Tax & Bookkeeping Solutions

07/04/2025

07/04/2023

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06/09/2023

Estimated tax payment and why it is important.

The Internal Revenue Service's official YouTube channel features IRS videos to help America's taxpayers understand and meet their tax responsibilities and en...

06/09/2023

https://www.youtube.com/

Pagos trimestrales y el porque es necesario.

El canal oficial de YouTube del Servicio de Impuestos Internos presenta videos del IRS para ayudar a los contribuyentes estadounidenses a comprender y cumpli...

06/05/2023

Is it a good idea to buy a house in 2023?
There may be a risk of inflation and high Interest rates.

Some $1.5 trillion in mortgages will come due in the next two years, a potential time bomb as higher interest rates push down property values.

05/29/2023

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01/19/2023

Middle Class Inflation Relief

“You do not need to claim the payment as income on your California income tax return,” the Franchise Tax Board says on its website. But they “may be considered federal income" If you received $600 or more from the inflation credit chances are you will be receiving a 1099Misc in the mail. This means you must report the 1099Misc on your federal return as "other income"

"No necesita reclamar el pago como ingreso en su declaración de impuestos de California”, dice la Junta de Impuestos de Franquicias en su sitio web. Pero "pueden considerarse ingresos federales". Si recibió $ 600 o más del crédito por inflación, es probable que reciba un 1099 Misc por correo. Esto significa que debe informar el 1099 Misc en su declaración federal como "otros ingresos".

12/21/2022

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11/21/2022

Taxpayers should review the 401(k) and IRA limit increases for 2023



The amount individuals can contribute to their 401(k) plans in 2023 will increase to $22,500 -- up from $20,500 for 2022. The income ranges for determining eligibility to make deductible contributions to traditional IRAs, contribute to Roth IRAs, and claim the Saver's Credit will also all increase for 2023.

Taxpayers can read the technical guidance regarding all of the cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2023 in Notice 2022-55 on IRS.gov.

Here are some of the changes for 2023:

The contribution limit for employees who participate in 401(k), 403(b), most 457 plans and the federal government's Thrift Savings Plan will increase to $22,500.

The limit on annual contributions to an IRA will increase to $6,500. The IRA catch‑up contribution limit for individuals age 50 and over is not subject to an annual cost‑of‑living adjustment and remains $1,000.

The catch-up contribution limit for employees age 50 and over who participate in 401(k), 403(b), most 457 plans and the federal government's Thrift Savings Plan will increase to $7,500.

The catch-up contribution limit for employees age 50 and over who participate in SIMPLE plans will increase to $3,500, up from $3,000.

The phase‑out ranges for deducting contributions to a traditional IRA will also increase. Taxpayers should review Notice 2022-55 regarding the details for their situation.

The income phase-out range for people making contributions to a Roth IRA will increase for taxpayers filing as single, head of household and married filing jointly. Again, taxpayers should consult Notice 2022-55 for specifics about their situation.

The income limit for the Saver's Credit for low- and moderate-income workers is $73,000 for married couples filing jointly; $54,750 for heads of household; and $36,500 for singles and married individuals filing separately.

The amount individuals can contribute to their SIMPLE retirement accounts will increase to $15,500.