Wide Ranging Tax Bill Approved

On January 19, 2024, the House Ways and Means Committee overwhelmingly approved the Tax Relief for American Families and Workers Act of 2024 by a 40-3 vote. The bill provides for increases in the child…

Continue Reading

4th Quarter Estimates due January 16, 2024

The Internal Revenue Service reminds taxpayers who pay estimated taxes that they have until January 16th to make their payment for the 4th quarter of tax year 2023 without penalty. Who needs to make a…

Continue Reading

IRS Provides Tax Inflation Adjustments for tax year 2024

The Internal Revenue Service announced the annual inflation adjustments for more than 60 tax provisions for tax year 2024, including the tax rate schedules and other tax changes. New for 2024 The tax year…

Continue Reading

Year End Tax Planning for Individuals

As we wrap up 2023, it’s important to take a closer look at your tax and financial plans and discuss steps to reduce taxes and help you save for your future. With the current political climate, there…

Continue Reading

IRS Increases 401(K) and IRA Limits

The Internal Revenue Service announced the amounts individuals can contribute to their 401(k) plans and IRA in 2024. The contribution limit for employees who participate in 401(k), 403(b), and most 457…

Continue Reading

Updates for 1099-K Reporting Threshold for 3rd Party Platform Payments

The Internal Revenue Service announced a delay of the Form 1099-K reporting threshold for third party settlement organizations for calendar year 2023. As the IRS continues to work to implement the new…

Continue Reading

Have you Enrolled in Tax Caddy for Your Personal Return?

TaxCaddy is a software program designed to make gathering tax documents like 1099s, 1098s, and W-2s automatic and sharing them with Haefele Flanagan a breeze. But why take our word for it? Here are the…

Continue Reading

IRS Offers Tax Relief to Taxpayers Affected By Crisis in Middle East

The Internal Revenue Service is offering tax relief to individuals and businesses impacted by the unfolding crisis in the Middle East that has ensnared many Americans residing in or visiting the Holy Land…

Continue Reading

Updates on Home Energy Tax Credits

Who Can Claim the Credits You can claim either the Energy Efficient Home Improvement Credit or the Residential Energy Clean Property Credit for the year when you make qualifying improvements. Homeowners…

Continue Reading

Estimated Quarterly Taxes due September 15th

The Internal Revenue Service reminds taxpayers who pay estimated taxes that the deadline to pay their third quarter tax liability is September 15th. Taxpayers may have to pay estimated tax if the amount…

Continue Reading