by ABIP | Jan 6, 2023 | Accounting, Business, Individuals, Newsletter, Taxes
The $1.66 trillion Consolidated Appropriations Act, 2023, was signed into law on December 29, 2022, by President Biden. Included in the 4,155-page bill is the SECURE Act 2.0 of 2022, which contains a number of tax provisions relating to retirement. Let’s take a...
by ABIP | Jan 4, 2023 | Individuals, News, Newsletter, Taxes
Every year, it’s a sure bet that there will be changes to current tax law, and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here’s a checklist of tax changes to help you plan the year ahead....
by ABIP | Jan 3, 2023 | Accounting, Business, Individuals, News, Newsletter, Taxes
Filing your 2022 tax return promises to be just as complicated as always; however, there are steps that taxpayers can take right now to ensure their tax filing experience goes smoothly. Let’s look at what’s new for 2022 and some key items taxpayers should...
by ABIP | Dec 5, 2022 | Business, Individuals, News, Newsletter, Taxes
Cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for 2023 are as follows: 401(k), 403(b), 457 plans, and Thrift Savings Plan. Contribution limits for employees who participate in 401(k), 403(b), most 457...
by ABIP | Dec 1, 2022 | Individuals, News, Newsletter, Taxes
As we close out the year and get ready for tax season, here’s what individuals and families need to know about tax provisions for 2022. Personal ExemptionsPersonal exemptions are eliminated for tax years 2018 through 2025. Standard DeductionsThe standard...
by ABIP | Nov 4, 2022 | Individuals, News, Newsletter, Taxes
Starting in October, more than 9 million letters were sent out by the IRS to individuals and families who appear to qualify for a variety of key tax benefits – but did not claim them by filing a 2021 federal income tax return. Many in this group may be eligible to...
