Tax Season 2022 – Tax Credits & Deductions
Tax season 2022 is officially here. And with the IRS continuing to grow overwhelmed by its increasing backlog, it’s shaping up to be another chaotic one. Luckily for taxpayers, the CPAs and tax experts at Boxelder Consulting are always just a phone call away. Voted one of Denver’s best tax services in 2022, our team has […]
Tax Deductions You May Not Know About
What is a tax deduction exactly? Simply, tax deductions lower your taxable income; this plays to your favor as the lower your taxable income is, the more cash you get to keep in your pocket when you go to pay taxes. There are deductions for all sorts of things; here are 8 tax deductions you […]
Understanding IRS Notice 2272C: What You Need to Know
Receiving a notice or letter from the IRS about your tax payments can be concerning. If you’ve received IRS Notice 2272C, this guide is here to help you understand what you need to do next. What is IRS Notice 2272C? IRS Notice 2272C is a notification sent to individuals regarding the denial of their request […]
How to Plan Tax Savings for Retirement: Your Complete Guide
Planning for retirement means more than saving money. It also means knowing how taxes will affect your savings and investments in the future. Did you know you could get a tax break for retirement savings? The federal government offers incentives to save for retirement through taxes, including a federal tax credit for retirement savings. Using […]
Deadline Alert: Final Estimated Tax Payment due 1/17
Reminder: The deadline for the final 2022 estimated tax payment is January 17! While it may feel like you’re mainly paying taxes during “tax season,” the IRS wants to receive their chunk of your income as you’re earning it. If you’re an employee, this manifests in the form of your withholding. Retirees have their taxes […]
2023 Tax Bracket Changes and IRS Annual Inflation Adjustments
On October 18, 2022, the IRS released its annual inflation adjustments for the 2023 tax year, which includes changes to more than 60 tax provisions, including tax rate schedules and the standard deduction. The agency releases these adjustments annually to account for inflation and prevent what is called “bracket creep.” Bracket creep refers to inflation […]
How is NIL Income Taxed for Collegiate NCAA Athletes? | Tax Planning for Student Athletes
On July 1st, 2021, the NCAA passed an interim policy allowing student athletes to profit from “Name, Image, and Likeness” (NIL) activities. . This change came after the Supreme Court’s unanimous ruling in NCAA v. Alston that the NCAA cannot limit academic-related payments to students, opening up the possibility for athletes to earn an income through […]
How to Navigate The Colorado Sales Tax Forgiveness Program For Food & Beverage Industries
Colorado recently enacted legislation allowing retailers in the restaurant, bar, mobile food service, and catering industries to receive sales tax forgiveness for the period of July through September 2022. As a result of the COVID-19 pandemic, the Colorado Department of Revenue introduced House Bill 1004, Covid-19 Sales Tax Relief in December 2020. The measures of […]