Individual Tax

/Individual Tax

New Estate and Gift Tax Thresholds for 2023

By |2022-11-01T20:11:22+00:00November 1st, 2022|Estate & Trust, Individual Tax, News & Events, Press Releases|

On October 18, the IRS announced a number of inflation adjustments for the 2023 tax year.  The tax year 2023 adjustments described below generally apply to tax returns filed in 2024, and two key changes affect estate and gift taxes. The annual gift tax exclusion is increasing from $16,000 per recipient to $17,000 per recipient.  [...]

Video: Opportunity Zones with Alex Flachsbart of OPAL

By |2022-11-01T19:38:03+00:00November 1st, 2022|Entrepreneurs, Individual Tax, Press Releases, Videos|

Carl Jamison and Bobby Bragg are joined by guest Alex Flachsbart of OPAL or Opportunity Alabama. "Opportunity Zones” were created in the Tax Cuts and Jobs Act of 2017.  Tax nerds call that the TCJA. It’s hard to believe that we are now almost five full years from their creation. These zones encourage private sector [...]

Observe New Tax Rules of the Road on EVs

By |2022-10-17T16:45:28+00:00October 17th, 2022|Individual Tax, News & Events, Press Releases|

New law revamps electric vehicle credits (Image above is of Mercedes EQS, built in Tuscaloosa) Are you thinking about purchasing an electric vehicle (EV) or plug-in hybrid? The new Inflation Reduction Act (the IRA) green lights tax credits for many taxpayers who buy EVs in 2023. However, other individuals may hit some unexpected roadblocks. [...]

Video: Best Practices to Avoid IRS Notices

By |2022-10-12T19:02:57+00:00October 12th, 2022|Corporate & Partnership Tax, Individual Tax, News & Events, Press Releases, Videos|

Lauren Roberts and Kim Smith discuss IRS notices and the best ways to avoid them! These two tax accountants share war stories on IRS notices, including some of the most common reasons notices are triggered and how to create an IRS online account. And of course, IRS scams - beware! Hosts: JamisonMoneyFarmer PC CPAs Lauren [...]

Key Tax Provisions in the New IRA aka Inflation Reduction Act

By |2022-09-26T14:24:06+00:00September 6th, 2022|Corporate & Partnership Tax, Individual Tax, News & Events, Press Releases|

After numerous twists and turns, the Inflation Reduction Act (the IRA) was finally signed into law by the president on August 16. Among other aspects, the new law addresses climate control, extends health insurance subsidiaries and permits Medicare to negotiate drug prices. But it also includes the following key tax provisions for individuals and [...]

Should You Convert to a Roth?

By |2022-07-14T18:32:35+00:00July 19th, 2022|Individual Tax, News & Events, Pension Admin & Consulting, Press Releases, Social Security|

Is this the year you finally convert to a Roth IRA? It could be if it makes sense for your situation, but there are numerous factors that come into play. Do not make any rash decisions. Basic premise: Generally, distributions from a traditional IRA are fully taxable at ordinary income rates reaching as high as [...]

Seven Tax Moves for the Summer

By |2022-06-22T15:23:47+00:00June 22nd, 2022|Corporate & Partnership Tax, Entrepreneurs, Individual Tax, News & Events, Press Releases|

Summer is a time for R&R, but also offers tax-saving opportunities for individuals and small business owners. Here are seven ways to reduce tax liability this summer. Host an employee gathering. Prior to 2018, your business could deduct 50% of the cost of qualified business entertainment expenses. But this deduction has generally been eliminated. Key [...]