Amending Taxes Isn’t A True Do Over—Unless You Use This Rule
If the return you filed was accurate to the best of your knowledge when you filed it, you are probably safe in not filing an amendment (but you still may want to). – Forbes – Taxes
If the return you filed was accurate to the best of your knowledge when you filed it, you are probably safe in not filing an amendment (but you still may want to). – Forbes – Taxes
It is not clear whether Lee would be excused from penalties even if his accountant affirmatively misrepresented to him that his returns were filed on time – Forbes – Taxes
The Biden administration is shooting for 50% of all car sales to be electric vehicles by 2030. Thanks to generous state and federal on-the-spot rebates local dealers are gearing up for a sales boom. – Forbes – Taxes
Boomers and their elders control $93 trillion, or two-thirds of America’s household wealth. Forbes 400 members Phil Knight, Charles Koch, Barry Diller and Harold Hamm give a master class in how to make sure your money goes to charity and children. – Forbes – Taxes
The expansion and strong marketing tactics of good-for-nothing “accounting advisors” who encouraged taxpayers to qualify for the Employee Retention Credit (“ERC”) when… – Forbes – Taxes
Even with higher permanent levels of working from home, challenges and conflict remain for workers and employers. – Forbes – Taxes
Here’s why the comeback of Greece’s economy holds positive lessons for the rest of us. – Forbes – Taxes
There is a chance that you are today years old when you are hearing about Owoc and Bang. OK Boomer time to get with it. – Forbes – Taxes
There are serious questions about the tax treatment of colleges and universities. – Forbes – Taxes
Are you unsure about your tax situation this year? Not to worry. We’ve put together a list of tax calculators to help you crunch your tax numbers for 2023. Check out our extensive list of tax calculators below and learn how to calculate your AGI, self-employment tax, crypto taxes, and more.
Refund Booster1 and W-4 calculator: Would you prefer a big refund at tax time or a smaller refund and more money in your pocket throughout the year? This calculator can help you with either — just answer some questions, and we’ll tell you how to fill out Form W-4 to get your desired results.
AGI calculator: This online tax calculator helps you estimate your adjusted gross income (AGI) — in other words, your total gross income minus any deductions.
Income tax calculator: Just answer a few simple questions about your life, income, and expenses. We’ll help you estimate your tax refund for this year based on your answers.
Tax bracket calculator: Not sure what tax bracket you fall in? No problem. Tell us your filing status and your expected gross income, and we’ll tell you your federal income tax bracket and how much income tax you would owe.
Earned Income Tax Credit (EITC) calculator: See if you are likely to qualify for this refundable credit, and if so, what credit amount you may be able to claim on your income tax return.
Inflation rate calculator: Everyone’s been affected by inflation this year. Use our inflation calculator to track the value of a dollar compared to last year — or even 100 years ago.
Loan calculator: Thinking of taking out a new loan? Before you do, use our loan calculator to determine your monthly loan payments based on your interest rate and loan amount.
Savings calculator: See how much your savings can grow over time. Whatever you’re saving for, this tool can help you calculate the future value of your savings based on the interest rate, monthly deposit amount, and time period.
Self-employment tax calculator: If you run a profitable side hustle or a small business, you may owe self-employment tax. This calculator can tell you how much Social Security and Medicare taxes you would owe based on your self-employment income for 2023.
Mileage reimbursement calculator: If you travel for business, you may qualify for mileage reimbursement. Tell us how many miles you drove in the current tax year, and we’ll estimate your total mileage deduction based on the current standard mileage deduction rates.
Capital gains calculator: Use this calculator if you sold personal items or stocks during the tax year. This tool can help you calculate the amount of tax you might owe depending on how long you held the asset.
Bitcoin calculator: Bitcoin value has seen better days lately, which means you might have chosen to sell. If so, use this calculator to find out how much taxes you could owe.
Crypto tax calculator: Did you sell another kind of cryptocurrency last year? Input a few numbers, and we’ll tell you what the estimated taxes are on your digital currency sales.
Lottery tax calculator: If you’ve ever dreamt of winning the lottery, did you factor taxes into the equation? Here’s how much you would actually take home, whether you choose the lump sum or annuity payments.
Gift tax calculator: Are there tax implications for giving or receiving gifts? That depends. Use our gift tax calculator to determine whether or not you likely owe any taxes on gifts.
The post Tax Calculators and Tax Tools appeared first on TaxAct Blog.
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Next tax season is around the corner. Tax professionals may need to renew PTINs now since they expire on Dec. 31 of the calendar year for which they are issued. – Forbes – Taxes
In the first of a two-episode series, Tim Jacobs of Hunton Andrews Kurth discusses the energy credits enacted in the Inflation Reduction Act and the major pieces of guidance released so far. – Forbes – Taxes