Tax Central

Wonder What A Tax Deduction Is Worth?

You may be curious to know what benefit is derived from a tax deduction. For most non-business deductions, the savings are based upon your tax bracket. For example, if you are in the 24% tax bracket, a $1,000 deduction would save you $240 in taxes. That is not the end of the story, as some deductions are eliminated or reduced due to income thresholds and phaseouts, while business deductions provide additional benefits.

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Common Family Tax Mistakes

When it comes to transactions between family members, the tax laws are frequently overlooked, if not outright trampled upon. It is better to structure a transaction within the parameters of tax law in the first place than suffer unexpected consequences afterward.

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Understanding Tax-Deferred Investing

The tax code provides a variety of ways to defer or even avoid taxes on current income. These include tax-beneficial retirement plans, taking advantage of capital gains tax on asset appreciation, tax-advantaged education savings plans, health savings accounts and income deferral opportunities. Understanding these programs can provide the key to significant tax advantages.

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Looking Ahead To 2023 Taxes

Keeping up with the constantly changing tax laws can help you get the most benefit out of the laws and minimize your taxes. Many tax parameters, such as the standard deduction, retirement plan contributions, and tax rates, are annually inflation-adjusted, while some tax changes are delayed and take effect in future years.

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Huge Increase In Scam Texts – Don’t Be A Victim

Taxpayers should be aware of the recent increase in IRS-themed texting scams aimed at stealing personal and financial information. In the last few months, the IRS reports that “smishing” has reached an industrial scale and multiple large-scale smishing campaigns have delivered hundreds of thousands of IRS-themed messages in hours or a few days, far exceeding previous levels of activity.

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IRS Finds A Cure For The Family Glitch

If your cost for employer-provided health insurance for your family will exceed 9.12% of your household income in 2023, under revised IRS rules your family members may qualify to purchase their coverage from a government health insurance marketplace and offset some of the premiums with the Premium Tax Credit.

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