New Income Tax Brackets for 2023

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The IRS has adjusted tax brackets, the standard deduction, and more for 2023 to adjust for inflation. See how you could be affected in the following article from CNBC: IRS: Here are the new income tax brackets for 2023

Social Security Rate Increase

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Later this year Social Security benefit recipients will begin to see an 8.7% increase in their monthly payments. While some beneficiaries will notice an increase in December of this year, most will begin receiving the increase in January of 2023. Throughout the last few decades, the social security benefit rate has only increased about 1.5 […]

Student Loan Forgiveness

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You could be eligible for student loan debt relief. If you received the Federal Pell Grant, you are eligible for up to $20,000 in relief and $10,000 for non-Pell Grant recipients. According to Federal Student Aid, if you’re an individual that made less than $125,000 in 2020 & 2021 or families that made less than […]

IRS Refunding Late Filing Penalties for 1040 & 1120 Returns

tax return paperwork

The IRS has announced that due to Covid-19, they will be issuing about $1.2 billion in refunds/credits for 1040 & 1120 filers who paid a late filing penalty. This could apply to you if you filed your 2019 return by August 1, 2020 or your 2020 return by August 1, 2021. Read the full article.

Are You Being Properly Withheld?

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Did you know the IRS has a tax withholding calculator? You will be asked several questions about your filing status & your current place of employment. The only documents you need to help determine if you are being properly withheld are one of your most recent pay stubs, a recently filed tax return, and any […]