Alan Bernard International - ABI

07/10/2024

Gen X (1965 to 1980 born) will retire btw 2027 and 2050.
Plan, save and invest.

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01/12/2024

ABI started early tax preparation. IRS announces key dates for 2023 Tax filing season:
-January 29: Tax filing starts
-April 15: Tax filing closes
-October 15: last day to file extended tax returns.

01/16/2023

Expect Changes in Your 2022 Tax Returns
ABI Accounting & Tax Services, January 16, 2023

This year’s tax filing season officially begins on January 23 and ends on April 18. Changes are expected to your tax returns because of new rules introduced by the IRS, and the COVID-19 related tax breaks applied last year would not apply this year. Many taxpayers benefited from the temporarily expanded tax credits last year. However, taxpayers would experience fewer tax credits this year, which may result to less refund or higher amount owed.

The recoverable rebate credit is not applicable this year. The Child Tax Credit, and the Child and Dependent Care Credit are back to their normal status. For example, the Child Tax Credit, which was up to $3,600 for 2021, will now be up to $2,000 for 2022. The Child and Dependent Care Credit, which was up to $8,000 will now be up to $2,100. For the Earned Income Tax Credit (EIC), those without children who received about $1,500 will now get about $500. Also, the $300 deduction for cash donation would not be applicable this year.

On a positive note, low-income parents with two or more children may qualify for EIC up to $6,935 in 2022 as compared to $6,728 in 2021. Also, though tax rates remained the same, tax brackets have increased. This means more taxpayers are taxed at lower rates in 2022 as compared to previous years.

In addition, the Standard Deduction will increase in 2022 as compared to previous years. Married filing jointly goes up to $25,900, Head of Household is up to $19,400, and Single and Married filing separately is now $12,950.

Despite the increase in the EIC and Standard Deductions, tax refunds will likely be lower for most tax return filers because many of the COVID-19 related tax breaks expired in 2021.

ABI Accounting & Tax Services will do the best for you! We offer 20% New Customer Discount, and 20% Referral Commission. Call 469-378-3955 or email [email protected].

01/12/2023

Important Dates for the 2022 Tax Return Season
ABI Accounting & Tax Services, January 12, 2023

Below are important dates for this year’s tax season:

January 17, 2023: deadline for estimated tax payments for the fourth quarter of 2022 (for businesses).

January 23, 2023: official start of this year’s tax season and the date that the IRS will begin accepting and processing tax returns for the 2022 Tax Year.

April 18, 2023: official deadline for IRS to accept and process tax returns for the 2022 Tax Year (April 19 for those in Maine and Massachusetts).

April 18, 2023: last day to request an extension (April 19 for those in Maine and Massachusetts).

April 18, 2023: deadline for filing estimated quarterly taxes for the first quarter of 2023 (for businesses).

October 16, 2023: due date to file 2022 Tax Returns if you were granted a filing extension on April 18, 2023

ABI Accounting & Tax Services will do the best for you! We will also give you 20% discount if we prepare and file your tax return. In addition, we will give you 20% referral commission if you refer any person and/or any business to us.
Call 469-378-3955 or
Email [email protected]

01/08/2023

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01/01/2023