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Next year taxpayers can put an extra $1,000 into their 401(k) plans. The IRS recently announced that the 2022 contribution limit for 401(k) plans will increase to $20,500. The agency also announced cost of living adjustments that may affect pension plan and other retirement-related savings next year.
Here are the highlights of changes for 2022:
The Ohio Department of Taxation is lowering the threshold for the electronic filing of W-2 and 1099-R information for calendar year 2021 information (submitted in 2022).
Marriage changes many things and taxes is one of them. Newlyweds should know how tying the knot can affect their tax situation.
This new IRS effort is called the Taxpayer Relief Initiative, and it aims to help those financially affected by COVID-19.
Taxpayers who owe taxes always had options to get help through payment plans and other tools from the IRS, and now they are expanding those tools. The revised COVID-related collection procedures will be helpful to taxpayers, especially those who have a record of filing their returns and paying their taxes on time. Here are the highlights of the Taxpayer Relief Initiative:
With Christmas only about a week away, we're all busy preparing for the holiday. However, if you haven't already taken care of these items, you should take the time to complete these tasks before the end of the year to get ready for 2020 taxes.
Charitable Contributions