IRS: Connecticut taxpayers impacted by storms qualify for tax relief; various deadlines postponed to June 17

Posted by on Jan 21, 2025 in Advice The Internal Revenue Service announced tax relief for individuals and businesses in parts of Connecticut affected by severe storms, flooding and a potential dam breach that began on Jan. 10. These taxpayers now have until June 17, 2024, to file various federal individual and business tax returns and make tax payments. The IRS is offering relief to any area designated by the Federal Emergency...
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Home Energy Tax Credits Info Graphic

Posted by on Jan 17, 2025 in Advice
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Prepare to file in 2025: Get Ready for tax season with key updates, essential tips

Posted by on Jan 13, 2025 in Advice There are a number of things taxpayers can do to get ready as the start of the 2025 tax season approaches. The IRS’s Get Ready page on IRS.gov offers practical tips and resources to help taxpayers prepare. It highlights key updates and important steps for taxpayers to consider to make tax filing easier in 2025. Do more with an IRS Online Account Individuals can create or access their IRS Online...
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Benefits of creating an online IRS account for individuals

Posted by on Jan 6, 2025 in Advice Access tax records View key data from your most recently filed tax return, including your adjusted gross income, and access transcripts or tax compliance report Check your refund View digital copies of certain notices from the IRS View information about your Economic Impact payments View information about your advance Child Tax Credit payments View your audit status (currently available for...
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Recognize tax scams and fraud

Posted by on Jan 2, 2025 in Advice You can avoid falling for a tax scam. Know what to watch out for and how the IRS contacts you. Tax scam warning signs Scammers mislead you about tax refunds, credits and payments. They pressure you for personal, financial or employment information or money. IRS impersonators try to look like us. Watch out for: A big payday – If it sounds too good to be true, it probably is. Bad tax...
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IRS releases tax inflation adjustments for tax year 2025

Posted by on Dec 31, 2024 in Advice Notable changes for tax year 2025 The tax year 2025 adjustments described below generally apply to income tax returns to be filed starting tax season 2026. The tax items for tax year 2025 of greatest interest to many taxpayers include the following dollar amounts: Standard deductions. For single taxpayers and married individuals filing separately for tax year 2025, the standard deduction...
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IRS Updates Standard Mileage Rates

Posted by on Dec 23, 2024 in Advice If you use your car for business, charity, medical or moving purposes, you may be able to take a deduction based on the mileage used for that purpose. 2025 mileage rates The standard mileage rates for 2025 are: Self-employed and business: 70 cents/mile  Charities: 14 cents/mile  Medical: 21 cents/mile  Moving (military only): 21 cents/mile  Find out when you can deduct...
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IRS urges many retirees to make required withdrawals from retirement plans by year-end deadline

Posted by on Dec 20, 2024 in Advice The Internal Revenue Service today reminded those aged 73 and older of the deadline to take required minimum distributions from individual retirement arrangements (IRAs) and other retirement plans, and highlighted updates introduced by the SECURE 2.0 Act. Required minimum distributions (RMDs) are amounts that many retirement plan and IRA account owners must withdraw annually. These withdrawals...
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FinCEN BOI Reporting 2024

Posted by on Nov 23, 2024 in Advice This is a new filing for corporations and LLCs that must be filed by January 1, 2025. https://fincen.gov/boi The Corporate Transparency Act (CTA) is intended to provide information to the U. S. Department of the Treasury on the ownership and control of companies in an attempt at transparency to prevent money laundering and other crimes. Reporting Company The CTA requires a reporting company to...
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IRS issues guidance on state tax payments to help taxpayers

Posted by on Feb 13, 2023 in Advice The Internal Revenue Service provided details clarifying the federal tax status involving special payments made by 21 states in 2022. The IRS has determined that in the interest of sound tax administration and other factors, taxpayers in many states will not need to report these payments on their 2022 tax returns. During a review, the IRS determined it will not challenge the taxability of...
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