Recent News & Blog / Individual Tax
SECURE 2.0 law may make you more secure in retirement
A new law was recently signed that will help Americans save more for retirement, although many of the provisions don’t kick in for a few years. The Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0) was signed into law on December 29, 2022. Here are some of the significant retirement plan changes and when they’ll become effective.
Renting to a relative? Watch out for tax traps
If you own a home and rent it to a relative, you may be surprised to find out there could be tax consequences. Quick rundown of the rules
2023 Rates & Dates
The IRS recently released the 2023 rates and dates, which includes the following:
Steer clear of the wash sale rule if you’re selling stock by year end
If you’re thinking about selling stock shares at a loss to offset gains that you’ve realized during 2022, it’s important to watch out for the “wash sale” rule.
Employers: Form 941 deposit requirements for 2023
Taxpayers have been receiving CP136 notices from the IRS to update their 2023 deposit requirements for Form 941,
Is your income high enough to owe two extra taxes?
High-income taxpayers face two special taxes — a 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on wage and self-employment income. Here’s an overview of the taxes and what they may mean for you. 3.8% NIIT
IRS issues guidance on transition rules for electric vehicle credits
The IRS has released guidance to assist taxpayers with navigating the transition from electric vehicle (EV) credits under prior law to the rules under the Inflation Reduction Act of 2022.
Is your withholding adequate? Here’s how to check
When you filed your federal tax return this year, were you surprised to find you owed money? You might want to change your withholding so that this doesn’t happen again next year. You might even want to adjust your withholding if you got a big refund. Receiving a tax refund essentially means you’re giving the government an interest-free loan. Contact our tax advisors with questions
The “kiddie tax” hurts families more than ever
Many people wonder how they can save taxes by transferring assets into their children’s names. This tax strategy is called income shifting. It can be beneficial but with complexities. Contact the CPAs and tax advisors at SEK for more information.
Virginia taypayers: New electronic payment requirement for some individuals
A recent legislative change requires Virginia taxpayers to submit all of their income tax payments electronically if: