What You Need to Know About The Proposed Tax Bracket Changes For 2022
The United States has a progressive tax system, which means that taxpayers are taxed at different rates depending on their income level. The current tax brackets are 10%, 15%, 25%, 28%, 33%, 35%, and 37%. For the tax year 2021, the income thresholds for each tax bracket are: * 10% bracket: $0 to $9,875 for…
COVID Penalty Relief for Taxpayers
Many unforeseen situations can occur at any time and for anyone. The IRS understands this and has given taxpayers flexibility. Notice 2022-36 gives relief to those in areas declared by the Federal Emergency Management Agency as a disaster. Only 2019 and 2020 tax returns are qualified under this issue. Areas within November 15, 2022, are…
Things to Know When Considering an Early Withdrawal from Retirement
Unexpected events happen to everyone. Unfortunately, some people must make necessary financial sacrifices to withstand such circumstances. One of the sacrifices people make is withdrawing from their retirement early. This quick-cash method can produce significant tax penalties if enacted. Consider the following information before pulling from your retirement early: Flexibility Within 401(k), 403(b), and 457(b)…
Lookout for 1099-Ks if You Received Over $600
Be mindful of your taxes! The IRS sent out another reminder and notice for independent workers. Expatriate Tax Returns has the information you need for filing your taxes. Taxpayers who sold goods or provided services that received over $600 from digital transactions will receive a Form 1099-K. This is a significant change in amount compared…
Helpful Information About The 1099 NEC Form
The 1099 NEC form is required to be filed by U.S. citizens and resident aliens who have been paid $600 or more for services performed for a business by someone who is not an employee of that business. The form is used to report non-employee compensation (NEC) on your federal income tax return. NEC includes,…
