for 1040-X refunds. It is now taking IRS over 20 weeks to process amended returns and dole out refunds.

03/25/2023

If you have income from the cancellation or discharge of indebtedness...keep in mind that insolvent taxpayers can escape tax on forgiven debts. Taxpayers whose liabilities are greater than the fair market value of their assets can exclude income from forgiven debts up to the amount of their insolvency.

03/16/2023

A holder of cryptocurrency can't take a loss deduction for its decline in value. First, cryptocurrency isn't a security, so the capital loss write-off from worthless securities isn't available to the individual. Second, the crypto's value may have substantially declined (even to less than one cent), but it wasn't worthless, so there's no deductible loss. Third, even if an ordinary loss, that break is no longer available to individuals. The 2017 tax reform law ended it as part of the group of miscellaneous itemizations that are suspended through 2025.

03/09/2023

Charitable donations made directly from a traditional IRA can save taxes. Account owners who are 70 1/2 and older can transfer up to $100,000 yearly from IRA's directly to charity.

02/13/2023

You may have heard about a bill to abolish federal income taxes and IRS. The proposal would also do away with federal estate and payroll taxes, and replace all three taxes with a comsumption-based sales tax. It's been reported that House Speaker Keven McCarthy (R-CA) promised some of his adversaries that the House would vote on the bill if he were eventually elected speaker.
This idea, which has been floated before, won't even make it out of the House.

02/13/2023

E-filing a return early helps protect you from tax-related identity theft.

02/01/2023

The fastest way to get a refund is to file early, file electronically and request for the money to be deposited directly into your account. It at all possible, try not to mail in a paper return.

01/27/2023

IRS will start accepting individual tax returns for 2022 on Jan. 23. Returns for individuals and calendar-year C corps are due April 18. The deadline for calendar-year S corporations and partnerships is March 15. Note the Revenue Service started accepting business return filings on Jan. 12.

01/09/2023

IRS's interest rates are rising again for the first quarter of 2023. On overdue taxes, the Revenue Service will charge 7%. A higher 9% rate will be applied to corporations that owe more than $100,000 in back taxes.

12/28/2022

Individuals will get an additional three days to file their tax returns for 2022. The due date will be April 18, 2023, because April 15 falls on a Saturday and Washington, D.C. celebrates its Emancipation Day holiday on April 17.

12/21/2022

All 1040 and 1040-SR filers must answer a question on virtual currency. On 2021 returns, taxpayers had to tell the Service whether they received, sold, exchanged or otherwise disposed of any financial interest in any virtual currency.

12/14/2022

Can I deduct charitable contributions that I made in 2022 if I don't itemize?
No. The 2020 and 2021 easing for charitable gifts of cash has expired. Beginning with 2022 returns filed next year, nonitemizers can no longer write off on page 1 of the Form 1040 up to $300/$600 in cash donations paid to charity.

Address

2130 E. Market Logansport, IN 46947 OR 814 Main Street Rochester, IN 46975
Rochester, IN
46975

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

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