Trusted Income Tax LLC

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A heads up to owners: If you earn more than $600 using third-party payment cards, you may receive an Form 1099-K that you need for your 2022 tax return. This form shares income from reportable transactions using digital applications or third-party payment cards. See what this means for your Small Biz: http://ow.ly/ecZp50LkqhR

There’s more to determining filing status than being married or single, and you may fit more than one status. As you for the upcoming filing season, take the time to get to know the five filing statuses and determine which makes the most sense for you. To learn more, check out this Tax Tip: http://ow.ly/wFpX50LNNSB

It’s never too early to get organized and to file in 2023. A few things you can do to prepare:
• Gather tax records
• Read what’s new for tax year 2022
• Renew expiring ITIN
• Bookmark tools on IRS.gov
• Prepare to file electronically and choose Direct Deposit
• Learn about who will receive Form 1099-K

To learn more from click here: http://ow.ly/xk4l50LOYYA

If you purchase an electric vehicle in 2022, be sure to check whether you qualify for a tax credit. See updates at www.irs.gov/pluginvehiclecreditamounts

A reminder from the : If you itemize your tax deductions, you may be able to claim expenses paid for alcohol or drug addiction treatment. More at www.irs.gov/pub502

…Sorry guys. I know we love our fur babies. However they aren’t tax deductions.

Although we love them like our children, pets do not qualify as dependents no matter how you dress them up. To learn more about who qualifies as a dependent, check out: www.irs.gov/pub929

…A must read if you have a new business. Call me to discuss your tax needs.

Help Your Startup Clients Avoid These 7 Tax Mistakes As trusted advisors, CPAs have the knowledge and expertise to provide our clients with accurate and timely advice on a wide range of tax and financial matters.