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Gift Tax Return Basics

RogerRossmeisl

If so, it’s important to determine whether you’re required to file a 2022 gift tax return. Filing requirements The annual gift tax exclusion has increased in 2023 to $17,000 but was $16,000 for 2022. The post Gift Tax Return Basics appeared first on Roger Rossmeisl, CPA.

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Get Ready for the 2023 Gift Tax Return Deadline

RogerRossmeisl

If so, it’s important to determine if you’re required to file a 2023 gift tax return. The annual gift tax exclusion has increased in 2024 to $18,000 but was $17,000 for 2023. The post Get Ready for the 2023 Gift Tax Return Deadline appeared first on Roger Rossmeisl, CPA. Who must file?

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Can You Deduct Student Loan Interest on your Tax Return?

RogerRossmeisl

If you have student loan debt, you may wonder whether you can deduct the interest you pay on your tax return. The post Can You Deduct Student Loan Interest on your Tax Return? The federal student loan “pause” came to an end on August 31 after more than three years. The answer may be yes, subject to certain limits.

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Questions You May Still Have After Filing Your Tax Return

RogerRossmeisl

If you’ve successfully filed your 2022 tax return with the IRS, you may think you’re done with taxes for another year. But some questions may still crop up about the return. At a minimum, keep tax records related to your return for as long as the IRS can audit your return or assess additional taxes.

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Be an Odd Duck: Work on, Not in Your Public Accounting Practice

Speaker: Tom Bowman, CPA of Bowman & Company

It is possible to run an Accounting Firm and never do tax returns or financial statements! Owners of Public Accounting firms are always telling their clients to work on their business and not in their business, yet many times do not take their own advice.

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When Can Seniors Deduct Medicare Premiums on Their Tax Returns

RogerRossmeisl

But there may be an advantage: You may qualify for a tax break for paying the premiums. Premiums count as medical expenses For purposes of claiming an itemized deduction for medical expenses on your tax return, you can combine premiums for Medicare health insurance with other qualifying medical expenses.

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Issues to Consider After Your File Your Tax Return

RogerRossmeisl

The tax filing deadline for 2021 has passed. Now that your tax return has been successfully filed with the IRS, there may still be some issues to bear in mind. You can throw some tax records away now You should hang onto tax records related to your return for as long as the IRS can audit your return or assess additional taxes.