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.
Tax refunds could be delayed in 2022. Here’s why
From Nexstar Media Wire — NBC4i.com — Tax season is almost here, but issues related to the pandemic could delay your refund. The IRS announced Monday that it will begin accepting and processing 2021 tax year returns on Jan. 24, 17 days earlier than last year. “The...
IRS reminder: Deferred Social Security tax payments came due Jan. 3
From IRS.gov — The Internal Revenue Service on Monday reminded employers and self-employed individuals that chose to defer paying part of their 2020 Social Security tax obligation that a payment became of the deferred taxes came due on January 3, 2022. Most affected...
More tax-saving tips to wrap up 2021
From gobankingrates.com — By SAM DiSALVO — Worrying so much about how much you’ll owe in taxes that you’ve searched “is the punishment for tax evasion really that bad?” There’s no reason to resort to extremes. Here are a few tax-saving tips for moves you can make to...
Retirement Plan Limits on the Rise in 2022
From Pinnacle Wealth Planning Services, Inc. — Many IRA and retirement plan limits are indexed for inflation each year. Although the amount you can contribute to IRAs remains the same in 2022, other key numbers will increase, including how much you can contribute to...
Last-minute gift ideas for yourself: 2021 year-end tax tips
From Pinnacle Wealth Planning Services, Inc. — Here are some things to consider as you weigh potential tax moves between now and the end of the year. 1. Defer income to next year Consider opportunities to defer income to 2022, particularly if you think you may be in...
Reminder: Scammers can use fake charities to get sensitive information
From IRS.gov — The Internal Revenue Service and Security Summit partners warn taxpayers to be wary this holiday season of fake charities, used by scammers to get money as well as sensitive financial and personal information from victims. The IRS used Giving Tuesday,...
College Board Releases Cost Data for 2021-2022
From Pinnacle Wealth Planning Services, Inc. — Each year, the College Board releases a study of college cost data and trends, and its annual report is out for 2021-2022. Although costs can vary significantly depending on region and college, the College Board publishes...
Year-End Charitable Giving: Remember to Account for Tax Planning
From Pinnacle Wealth Planning Services, Inc. — With the holiday season upon us and the end of the year approaching, we pause to give thanks for our blessings and the people in our lives. It is also a time when charitable giving often comes to mind. The tax benefits...
The Truth About Those Medicare Advantage TV Commercials
From Next Avenue.org — By Richard Eisenberg Odds are, you've seen those Medicare Advantage TV commercials featuring the likes of William Shatner, George Foreman, Jimmie Walker and Joe Namath touting the "free" health insurance plans offering enticing benefits not...