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News &
Updates

2023 – 01/31 – Retirement plan early withdrawals: Make sure you meet the requirements to avoid a penalty

February 6, 2023
file 4 Wade Stables P.C. - Certified Public Accountants

Most retirement plan distributions are subject to income tax and may be subject to an additional 10% penalty if you take a withdrawal before age 59½. Fortunately, there are some exceptions to avoid the penalty but there are strict rules. In one case (TC Memo 2023-9), a taxpayer lost his job and took a 401(k) plan distribution before reaching age 59½. He had been diagnosed with diabetes, which he treated […]

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2023 – 01/24 – Why you might want to file early and answers to other tax season questions

February 4, 2023
file 3 Wade Stables P.C. - Certified Public Accountants

The IRS opened the 2023 individual income tax return filing season on Jan. 23. Even if you usually don’t file until closer to the mid-April deadline (or you file an extension), you may want to file early. It can potentially protect you from tax identity theft. In these scams, a thief uses another person’s personal information to file a fraudulent return early in the filing season and claim a bogus […]

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2023 – 01/30 – Many tax limits affecting businesses have increased for 2023

February 3, 2023
file 2 Wade Stables P.C. - Certified Public Accountants

An array of tax-related limits affecting businesses are indexed annually, and due to high inflation, many have increased more than usual for 2023. For example, the Section 179 expensing limit has gone up to $1.16 million from $1.08 million. Also up are the income-based phase-ins for certain limits on the Sec. 199A qualified business income deduction for owners of pass-through entities. And most limits related to employer-sponsored retirement plans, such […]

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2023 – 01/17 – Tax-saving ways to help pay for college — once your child starts attending

February 2, 2023
file 1 Wade Stables P.C. - Certified Public Accountants

If you have a child or grandchild in college, there are tax breaks you may be able to claim after the child begins attending. For example, you can take the American Opportunity Tax Credit of up to $2,500 per student for the first four years of college, a 100% credit for the first $2,000 in tuition, fees, and books, and a 25% credit for the second $2,000. You can take […]

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2023 – 01/23 – Forms W-2 and 1099-NEC are due to be filed soon

January 31, 2023
file 4 Wade Stables P.C. - Certified Public Accountants

The deadline for businesses to file information returns for hired workers is almost here. By Jan. 31, 2023, employers must file Forms W-2 that show the wages paid and taxes withheld for 2022 for each employee. They must be provided to employees and filed with the Social Security Administration (SSA). Employers must also file Form W-3 to transmit Copy A of W-2 forms to the SSA. The Jan. 31 deadline […]

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