October - 2022

Oct 26, 2022

Is Requesting For Currently-Not-Collectible Status The Right Tax Bill Option For Me?

The IRS is sending you tax bills, but you're not able to afford to pay them so the IRS threatened a tax lien or tax levy on your property. You find that you can negotiate a payment plan with the IRS but you still can't afford to contribute anything to a monthly payment plan. Fortunately, there's another solution available to you. When you're unable to make any IRS payments, you may be eligible for Currently-Not-Collectible (CNC) status. What Is Currently-Not-Collectible Statu

Oct 21, 2022

The IRS Reminds Taxpayers With Eligible Dependents That They Can Qualify For 2021 Child Tax Credit

On October 17, 2022, the IRS sent out an announcement regarding the Child Tax Credit (CTC). Taxpayers who claim at least one child as their dependent on their 2021 tax return may not realize they may be eligible to benefit from the CTC. If taxpayers filed a 2021 tax return, they're able to receive the second half of the credit if they've received the advance CTC payments last year in 2021. Check Your Eligibility The IRS urges taxpayers such as grandparents, foster parents, or

Oct 20, 2022

The Florida Motor Fuel Tax Relief Act Of 2022 Effective October 1 - October 31

The Florida Legislature passed the Florida Motor Fuel Tax Relief Act of 2022 on Saturday, October 1. The total amount of tax reduction during the Gas Tax Holiday is 25.3 cents per gallon during the entire month of October. The reduced tax rate applies to all gasoline products and any fuel placed in the storage supply tank of a gasoline-powered motor vehicle. What Is The Florida Gas Tax Holiday? According to Florida law, the state gas tax on all gasoline sales will be cut to 2

Oct 19, 2022

The IRS Announces Tax Inflation Adjustments, Marginal Tax Brackets, & Tax Income Rates For 2023

On Tuesday, October 18, 2022, the Internal Revenue Service revealed inflation-adjusted marginal rates and brackets for 2023, and many employees will enjoy increased take-home pay in the new year as less tax is taken from their paychecks. New Income Tax Brackets For 2023 Here are the marginal rates for the tax year 2023, depending on your tax status. 2023 Marginal Tax Brackets For, Single Individuals Married Filing Jointly Source: CNBC 2023 Marginal Tax Brackets For, Married F

Oct 11, 2022

Hurricane Ian Victims In North And South Carolina Automatically Qualify For Tax Relief

The IRS announced on October 5, 2022, that Hurricane Ian victims located all throughout North and South Carolina have until February 15, 2023, to file for all types of federal individual and business tax returns and to make their tax payments, very similar to the Hurricane Ian victims in Florida announcement just the previous week. Tax Relief In Designated FEMA-Approved Locations Individuals and households affected by Hurricane Ian that are located in these designated FEMA co

Oct 10, 2022

What Is Child And Dependent Care Credit?

The Child and Dependent Care Credit is a federal tax credit that assists families in paying for child care expenses while working or looking for a job. Families who must pay for the care of a physically or mentally incapable spouse or individual may also qualify for the credit. This credit "repays" a percentage of the money you spend on health care and can lower your tax bill by hundreds or even thousands of dollars. Are You Qualified To Receive CDCTC? In order to qualify for

Oct 5, 2022

Parents Who Missed Out On The $3,600 Child Tax Credit Can Claim By November 15

Last year, a generous child tax credit provided qualifying parents with up to $3,600 per child. For families who missed out on some of all of the child tax credit payments, there's no need to stress. Don't Miss Out On The CTC Payment There's good news for families who missed out on the payments for the child tax credit. Families who received advance monthly payments in 2021 can file a tax return to get the rest of their payments. Generally, this is $1,800 per younger child an

Oct 4, 2022

Work Opportunity Tax Credit: Employers May Be Eligible To Earn A Federal Income Tax Credit Incentive

In mid-September, the IRS released some updated information on the Work Opportunity Tax Credit (WOTC), a one-time federal tax credit available to employers for hiring and employing individuals from certain targeted groups who have faced significant barriers to employment. Employers who are facing a tight job market are looking to the WOTC for some help by completing a pre-screening notice and requesting the certification request alongside job applicants. How Does The Work Opp

Oct 4, 2022

Hurricane Ian Victims Get Federal Tax Relief From The IRS

The Internal Revenue Service announced on Thursday, September 29 that the deadline for filing individual and business tax forms and making tax payments for Hurricane Ian victims has been extended to February 15, 2023. Any taxpayer within the recent disaster location issued by the Federal Emergency Management Agency (FEMA) will receive tax relief. Florida Residents Qualify For Disaster Tax Relief Individuals and households affected by Hurricane Ian that reside or have a busine

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