Individual Tax

Hurricane Helene Tax Relief Refunds Started for Alabama Taxpayers

By |2025-05-20T19:58:39+00:00May 20th, 2025|Corporate & Partnership Tax, Individual Tax, News & Events, Press Releases|

In October 2024, the IRS announced tax relief for individuals and businesses in Alabama that were affected by Hurricane Helene that began on Sept. 23, 2024. These taxpayers had until May 1, 2025, to file various federal individual and business tax returns and make tax payments. The IRS has started to issue refunds of underpayment [...]

2024 Year-End Tax Planning Letter to Clients and Friends

By |2024-12-04T14:44:32+00:00December 4th, 2024|Corporate & Partnership Tax, Individual Tax, News & Events, Press Releases|

For a PDF of this Year-End Tax Planning Letter, click here. Dear JMF Clients and Friends: As this tumultuous year draws to a close and a new administration begins to take shape in our nation’s capital, both individuals and small business owners may benefit from tax strategies designed to reduce tax liability for 2024. [...]

Preparing for Expiring and Sunsetting Tax Provisions in 2025

By |2024-08-21T20:12:26+00:00August 21st, 2024|Corporate & Partnership Tax, Individual Tax, Press Releases|

In this week's episode of the JMF Advisors Show, JamisonMoneyFarmer PC CPAs Rachel Taylor and Kristi Moore focus on the sunsetting tax provisions of the Tax Cuts and Jobs Act (#TCJA) of 2017 which are slated to go away at the end of the 2025 tax year. We cover #business #tax topics like bonus depreciation, QBI, [...]

Last Call for IRA Contributions

By |2024-04-01T16:48:03+00:00April 1st, 2024|Individual Tax, News & Events, Pension Admin & Consulting, Press Releases|

Time is running out on a tax planning technique that can reduce 2023 tax return liability. If a taxpayer qualifies, they can deduct their contributions to a traditional IRA, but the rules are tricky. Background: The maximum amount you can contribute to a traditional IRA for the 2023 tax year is the lesser of 100% [...]

Plug In New Electric Vehicle Credits

By |2024-04-01T17:07:44+00:00March 20th, 2024|Individual Tax, Manufacturing, News & Events, Press Releases|

The popularity of electric vehicles (EVs) continues to grow. According to the Energy Information Administration, it is estimated that EVs will have comprised 16.3% of all U.S. new car purchases in 2023 (up from 12.5% in 2022). Hybrid, plug-in hybrid and battery-electric vehicles reached 17.9% of all new light-duty vehicle sales in the second half [...]

2023 Year-End Tax Planning Letter

By |2023-11-17T15:23:33+00:00November 15th, 2023|Corporate & Partnership Tax, Individual Tax, News & Events, Press Releases|

NOVEMBER 2023 Dear Clients and Friends: The end of the year is often an optimal time for tax planning, but you must be careful to avoid potential pitfalls along the way. Notably, any year-end tax strategies you implement should take all the latest tax developments into account. Congress has enacted significant tax legislation in [...]

What Can I do to Lower my Taxes?

By |2023-09-27T21:20:15+00:00September 27th, 2023|Corporate & Partnership Tax, Entrepreneurs, Individual Tax, News & Events, Press Releases|

If there is one question we get more than any other it's, "How do I lower my taxes?" So, we did a #podcast on that exact topic. This week's episode focuses on maximizing tax deductions, which can potentially lower your tax bill. The topics include recent rule changes for meals and entertainment, dues, and automobile deductions. We also [...]

Meet Your Estimated Tax Obligations

By |2023-09-11T19:49:46+00:00September 11th, 2023|Corporate & Partnership Tax, Entrepreneurs, Individual Tax, News & Events, Press Releases|

Do you receive income other than regular wages during the year? Notably, you may be required to pay quarterly installments of “estimated tax” for this year, especially if you are self-employed or retired and living mainly on investment income. The due date for the next installment—the third one for the 2023 tax year—is September 15, [...]

IRS to Go Paperless

By |2023-09-11T19:56:01+00:00September 2nd, 2023|Corporate & Partnership Tax, Individual Tax, News & Events, Press Releases|

In a new IRS Fact Sheet (FS-2023-18, 8/8/23), the IRS has announced that it is close to going paperless. The IRS still receives about 76 million paper tax returns and forms and 125 million pieces of correspondence, notice responses and non-tax forms each year. It also has more than one billion historical documents, which costs [...]

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