by KNSS | Nov 20, 2022 | 2022 December newsletter, 2022 November news
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...
by KNSS | Nov 17, 2022 | 2022 November news
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...
by KNSS | Nov 14, 2022 | 2022 November news
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...
by KNSS | Nov 1, 2022 | 2022 November news
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...
by KNSS | Nov 1, 2022 | 2022 November news
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...
by KNSS | Nov 1, 2022 | 2022 November news
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...
