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 were lower this year without pandemic credits
From Investopia.com — By Terry Lane — Tax refunds were lower this year, and while the expiration of pandemic credits may be primarily to blame, tax experts say Americans should count on smaller refunds and more balances owed in coming years. The average tax refund...
National Small Business Week advice from the IRS
From the Internal Revenue Service/IRS.gov – Plan now to take advantage of new and existing tax benefits, prepare for reporting changes The Internal Revenue Service on Monday, May 2, urged business taxpayers to begin planning now to take advantage of tax-saving...
Tax cap increase proposed as Social Security solution
From MSN Money — By Laura Gariepy — If nothing is done to change course, Americans on Social Security may see their monthly benefits drop by 25% in the years ahead. That’s because the Social Security trust fund reserves could become insolvent within the next decade....
Here’s why I hire an accountant to do my taxes
From MSN Money/The Motley Fool – By Christy Bieber – Tax-filing season has just come to a close, which is a big relief. My returns have been submitted, and I've fulfilled my major obligations to the IRS for the year. Now all that's left for me to do is pay my...
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...