Posts by Jody H. Chesnov CPA
2022 Roundup The Important Tax Stories You May Have Missed
GET IN TOUCH GET IN TOUCH A lot is happening these days, and it’s not always easy to keep up. This past year has been no exception. From policy and legislative changes to the ongoing economic impact of the pandemic to significant changes to the IRS user experience, it’s been a hectic year — and…
Read MoreIncome and Expenses: A Daycare Provider’s Guide
GET IN TOUCH GET IN TOUCH 59% is approximately how many children that are five or younger who are not enrolled in kindergarten that were in non-parental childcare once a week in 2019. From that group, 62% went to a daycare center, preschool, or prekindergarten center-based care. As you read this, 7.3% of all children in…
Read MoreWhat Happens If a Taxpayer Dies?
GET IN TOUCH GET IN TOUCH When someone we care about passes away, there are many feelings we may experience as part of the grieving process. Usually, in such moments, tax returns are the farthest thing from our minds. Losing a loved one is challenging, upsetting, and stressful, and there are many things to handle.…
Read MoreDo You Owe Taxes on Canceled Debt?
GET IN TOUCH GET IN TOUCH A lender canceling or forgiving a debt you owe can be great news. After all, you no longer have to worry about monthly payments, late fees, or accumulating interest. However, that doesn’t mean there aren’t strings attached — not to mention the possibility of an unpleasant surprise at tax…
Read MoreProtect Yourself From Tax Fraud: Your Guide to IRS Identity Protection PINs
GET IN TOUCH GET IN TOUCH Is your identity secure … or could someone potentially file a false tax return using your personal information? The answer may be more complex than you think. An ounce of prevention is worth a pound of cure for avoiding tax-related identity theft and tax fraud. So read on to…
Read MorePension Income Planning: Your 2022 Guide
GET IN TOUCH GET IN TOUCH Are you worried about your golden years? If so, you’re not alone. According to a survey, 66% of Americans worry they’ll run out of money in retirement, and 50% feel financially unprepared for an unexpected health expense. These numbers paint a vivid picture: preparing for retirement is a stressful…
Read MoreConsidering a QCD? Start Here
GET IN TOUCH GET IN TOUCH If you are 70 ½ or older and enjoy supporting your favorite charities, you have likely heard the phrase “Qualified Charitable Distribution,” or QCD. This unique method of charitable giving allows some taxpayers to donate directly to certain charitable organizations from their retirement funds. Even better: This particular means…
Read MoreHousehold Employees: Your 2022 Tax Guide
GET IN TOUCH GET IN TOUCH Do you pay a nanny, housecleaner, gardener, maid, babysitter, or another type of household employee? If so, you may have tax implications — and you should take them seriously. Research has shown that many people neglect to pay the so-called “Nanny Tax,” with one economist estimating in 2018 that…
Read MoreGift Tax: What You Need to Know in 2022
GET IN TOUCH GET IN TOUCH As the holiday season looms, your mind may already be turning to the giving and receiving of gifts…and, of course, the tax implications thereof. You may be especially concerned if you remember reading about the unprecedented changes to gift and estate tax laws proposed by the White House and…
Read MoreAre Social Security benefits taxable?
GET IN TOUCH GET IN TOUCH If you’ve reached the age where you can receive Social Security benefits, congratulations! That means you’ve worked hard and paid into the system your entire working life. However, many retirees may also wonder whether they must pay income taxes on their Social Security. If these benefits are their only…
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