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.
House committee proposes standard deduction increase
From Accounting Today — By Michael Cohn — Republicans on the House Ways and Means Committee advanced a series of bills Tuesday, June 13, aimed at reducing taxes but also rolling back parts of the Inflation Reduction Act passed by the Democrats last year. One of the...
Here are tax-savvy ways to donate money
From CNBC — By Kate Dore CFP — LAS VEGAS — Tax savings aren’t typically the main reason for philanthropy. But if you’re planning to donate money, certain charitable giving strategies provide a bigger tax benefit. Since the Tax Cuts and Jobs Act of 2017, there’s been...
‘Three-year window’ planning can save big on taxes
From Retirement Daily on the Street — By Joe DiSalvo & Marie Madarasz — If we were to take a poll asking, “Who has an issue with the amount of taxes we pay?” we’re sure many hands would go up. However, if we had a time machine and were to travel back several...
Imposter scams: How to spot attempted theft of your information
From USA.gov — Imposter scammers pretend to be from the IRS or Social Security, a business, or a charity. They want you to trust them so they can steal your personal information and money. Types of imposter scams An imposter scammer may call, text, or email to...
Health Savings Account deduction limits get another big bump
From Accounting Today — By Jeff Stimpson — Inflation-adjusted amounts for health savings accounts are headed up — and up — again. In Revenue Procedure 2023-23, the Internal Revenue Service said for calendar year 2024, the annual limitation on deductions for an...
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...