Retirement Contribution Limits Increase In 2023
2022-10-28 21:25 IRS to make largest ever increase to 401(k) contribution limit Millions of Americans can save more in retirement accounts next year, after inflation adjustments made by the Internal Revenue Service. According to benefits provider Milliman, employee contribution limit for 401(k) and similar workplace...
Make Sure You're Withholding The Proper Amount Of Tax Before Next Tax Season
2022-10-28 21:15 Adjust tax withholding now to pay the proper amount of tax WASHINGTON — The Internal Revenue Service today urged taxpayers to check their tax withholding while there’s time left in 2022 to benefit from any necessary changes. An adjustment made now will help people avoid a big surprise, such as a b...
Only 0.2% Of Reviewed PPP Loans Were Denied Forgiveness
2022-10-16 09:30 Most PPP loans forgiven with limited scrutiny The overwhelming majority of the near-$800bn in potentially forgivable Paycheck Protection Program loans made in2020 have effectively transformed into government grants, as 91% have been either fully or partially forgiven, according to an NPR analysis of...
IRS Will Send Letters To Taxpayers Who May Qualify For 2021 Tax Refund
2022-10-16 09:20 Taxpayers urged to apply for unclaimed tax benefits The IRS is to send letters to more than 9m individuals and families who qualify for certain tax benefits but didn't claim them by filing a 2021 federal income tax income. The letters will be sent to households who haven't claimed the Earning Income...
Social Security Benefits To Increase 8.7% in 2023
2022-10-16 09:15 Social Security benefits to rise 8.7% in 2023 The Social Security Administration has announced that Social Security and Supplemental Security Income benefits for approximately 70m Americans by 8.7% in 2023. On average, Social Security benefits will increase by more than $140 per month starting in Ja...
Expect Your California Middle Class Tax Refund By End Of October
2022-10-16 09:05 California begins distributing refunds to help taxpayers deal with inflation On Friday, California started sending tax refunds to around 23m people, to help them handle the rising costs of living brought by inflation. The state will spend about $9.5bn as part of the “Middle Class Tax Refund Estimato...
Get 2019 & 2020 Tax Return Late-Filing Penalty Relief by September 30th, 2022
2022-10-02 16:30 Penalty relief deadline fast approaches for 2019, 2020 tax returns The deadline for late-filing penalty relief for 2019 and 2020 tax returns is September 30th, a date the IRS reaffirmed Friday. "We thought carefully about the type of penalties, the period covered, and the duration before granting th...