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 […]
Corporate Transparency Act 2024 – What You Need To Know
What is the Corporate Transparency Act? The Corporate Transparency Act (CTA), which was enacted in 2021, aims to combat illicit activity such as money laundering and tax fraud. New legislation brings a new reporting requirement to the CTA. As of January 1, 2024, businesses that meet certain criteria must file a Beneficial Ownership Information (BOI) […]
Keep An Eye Out For Crypto Scams: How To Spot Fake Cryptocurrency Investment Scams
Cryptocurrency has become a popular investment option in recent years, but it’s also become a prime target for scams. In fact, crypto scams are on the rise all over the country, and Coloradans are are seeing massive financial losses from them. In 2021, Coloradans reported losing about $25 million to investment scams. To avoid becoming […]
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 […]
IRS Delays $600 Payment Threshold for Third-Party 1099-K Issuance
The $600 Payment Threshold for Third-Party Payments Has Been Delayed — See How This Affects You Just before the holidays, the Internal Revenue Services announced they would delay their new $600 reporting threshold for third-party settlement organizations (TPSOs). The new reporting threshold, which was announced as part of the American Rescue Plan of 2021, had […]
How Biden’s New Tax Changes Could Affect You
Understanding The Changes To The Tax Code Under The Inflation Reduction Act The Inflation Reduction Act, one of the Biden Administration’s major pieces of legislation, received Congressional approval in August and was recently signed into law. Among the provisions of the Inflation Reduction Act are numerous significant changes to the tax code that could affect […]
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 […]
Worried About Inflation? Good News – The IRS Is Raising Its Optional Standard Mileage Rate For The Rest Of 2022
On June 9th, the IRS announced an increase in the optional standard mileage rate for the rest of 2022. Due to the effects of inflation and the increase in gas prices across the nation, the standard mileage rate for business travel will now be increased to 62.5 cents per mile traveled, which is 4 cents […]