IRS Online Account Can Help Taxpayers Get Ready to File Their Tax Return
An IRS online account makes it easy for people to quickly get the tax planning information they need. With the same ease that taxpayers have when banking online or placing an online shopping order, they can log in and get the latest on their payment history, balance, and more. An IRS online account is a safe and easy way for individual taxpayers to view specific details about their federal tax account.
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Bonus Depreciation Changes Begin in 2023
Bonus depreciation has been a great tax benefit since 2002. The Job Creation and Worker Assistance Act of 2002 allowed businesses to deduct 30% of the cost of eligible assets before the applicable depreciation methods were applied. The idea was to encourage investment by small businesses and to stimulate the economy. The bonus depreciation rate was increased to 50% in 2003 and ultimately raised to 100% in 2017.
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SECURE ACT 2.0
On December 29, 2022, President Biden signed the $1.7 trillion omnibus 2023 Consolidated Appropriations Act (CAA). Part of the CAA was the Secure 2.0 Act of 2022 (Secure Act 2.0). The Secure Act 2.0 has dozens of provisions that impact retirement plans, including 401(k) plans, 403(b) plans and IRAs. These provisions are phased in starting with the new year of 2023 through 2028, but the majority of the provisions become effective in 2023, 2024 and 2025. Some of the provisions are required and others are optional.
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