Posted on January 3, 2022

The CPAs at Teipen CPA Group strongly recommend that all taxpayers take important actions this month to help them prepare for filing federal tax returns in 2022. There are new tax credits and deductions related to Economic Impact Payments and advance Child Tax Credit payments that you should be aware of. Here’s what taxpayers should consider […]

Posted on December 21, 2021

As 2021 comes to a close, our CPAs want to remind you that a new 2021 IRS CARES Act tax provision may allow you to deduct up to $600 in donations (to qualifying charities) on your 2021 federal income tax return – even if you don’t itemize. What it does: Generally, taxpayers who choose to […]

Posted on December 16, 2021

2022 helpful cost-of-living tax changes announced Good news! This coming year, taxpayers can put an extra $1,000 into their 401(k) plans. According to Teipen CPA Group Mike Poynter, the IRS recently announced that the 2022 contribution limit for 401(k) plans will increase to $20,500. Believe it or not, there’s more helpful-to-your-bottom-line cost-of-living adjustments coming in […]

Posted on December 10, 2021

Our small business CPAs do a lot of specialized work with small businesses around state and federal taxes. Depreciation is one of the areas where we can help a small business better understand and take advantage of all the tax laws available to them. First, what depreciation is all about: Depreciation is an annual tax […]

Posted on December 6, 2021

The CPA team at Teipen CPA Group reminds taxpayers there are several key things they should check off their to-do list before the 2021 tax year ends this month. New bank account? Be sure to set up direct deposit Direct deposit gives taxpayers access to their refund faster than a paper check. You can also open […]

Posted on November 24, 2021

Parents who share custody of their children should be aware of how their advance child tax credit payments are distributed. First and foremost, it is important to understand that these are advance payments of a tax credit that taxpayers expect to claim on their 2021 tax return. Here are some of the most common questions […]

Posted on November 17, 2021

To help address COVID-related labor shortages, the IRS wants employers to know that in general, it will not jeopardize the tax status of their pension plans if they rehire retirees. Following the COVID-19 pandemic, many employers are looking for ways to encourage retirees to return to the workforce to fill open positions — and experienced […]

Posted on November 10, 2021

Achieving a Better Life Experience or ABLE accounts are tax-advantaged savings accounts for individuals with disabilities and their families. These accounts help disabled people pay qualified disability-related expenses without affecting their eligibility for government assistance programs. Here is what you should know about qualifying for these accounts: Qualified disability expenses States can offer ABLE accounts to help […]

Posted on November 3, 2021

The Social Security Administration announced that its annual cost-of-living adjustment (COLA) will be 5.9 percent beginning in January 2022. That amounts to an average boost in retirement benefits of about $92 per month – the largest COLA benefit adjustment since 1983. Prior to this adjustment, COLAs have been modest, averaging a 1.65 percent increase annually […]