by Steven J Weil, PhD, EA, LCAM | Jan 13, 2023 | Blog, Personal Tax
A dependent can be anyone that cannot be claimed on the return of someone else and is a qualifying child or a qualifying relatives. The rules for 2022 are as follows. A qualifying child must be: The taxpayer’s child, stepchild, eligible foster child, brother, sister,...
by Steven J Weil, PhD, EA, LCAM | Jan 2, 2023 | Blog, Personal Tax
The simple 1040 return that was never really simple just got more complicated. The new 1040 for 2022 includes lots of changes to what we have seen in the past. These changes include more reporting on page on of the 1040, with 11 new items to track. It also includes a...
by Steven J Weil, PhD, EA, LCAM | Dec 8, 2022 | Blog, Personal Tax
Getting Ready to File 2022 Income Tax Returns? Confirm that employers, banks, and other payors have your current mailing address and email address. This will ensure that you receive your year-end tax statements. Set-up a safe place to store year-end tax forms; these...
by Steven J Weil, PhD, EA, LCAM | Oct 26, 2022 | Blog, Business Tax, Personal Tax
Tax planning is one of the best ways we know to reduce your tax bill, and at RMS Accounting we take a proactive approach to helping clients pay the lowest amount of tax allowed by law. We do this through a two-step process. Step 1 requires us to keep up to date with...
by Steven J Weil, PhD, EA, LCAM | Oct 7, 2022 | Blog, Business Tax, Personal Tax
The IRS Announced Tax Relief for Victims of Hurricane Ian in Florida on September 29, 2022. Following the recent disaster declaration issued by the Federal Emergency Management Agency, the IRS announced today that affected taxpayers in certain areas will receive tax...
by Steven J Weil, PhD, EA, LCAM | Oct 3, 2022 | Blog, Business Tax, Personal Tax
Changes in the Electric Vehicle Tax Credit The Inflation Reduction Act of 2022 includes changes to the credit available for electric vehicles. The changes are complex, and phase in over time. If you are in the market for an electric vehicle, we should review the new...
