by DunlapSLK | Mar 9, 2024 | Resources For Individual Taxpayers
When you file your tax return, a tax filing status must be chosen. This status is used to determine your standard deduction, tax rates, eligibility for certain tax breaks and your correct tax. The five filing statuses are: Single Married filing jointly, Married filing...
by DunlapSLK | Mar 2, 2024 | Resources For Employers, Resources For Individual Taxpayers
If you’re gathering documents to file your 2023 tax return and you’re concerned that your tax bill may be higher than you’d like, there might still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA right up...
by DunlapSLK | Feb 29, 2024 | Resources For Individual Taxpayers
With the high cost of college, many parents begin saving with 529 plans when their children are babies. Contributions to these plans aren’t tax deductible, but they grow tax deferred. Earnings used to pay qualified education expenses can be withdrawn tax-free....
by DunlapSLK | Feb 5, 2024 | Resources For Individual Taxpayers
Although traditional IRAs and Roth IRAs have been around for decades, the rules involved have changed many times. The Secure 2.0 law, which was enacted at the end of 2022, brought even more changes that made IRAs more advantageous for many taxpayers. What hasn’t...
by DunlapSLK | Jan 3, 2024 | Resources For Employers, Resources For Individual Taxpayers
The optional standard mileage rate used to calculate the deductible cost of operating an automobile for business went up by 1.5 cents per mile in 2024. The IRS announced that the cents-per-mile rate for the business use of a car, van, pickup or panel truck will be 67...
by DunlapSLK | Dec 14, 2023 | Resources For Individual Taxpayers
A number of factors are making 2023 a confounding tax planning year for many people. They include turbulent markets, stabilizing but still high interest rates and significant changes to the rules regarding retirement planning. While much uncertainty remains, the good...