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.
FTC advice: Five things to do to protect yourself online
From the Federal Trade Commission (FTC) — By Alvaro Puig, Consumer Education Specialist — Your online accounts, computer, and phone hold a lot of your personal, financial, and health information. Information that’s valuable to you — and to scammers who try to steal...
‘Life settlements’ provide payout options for unneeded policies
From Thomson-Reuters and the Pinnacle CPA Advisory Group — Besides providing loved ones with a source of funds for income replacement in the event of an untimely death of the family's breadwinner(s), people buy life insurance for a variety of reasons. For example,...
Tax impact of capital gains and losses in a gyrating stock market
From Thomson-Reuters and the Pinnacle CPA Advisory Group — If you invest in stocks, stock mutual funds, or stock ETFs, you've probably had a wild ride this year. You may have already realized some significant capital gains and some significant capital losses —...
Inflation Reduction Act changes tax credit for electric vehicles
From Thomson-Reuters and the Pinnacle CPA Advisory Group — The IRS currently provides a tax credit of up to $7,500 for purchasing certain new electric vehicles. The Inflation Reduction Act of 2022 makes several changes to the credit, which has been renamed the Clean...
Hear the student loan announcements? Scammers did, too
From the Federal Trade Commission — You’ve probably already heard about the new government plan that will forgive some federal student loans, once it’s up and running. Also in the news: the federal student loan payment pause has been extended to December 31, 2022. But...
How to avoid taxes when you come into a large sum of money
From SmartAsset.com — By Sarah Sharkey — A windfall of a large sum of cash is something to celebrate. But if you don’t play your cards right, the government will expect a major part in taxes. The good news is that smart tax planning strategies can help you minimize...
Don’t click on that random text. It’s a scam
From the Federal Trade Commission — Sorry to burst your bubble. That unexpected text from the Postal Service (USPS), Costco, or The Home Depot telling you about an unclaimed package or a survey you can complete to claim a freebie is NOT from them. It’s a scam. The FTC...
Should you suffer a disaster, some tax relief is available
From Thomson-Reuters — If you are unlucky enough to suffer a disaster-related casualty loss, some of the costs can be mitigated through tax relief. This article explains the federal income tax implications. Limited deductions for personal casualty losses In theory,...
Understanding how the IRS contacts taxpayers and avoiding scams
From the IRS Newswire — With continuing phone and in-person scams taking place across the country, the IRS wants to help taxpayers understand how and why agency representatives may contact taxpayers. In most instances, the IRS sends a letter or written notice to a...