FEATURED ARTICLES & TAX TIP BLOG
Welcome to the KM&M CPAs Featured Articles & Tips Blog. Here we share tax and accounting news and tips for our clients on a regular basis. Please feel free to suggest ideas for topics you would like to see addressed, by dropping an email to [email protected]. Enjoy the articles and subscribe to our newsletter for periodic email updates.
IRS issues ’23 Dirty Dozen scams list, urges ongoing vigilance
From the Internal Revenue Service — WASHINGTON — The Internal Revenue Service wrapped up its annual Dirty Dozen list of tax scams for 2023 last week with a reminder for taxpayers, businesses and tax professionals to watch out for these schemes throughout the year, not...
If you can’t make April 18 tax deadline, file extension now
From USA Today — By Medora Lee — There are only two weeks left before the April 18 tax deadline, and if you haven't filed your taxes yet, you'd better hurry up and do it or file an extension to avoid penalties and interest. For the week ended March 24, less than half...
2023 tax season shows IRS improvements on calls, refunds processing
From the Detroit Free Press — By Susan Tompor — Less than three weeks to go until the April 18 tax filing deadline and, fingers crossed, things with the IRS seem to be going more smoothly than last year for many taxpayers. Really? No joke. I know it's hard to...
Dirty Dozen: Watch out for email, text message scams during tax season
From the IRS Newsroom – With the filing deadline quickly approaching, the Internal Revenue Service is urging everyone to remain vigilant against email and text scams aimed at tricking taxpayers about refunds or tax issues. In day two of the annual Dirty Dozen tax...
Don’t believe these tax myths. Here’s what to know before you file
From CNBC – by Sharon Epperson – You may have heard that many taxpayers are in for a big surprise this tax season if they're banking on a big refund check — or one that's even close to the amount they received last year — but that's more of a "tax myth" than...
What’s legit and what’s a scam? Clues to spotting fraudsters
From FTC Consumer Advice – By Jim Kreidler, Consumer Education Specialist – People make up lots of stories about why you need to send them money. They might say you’ve won a prize, your family member is in an emergency, or that they love you. And in all these...
Four steps for creating a budget for your business
From AccountingToday.com — By Justin Hatch — Running a profitable business is not an easy task, as evidenced by the high failure rate of new businesses. According to the Bureau of Labor Statistics, 18% of new businesses fail in the first year, while up to 65% fail by...
Be aware of these tax-free income opportunities
Dear Clients and Friends, Do you know all the ways to collect tax-free income and gains? There are more than a few ways to do it. Here’s a summary of what we think are some of the best federal-income-tax-free opportunities for individual taxpayers. Tax-free capital...
What the IRS’ adjusted tax brackets mean for your taxes
From CBS News Moneywatch — By Aimee Picchi — Americans could save on taxes this year because of historically large inflation adjustments set by the IRS. The agency adjusted many of its 2023 tax rules to help taxpayers avoid "bracket creep." That's when workers...