If you’re thinking about wading into homeownership or are considering refinancing this year, it’s important to know how the mortgage interest deduction will affect you. The IRS limits the amount of mortgage interest that homeowners can deduct. We’ll take a look at the mortgage interest deduction limits for 2023, how mortgage interest affects your deductions, […]
Short-Term Rental Market: 2023 Airbnb Outlook
The past few years have been a bit of a wild ride for the short-term rental market. In the earliest days of COVID, the demand for travel dried up quickly. This was followed by a period of high demand as people looked for more remote vacation destinations. While we have yet to determine for sure […]
IRS Inflation Adjustments for Tax Year 2023
Every year, the IRS tweaks certain deductions to account for inflation. IRS inflation adjustments affect many parts of your taxes, including income tax brackets, standard deductions, and several other tax credits and deductions. The changes discussed in this article will apply for tax year 2023, so you can expect to see these adjusted totals starting […]
Inflation Reduction Act IRS Funding: Explained
The Inflation Reduction Act (IRA) was passed in August 2022 to lower inflation, lower prescription drug prices, and promote clean energy. Some provisions were immediately enacted, while others will be phased out over the next few years. The question on everyone’s mind is, “what’s up with the Inflation Reduction Act IRS Funding?” The short answer […]
HSA Taxes: Healthcare Savings Account Tax Tips
Health Savings Account (HSA) often emerges as a rare opportunity for tax planning. An HSA provides a way to save for medical expenses and offers unique tax benefits that can significantly enhance your overall financial health. In this article, we’ll delve into the nuances of HSA taxes, providing essential tax tips that will help you […]
The Best Married Couples Tax Tips
It’s hard enough to navigate taxes when you’re on your own, but once you get married, everything becomes more complicated. Married couples face a unique set of challenges and opportunities. As a married couple, you have some flexibility to maximize your financial benefits and minimize your tax liabilities. From optimizing filing status to leveraging deductions […]
Watch Out for These IRS Scams
Tax season can be stressful enough without the added worry of falling victim to IRS scams. But unfortunately, scammers are constantly coming up with new ways to take advantage of taxpayers and steal their money. What You Need to Know About IRS Scams Scammers are continuously improving their tactics and becoming more sophisticated in their […]
The Best Monthly Bookkeeping Services for 2023
Financial statements are at the heart of every business. They enable you to keep track of your expenses and make decisions about your business’s future. But having accurate books starts with having good data to work with, which is why bookkeeping is an essential function for any business. Allow us to show you the best monthly […]
4 Reasons to Extend Your Taxes in 2023
Tax extensions are a controversial subject, and there’s lots of bad information swirling around the internet. Truthfully, six-month extensions have become commonplace among businesses and individual tax payers, and there are virtually no downsides associated with filing one. In fact, filing a tax extensions can provide several valuable benefits, and we’re going to cover some […]
Can I Deduct Moving Expenses in 2023?
The average cost for an in-town move is about $2,000, while moving across the country can approach $30,000. Because moving is often related to a new job, many people wonder if these considerable expenses are deductible. First, we’ll take a look at the current and previous rules regarding how to deduct moving expenses. Can I […]