Most people may wish you a Happy New Year after the clock strikes midnight on New Year’s Eve, but the New Year is also a great time to start thinking about taxes.
To-Do List For 2023 Utilization
According to a published post by Cadillac News, Patti Odell, a tax inspector at Cadillac accounting firm Baird, Cotter & Bishop, recently told that 2022 was a quiet year for the law. So there’s a lot to do, but not a lot, when it comes to year-end tax dos and don’ts.
O’Dell said it should be noted that there will be no major child tax credits and earned income tax credits in the 2022 tax year. These will be repealed in late 2021 and will not be available when preparing tax returns for 2022 unless the Biden administration takes action. “(President Joe) Biden is pushing for a tax credit and may be willing to give up anything to get it in 2022, but nothing is official yet.
O’Dell also said that when an individual inherits his IRA, they also inherit the minimum required distribution (RMD) from the deceased. If an individual inherits an IRA, many of his IRS rules regarding minimum distributions required continue to apply. However, additional rules may also apply based on your personal relationship with the deceased original owner. Therefore, we advise you to make sure that you are aware of such funds
