by Kaizen Tax Group, Inc | Nov 15, 2021 | Tax Tips and News
A new provision in the tax code lets more taxpayers deduct up to $600 in donations to qualified charities—even if they don’t itemize. Itemizing is ordinarily the key that unlocks the charitable donation deduction; taxpayers choosing the standard deduction...
by Kaizen Tax Group, Inc | Nov 15, 2021 | Tax Tips and News
Taxpayers contributing to a 401(k) plan for their retirement have gotten some good news from the Internal Revenue Service: they can now put more money into their plan for 2022. New instructions from the IRS raise the 2022 annual contribution limit on 401(k) plans from...
by Kaizen Tax Group, Inc | Nov 15, 2021 | Tax Tips and News
The Internal Revenue Service is pushing out more information for taxpayers interested in the Child Tax Credit and its advance payments. The IRS has updated its online list of frequently asked questions, or FAQs, for the 2021 Child Tax Credit and the Advance Child Tax...
by Kaizen Tax Group, Inc | Sep 18, 2021 | Tax Tips and News
Choose wisely; that’s the message from the Internal Revenue Service to business owners when it comes to deciding whether people who provide services to the company are employees or independent contractors. Generally, anyone is considered an employee if they provide...
by Kaizen Tax Group, Inc | Sep 18, 2021 | Tax Tips and News
To help compensate for a shortage of diesel fuel in the wake of Hurricane Ida in Louisiana, the Internal Revenue Service has extended its relief measures basically allowing dyed diesel fuel to be temporarily sold and used for highway purposes. This latest announcement...
