Cusmano & Hamilton, Inc.

01/23/2023

IT’S TIME! ⏰ Today is the official kickoff of tax season. The Internal Revenue Service will begin accepting and processing tax returns. Taxpayers will have until Tuesday, April 18 to file their tax returns, which is an additional three days from the usual deadline.

01/16/2023

There’s officially one week until the 2023 filing season opens!

The filing deadline for most taxpayers to submit their 2022 tax returns, file extensions and pay money owed is April 18. That is because the normal filing date of April 15 falls on a weekend and the District of Columbia’s Emancipation Day holiday falls on April 17.

12/02/2022

As we near the end of the year, many individuals are concerned with what their tax situation will look like for 2022.

Taxpayers who had a change in salary, began drawing social security/retirement benefits, a child starting college, etc. - this can drastically affect what your taxes look like at year end.

Small business owners who may have seen a change in their income encounter the same question: How does this affect me tax-wise?

Tax projections are a great tool to help both individuals and businesses plan for potential end of year tax implications. And with it being the beginning of December, there is still time to plan. Taxpayers have a chance within the upcoming weeks to consider options that may help lower what they owe come tax time.

We are offering a limited time, discounted service to residents of Wesley Chapel and the surrounding areas. The $125 service will include not only a detailed tax projection, but a review and strategy session.

Give us a call/text at 813-892-0535 or email us at [email protected] for more information.

11/01/2022

An expert in QOZ programs walks us through how to benefit from some significant tax-deferral opportunities (and, if you hold your investment long enough, tax-free gains!).

10/04/2022

Taxpayers have until November 15th to claim their child tax credits - see below for more!

Cash in your family’s pocket for the things you need.

09/15/2022

Businesses: Today is the day for those who have extensions to complete filing of their corporate/partnership tax returns.

Any business filings submitted to the IRS after 09.15 will be subject to a $205 penalty per shareholder/partner, per month - so make sure you file timely to avoid this!

09/13/2022

But to be eligible for the relief, taxpayers have to file the returns by Sept. 30. The agency says the average refund will be $750.

08/25/2022

It’s easy to overlook an important task after a spouse or other loved one passes away – like retitling assets. It’s a little thing with big ramifications. Follow this checklist to help make a challenging time less confusing.

08/20/2022

If you’re still waiting on a refund from the IRS, good news is you’ll get to enjoy a bit extra cash once it arrives.

The IRS pays you interest on any refunds due to taxpayers past the filing date, so you can expect your initial refund total, plus some!

Just be aware that you will need to claim that interest as income during the next tax year, so remember to keep the form the IRS sends, stating total interest received to include with your tax documents.

IR-2022-150, August 15, 2022— The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning October 1, 2022.

08/09/2022

This is the antiquated system the IRS uses to process millions of tax returns each year.

07/29/2022

For that lucky person, don’t let the extra % come as a surprise! 💰

Lottery winnings are taxed, with the IRS taking taxes of up to 37%. Curiously, though, only 24% is withheld and sent directly to the IRS. That means you have to come up with an extra 13% on your own. If your state taxes lottery winnings, you have to add state taxes too.

07/25/2022

Oh, how things have changed📚💾

Evolution of the desk from 1980 to 2016."Evolution of the Desk" is an initiative borne out of the Harvard Innovation Lab. The goal is to illustrate the impac...