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 kmm@kmmcpas.com. Enjoy the articles and subscribe to our newsletter for periodic email updates.
Ready to become self-employed? Consider the tax implications
Thomson-Reuters — Are you about ready to join the "Great Resignation" and become self-employed? If so, you need to consider the federal tax implications, which may not be as rosy as you think. Here are what we think are the most important things to know to...
Mid-year tax planning Part 3: Virtual currency, reverse mortgages, and small business strategies
From Kleshinski, Morrison & Morris, CPAs — Dear Clients and Friends, Today we conclude our three-week look at mid-year tax planning for 2022. In Part 3 of the series, we address cryptocurrency, reverse mortgages, and a number of strategies to pursue to mitigate...
Mid-year tax planning, Part 2: Plan your gains/losses; Bunch your deductions
From Kleshinski, Morrison & Morris, CPAs — Dear Clients and Friends, Today we continue our look at mid-year tax planning for 2022. In Part 2 of our three-week series, we discuss how to plan the timing of your expected investment gains and losses, and strategy for...
Mid-year tax planning, Part 1: Check withholding; Plan for taxes on investments
From Kleshinski, Morrison & Morris, CPAs — Dear Clients and Friends, Another challenging year has just passed. While the COVID-19 crisis has lessened, international events have led to supply chain issues and inflationary prices. Since income may not rise at the...
Pay up? The IRS is sending millions of tax payment letters this month
From CBS News/Moneywatch — BY AIMEE PICCHI — The IRS this month will send millions of letters to taxpayers whom it believes underpaid the tax agency. It's important to pay attention to this letter — called a CP14 — because ignoring it could lead to penalties. The IRS...
Kakeibo: The Japanese art of mindful budgeting
From NextAvenue.org — By Jennifer Nelson — Looking to declutter your finances? Consider Kakeibo (pronounced kah-keh-boh), a Japanese budgeting system that literally translates to "household financial ledger." Created in 1904 by Japan's first female journalist, Hani...
If you filed for an extension, you have until Oct. 17 to file. Don’t wait
From Time.com/nextadvisor — By Dashia Milden — The 2022 tax season was rocky — from an IRS processing backlog to refund delays and filing errors as a result of changes to the tax code. As a result, the IRS predicted more than 15 million taxpayers would file for an...
Which electric cars are eligible for the $7,500 tax credit?
From Cars.com — By Brian Normile — If you’ve been shopping for or researching an electric vehicle, you’ve almost certainly heard about things like EV tax credits, specifically the federal government’s offer of a federal tax credit worth up to $7,500 if you purchase...
Avoid scammers’ money grabs during Older Americans Month
From the Federal Trade Commission’s FTC.gov — Scammers use lots of different tactics — stories about grandchildren in distress, million-dollar prizes, a romantic future, or a business deal — to try to steal peoples’ money. Scammers may demand payment by wire...