In a prior post, we covered over-contributions into a Roth IRA. Now, let’s look at what the fixes are. Fix 1: Withdraw the Over-Contribution This is the fix I see most often, and is usually the best fix. If you catch the over-contribution before you file your tax return, you simply withdraw the over-contribution and […]
The residential energy credit – for things such as purchases of energy efficient appliances, doors and windows – has changed in a big way for 2023 and beyond. Let’s examine. Energy efficient home improvement credit The Way it Used to Be Up through 2022 (including 2022), the credit was a maximum of $500 – and […]
In November, the IRS announced this it was pushing back the changes to Form 1099-K reporting rules again. Let’s examine. What is Form 1099-K? Form 1099-K is issued by third-party settlement organizations and third-party network transactions for business transactions. A third-party settlement organization is sometimes called a merchant processor. Whatever you call them, they are […]
In the tax bill being debated in Congress, one of the provisions is to expand the child tax credit. The proposal would: In this post I wanted to talk about the refundable portion of the child tax credit. Refundable vs. Non-Refundable Tax credits come in 2 varieties: non-refundable and refundable. The child tax credit is […]
