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tax return

Start Off on the Right Foot for the 2023 Tax Year

Submitted by Desmond Wealth Management, Inc. on January 29th, 2023

Individuals and small businesses should consider various ways of starting off on the right foot for the 2023 tax year.

 

W-4 Updates

Tags:
  • 529 Plans
  • Business
  • Charitable Giving
  • Children
  • Family
  • Retirement
  • Tax Planning
  • tax return
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Common Family Tax Mistakes

Submitted by Desmond Wealth Management, Inc. on December 27th, 2022

When it comes to transactions between family members, the tax laws are frequently overlooked, if not outright trampled upon. The following are some commonly encountered situations and the tax ramifications associated with each.

 

Renting to a Relative

Tags:
  • Children
  • Estate Planning
  • Family
  • Financial
  • Gift Tax
  • Loans
  • Rentals
  • Tax Planning
  • tax return
  • Withholding
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Important Information for S-Corp Shareholders and Partners of a Partnership

Submitted by Desmond Wealth Management, Inc. on December 15th, 2022

There is an important issue related to filing the 2022 S-corporation (Form 1120-S) and partnership (Form 1065) tax returns that requires the cooperation of the shareholders and partners.

Tags:
  • Business
  • Business Tax Law
  • Tax Law
  • tax return
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Last-Minute Year-End Tax Strategies

Submitted by Desmond Wealth Management, Inc. on December 4th, 2022

The purpose of this article is to get the IRS to owe you money.

Of course, the IRS will not likely cut you a check for this money (although, in the right circumstances, that will happen), but you’ll realize the cash when you pay less in taxes.

 

Tags:
  • 401(k)
  • Business
  • Charitable Giving
  • Children
  • Financial
  • investment
  • IRS Safe Harbor
  • Retirement
  • Roth IRA
  • Tax Deductions
  • Tax Planning
  • Tax Reductions
  • tax return
  • Year-End
  • Read more

Tax Relief for Victims of Hurricane Ian

Submitted by Desmond Wealth Management, Inc. on October 6th, 2022

The Federal government provides special tax law provisions to help taxpayers and businesses recover financially from the impact of a disaster, especially when the federal government declares their location to be a major disaster area as they have for Hurricane Ian. The following highlights the special tax provisions:

Filing Due Dates Affected

Tags:
  • Disaster Tax Relief
  • tax return
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You May Receive an IRS Form 1099-K This Year

Submitted by Desmond Wealth Management, Inc. on August 1st, 2022

Effective for 2022 and later years, Congress reduced the threshold for the Form 1099-K filing requirement from $20,000 to a mere $600. So, you might ask, what does that have to do with me? This change can impact taxpayers in several ways, some unexpected, so you may find yourself in for a surprise that can be unpleasant in some situations.

Tags:
  • Business Tax Law
  • Planning
  • Tax Law
  • tax return
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Alert: A Massive New FinCEN Filing Requirement Is Coming

Submitted by Desmond Wealth Management, Inc. on June 27th, 2022

Do you own a corporation, limited liability company (LLC), limited partnership, limited liability partnership, limited liability limited partnership, or business trust?

Or are you planning to form one of these entities?

If so, be alert. There’s a new federal filing requirement coming.

Tags:
  • Business
  • Business Tax Law
  • FinCEN
  • Tax Law
  • tax return
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You May Need to File Estimated Tax Payments

Submitted by Desmond Wealth Management, Inc. on May 15th, 2022

Estimated tax payments are not just for the self-employed. They are for anyone whose withholding and tax credits are significantly less than their projected tax liability, and if used properly, can protect a taxpayer from underpayment penalties.

Tags:
  • Tax Planning
  • tax return
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Summer Employment for Your Child

Submitted by Desmond Wealth Management, Inc. on May 11th, 2022

Summer is almost here, and your children may be looking for a summer job. The standard deduction for single individuals increased from $12,550 in 2021 to $12,950 in 2022, meaning your child can now make up to $12,950 from working without paying any income tax on their earnings.

Tags:
  • Business
  • Children
  • Retirement
  • Roth IRA
  • Tax Reductions
  • tax return
  • Traditional IRA
  • Read more

"Return Being Processed"

Submitted by Desmond Wealth Management, Inc. on March 4th, 2022

“Return being processed” means the IRS received your tax return, but it could still be delayed.

Many taxpayers use the Where's My Refund tool and wonder what "Return being processed" means for them and their refund.

The answer: not much yet!

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