Our Blog & News
This Month’s Posts:
EV Update
For Electric Vehicles (EV) purchased in 2022 – new rules take effect after August 16. In our September article available at: Energy and EV Credits in Recent Inflation Reduction Act - Schwartz & Schwartz PC (schwartzaccountants.com), we highlighted the new rules...
I-Bond Interest Rates Adjusted To 6.89%
We first wrote about I-Bonds in an article included with our November Newsletter available...
Ten Tips To Cut Your 2022 Taxes
As the year winds down, now is the time to take steps to cut your 2022 tax bill while also not deferring too much taxable income into 2023 to push you into the next tax bracket. Prior to December 31st: Increase your 401(k) and 403(b) contributions if you haven’t been...
Last Month’s Posts:
Make year-end item donations
Quick Reminder: It's a good time to make year-end donations of clothing & household items to charitable organizations. Don't forget to make a list, including each item's condition, since only items "good or better" qualify for deductions. Photos are helpful...
How long should you keep copies of your personal tax returns?
As a general “rule of thumb”, 3 years is all you need to keep copies of tax returns and related tax documents. The IRS has a 3-year statute of limitations – meaning they generally will not go back more than 3 years to audit your tax returns, assuming the tax returns...
Wondering if you pay taxes on the sale of your house?
With the recent surge in home prices over the past couple of years, many taxpayers are selling their residences for significant capital gains. Under the current tax rules, when selling a primary residence: a married couple filing a joint tax return is allowed to...
Foreign Account Reporting Basics
Below is a brief summary of reporting foreign accounts, gifts and inheritances. Please note that the penalties for non-compliance can be onerous. If you inherit or receive a gift from a foreign person of more than $100k: Complete a Form 3520 (About Form 3520, Annual...
Social Security Max Jumps To $160,200 For 2023
Most years, the government bumps up the maximum Social Security taxes that you can pay. For 2023, the maximum wage base jumps to $160,200, an increase of $13,200, or 9.0%, over the max of $147,000 that was in place for 2022. At a rate of 6.2%, the maximum Social...
3/31/23 Deadline Set For Many Provider Relief Fund Recipients To Self-Report
If your practice received a Provider Relief Fund Grant of more than $10k from HRSA, you are required to self-report that you utilized those funds properly. On 10/22/22, the Health Resources and Services Administration (HRSA) issued guidance available at:...
IRS Announces Big Increases To Retirement Savings Limits For 2023
The IRS recently announced the cost of living adjustments applicable to the various retirement plan limitations for 2023, with most of these tax advantaged savings opportunities increasing substantially from 2022 limits. Most working professionals have access to a...