IRS Delays $600 Form 1099-K Reporting Threshold

IRS Delays $600 Form 1099-K Reporting Threshold

Businesses and individuals concerned about the confusing 1099-K reporting requirements can breathe a sigh of relief: On November 21, 2023, the IRS announced that the deadline for the new $600 reporting threshold will not go into effect for the 2023 tax year — and it...
Tips for Reducing the Impact of NIIT

Tips for Reducing the Impact of NIIT

The net investment income tax (NIIT) was enacted more than a decade ago. While repeal has been discussed more than once, it continues to ensnare a growing number of taxpayers. If you are at risk for this additional tax, there may be some options to reduce your odds of...
7 Tax Breaks for Parents

7 Tax Breaks for Parents

It is challenging and expensive to be a parent. The average annual cost of raising a child in the United States is $21,681, after factoring in tax exemptions and credits, according to a 2023 study published by Lending Tree. That is an increase of roughly 19% from 2016...