01/23/2023
Happy New Year, Friends!
We hope you are doing well and are healthy. Please note, [email protected] has changed. You can delete that address from your contacts and add our new email:
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2023 UPDATE
What’s new for 2022 tax returns?
Things to remember from recent tax law changes
*Increases the age for mandatory retirement fund RMDs (required minimum distributions) from age 72 to age 73 starting in 2023.
*Qualified unreimbursed medical care expenses that exceed 7.5% of AGI are deductible, but when calculated along with your mortgage interest, real estate taxes, etc. you still have to exceed the standard deduction to make that worthwhile. We can give you a target number for how much you need overall before you spend hours looking at medical co-pays.
*Child tax credit up to $2,000 per child under 17.
*Child and adult dependent care tax credit for children under age 13, up to $3,000 and $6,000, for one or multiple dependents, respectively.
*You may get Form 1099-K for third-party payments (Venmo or Paypal). The form applies to business transactions, such as part-time work, side jobs or selling goods over $600.
*Note: No more charitable tax break if you don’t itemize deductions on your return.
Ready, Set, Go!
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Happy New Year, Friends! We hope you are doing well and are healthy. Please note, [email protected] has changed. You can delete that address from your contacts and add our new email: [email protected], on the good stuff.YES, Marcio is continuing to prepare taxes as he has done...