Filing taxes can be a complicated process, and understanding the different filing statuses is an important step in the process. In general, the filing statuses can be broken down into two categories: those who are married and those who are not. If you are not married, you typically have the option to choose between single, head of household, and qualified widow(er) or surviving spouse. If you are married, you can choose between filing jointly or separately. However, there are some gray areas that can complicate the determination of the filing status.
Posts in the Bob Steele CPA category:
Filing Status Example 2025 Income Tax Preparation 2022 – 2023
As we approach the tax season, it is essential to understand the different filing statuses that the IRS recognizes for income tax purposes. Choosing the right filing status is crucial to minimizing your tax liability and maximizing your tax benefits. In this blog, we will go through some scenarios on filing status using Lacerte tax software to populate Form 1040.
Standard Deduction 2050 Income Tax Preparation 2022 – 2023
The standard deduction is an important factor in calculating taxable income for taxpayers. It is one of the “below the line” deductions that taxpayers can claim on their tax returns. In this blog, we will be discussing the standard deduction for tax years 2020 to 2023.
Marginal & Average Tax Rates Example 1080 Income Tax Preparation 2022 – 2023
Income tax is a necessary evil that all individuals and businesses have to deal with. The tax rates and rules can be quite complex, especially with the progressive tax system that the US has. In this blog, we will take a closer look at the income tax rates from 2020 to 2023, as well as the concepts of marginal and average tax rates.
Tax Software Options 1030 Income Tax Preparation 2022 – 2023
Income tax is an important part of our financial lives. Everyone wants to minimize their tax liability and maximize their wealth. One way to achieve this is by using tax software to prepare and file your income tax returns. In this blog, we will discuss the tax software options available and how they can help you preserve your wealth.
Marginal & Average Tax Rates 1070 Income Tax Preparation 2022 – 2023
Understanding income tax can be complex, especially in a progressive tax system like that in the United States. As income increases, so do the tax rates, resulting in multiple tiers or layers of taxes that make the calculation more complex. This complexity is why it’s important to understand the concepts of marginal and average tax rates, which are key to tax preparation and wealth preservation.
Tax Law & Tax Authority 1110 QuickBooks Online 2023 Income Tax Preparation 2022 – 2023
Income tax is a crucial element of any country’s revenue collection system, and the United States is no exception. It is a legal obligation for citizens and businesses to pay taxes, and failure to comply can result in penalties and legal action. The tax code can be complex and can change frequently, making it challenging for taxpayers to navigate.
When and Where 1155 Income Tax Preparation 2022 – 2023
As we enter the 2023 tax season, it’s important to know when and where to file your income tax return. Filing your taxes correctly and on time can help you avoid penalties and interest, while also preserving your wealth. In this blog post, we will provide an overview of the income tax filing requirements for tax years 2020 to 2023.
What’s New 1135 Income Tax Preparation 2022 – 2023
The recent years have brought some changes in income tax regulations, and it is important to stay up-to-date on these changes to ensure you are preserving your wealth while also properly preparing your taxes. Here are some key changes that taxpayers should be aware of from the tax years 2020 to 2023:
Affordable Care Act – What you Need to Know 1130 QuickBooks Online 2023
Income Tax 2022 2023 Affordable Care Act what you need to know, let’s do some wealth preservation with some tax preparation. Most of this information can be found at the form 1040 tax year 2022 instructions you can find