Lincoln Tax Professionals https://newsite.lincolntax.com/ Tax Preparers and Tax Consulting Mon, 30 Dec 2024 21:33:56 +0000 en-US hourly 1 https://wordpress.org/?v=6.7.1 https://i0.wp.com/newsite.lincolntax.com/wp-content/uploads/2025/01/Web-Favicon.png?fit=32%2C32&ssl=1 Lincoln Tax Professionals https://newsite.lincolntax.com/ 32 32 214748114 Businesses and LLCs – Your CTA Time Is Running Out! https://newsite.lincolntax.com/2024/11/25/businesses-and-llcs-your-cta-time-is-running-out/ Mon, 25 Nov 2024 21:31:13 +0000 https://newsite.lincolntax.com/?p=967 In January of this year we sent an email to all of our clients about the new reporting requirement created by the Corporate Transparency Act (CTA).  Well, the rubber has hit the road.  If you or a loved one owns a business or is a member of an LLC, the time is now to make

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]]> 967 Possible Government Shutdown?! https://newsite.lincolntax.com/2024/02/28/possible-government-shutdown/ Wed, 28 Feb 2024 21:27:54 +0000 https://newsite.lincolntax.com/?p=964 If a spending bill is not passed this week and the government shuts down on March 1st it could have significant implications for the IRS.  During a shutdown many federal agencies, including the IRS operate with a skeleton staff or cease non-essential functions altogether.  The exact impact on the IRS would depend on the duration

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]]> 964 Child Tax Credit Increasing? https://newsite.lincolntax.com/2024/01/22/child-tax-credit-increasing/ Mon, 22 Jan 2024 21:21:59 +0000 https://newsite.lincolntax.com/?p=959 A bipartisan group of Senators and Congressmen on Capitol Hill are currently negotiating a bill that includes increasing the Child Tax Credit from $2,000 to $3.6000.  A vote on this bill is expected by the end of January and if passed and made retroactive for 2023 the IRS will need to update their forms and

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]]> 959 Important Information For Business Owners On The Corporate Transparency Act https://newsite.lincolntax.com/2024/01/04/important-information-for-business-owners-on-the-corporate-transparency-act/ Thu, 04 Jan 2024 21:11:50 +0000 https://newsite.lincolntax.com/?p=956 The Corporate Transparency Act (CTA) took effect on January 1, 2024, and imposes a new federal filing requirement for most corporations, limited liability companies (LLCs), and other business entities.   Government law enforcement and security agencies will use this data to help combat money laundering, tax evasion, terrorism, and other crimes. This information will not be available

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]]> 956 Home Energy Tax Credits https://newsite.lincolntax.com/2023/09/28/home-energy-tax-credits/ Thu, 28 Sep 2023 20:07:14 +0000 https://newsite.lincolntax.com/?p=953 If you made energy improvements to your home in 2023, you may be eligible for some new tax credits.  The Inflation Reduction Act of 2022 did away with the old, and frankly useless, tax credits that only allowed you to deduct up to $500 for the lifetime of the taxpayer and replaced them with the

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]]> 953 Maryland Saves! And So Should You! https://newsite.lincolntax.com/2023/09/28/maryland-saves-and-so-should-you/ Thu, 28 Sep 2023 20:03:36 +0000 https://newsite.lincolntax.com/?p=950 In September of 2022, Maryland passed a new law aimed at helping its employees better save for retirement.  It’s called the Maryland Saves program and for many employees it might be the first time they’ve had the chance to contribute to a retirement plan through work. For Employees To be eligible for the retirement plan

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]]> 950 Does My Dependent Need To File? https://newsite.lincolntax.com/2023/01/17/does-my-dependent-need-to-file/ Tue, 17 Jan 2023 20:56:19 +0000 https://newsite.lincolntax.com/?p=945 One of the most frequent questions we get every year is, “Is my dependent required to file a tax return?”  It’s always a complicated response because it requires us to ask more questions to find out the truth.  In an effort to help our clients with dependents navigate this easier, these are the filing requirements:

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]]> 945 The New Tax Year is Here! https://newsite.lincolntax.com/2023/01/16/the-new-tax-year-is-here/ Mon, 16 Jan 2023 20:53:08 +0000 https://newsite.lincolntax.com/?p=943 It doesn’t seem possible but here we are, the beginning of January and the start of another tax year.  With calendar year 2022 now in the rear view mirror we bid farewell to all the Covid related law changes like stimulus payments and expanded child tax credits that we’ve had to navigate and we say

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]]> 943 Inflation Reduction Act of 2022 https://newsite.lincolntax.com/2022/08/11/inflation-reduction-act-of-2022/ Thu, 11 Aug 2022 19:48:11 +0000 https://newsite.lincolntax.com/?p=940 If you’ve been following the news the past few weeks you’ve heard about this new bill making its way through the Senate called the Inflation Reduction Act of 2022.  You’ve also probably heard that it will have tax implications attached to it as well.  As this is still only just a bill up on Capital

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]]> 940 Mileage Deduction Changes https://newsite.lincolntax.com/2022/08/11/mileage-deduction-changes/ Thu, 11 Aug 2022 19:40:03 +0000 https://newsite.lincolntax.com/?p=936 The IRS recently announced an increase in the standard mileage rate for the last six months of 2022.  This change will apply to taxpayers who are self-employed using their automobile for their business as well as rental property owners who travel to their property to perform or oversee maintenance on the property as well as

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