TSBAS Accounting Bookkeeping Payroll Tax Preparation
  • Home
  • Blog
  • Learn More
    • About >
      • Meet the Team
      • Reviews
    • Services >
      • Tax Debt Relief
      • Accounting & Bookkeeping
      • Tax Services
      • Payroll Services
      • Seminars & Training
      • QuickBooks Services
      • Specialized Services >
        • Spa Bookkeeping
        • Services for Real Estate Agents
  • Schedule
  • Contact Us
  • Get Updates
  • Service Requests
    • Payroll Service Quote Request
  • What you should know - ID.me
  • Links to Important Things
  • Home
  • Blog
  • Learn More
    • About >
      • Meet the Team
      • Reviews
    • Services >
      • Tax Debt Relief
      • Accounting & Bookkeeping
      • Tax Services
      • Payroll Services
      • Seminars & Training
      • QuickBooks Services
      • Specialized Services >
        • Spa Bookkeeping
        • Services for Real Estate Agents
  • Schedule
  • Contact Us
  • Get Updates
  • Service Requests
    • Payroll Service Quote Request
  • What you should know - ID.me
  • Links to Important Things

Many Changes From The IRS

10/26/2022

0 Comments

 
Are you ready for it? It’s good news from the IRS!

Last week, the agency released a number of adjustments due to the high level of inflation that everyone has been dealing with for the last year. I won’t go deep into the actual numbers and math involved here but did want to spend some time discussing the overall concept and how this really is good news for everyone.

First, the IRS did not actually adjust tax rates but it did shift the income levels at which established rates start. This is one of those things that automatically kicks in for everyone, hurts no one, and is just an overall bonus for all taxpayers. It could feel like an even bigger break, though, for those who were just over a tax-level threshold that they will no longer reach.

Next, the standard deduction was raised for all filing statuses. Again, this is one of those automatics for everyone and a very quick bonus for anyone taking the standard deduction, because hey, there’s a little more money you have made that won’t be taxed.

These are the two biggest headlines of what the IRS released and if you would like to get a little deeper into how these numbers would play out, you can read this article from Accounting Today. There were also quite a few other little bonuses offered up by the agency that you can find in this second article if you wanted more of the list.

Now for a lot of taxpayers, these new numbers may not add up to giant changes when it comes to the final tax bill. But it’s not going to increase anyone’s, so it’s difficult to complain. However, if you are someone who loves staying ahead of the game and running your expected tax numbers (or would like some help doing so), these are going to change your calculations.

Finally, I just want to caution to keep things in perspective even if this is overall good news. If you make more money this year than last year (which many may be seeing themselves doing if you received a bigger cost of living increase in wages also because of inflation) then you could still pay more in taxes this year than last year. Your expected bill is going to be less now than it would have been at the beginning of the month, but that doesn’t mean it’s going away and planning can keep you from being overly shocked come tax filing season.

Warmly,

Josh Bousquet
Connect to Us ~ 
Facebook ~ Twitter

To ensure we don't make the folks at the IRS ornery, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.

0 Comments



Leave a Reply.

    Archives

    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017

    RSS Feed

    Categories

    All
    Balance
    Bookkeeping
    Business
    Payroll
    Tax
    Tax Prep
    Tax Return
    Tax Scam

    View my profile on LinkedIn
Website by Odeh Media Group
Copyright ©2023 TSBAS.com, All Rights Reserved
The Small Business Accounting Solution, Inc
50 South 1st Avenue, Coatesville PA 19320
(844) 208-2937