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Accounting pros look ahead at 2024 changes

Accounting pros look ahead at 2024 changes
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Tax breaks future is uncertain | Massachusetts Lawyers Weekly

The Biden administration’s determination to curtail or eliminate some valuable tax breaks, along with expiration dates baked into some provisions, has business owners worried. The future of President Joe Biden’s proposals is still uncertain and tax breaks have been known to get a second life. Still, if it makes economic sense taxpayers may want . ....

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How will I be taxed on my remote out-of-state job?

How will I be taxed on my remote out-of-state job?
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Child Tax Credit Monthly Stimulus Check: Why Some Americans Are Passing

President Joe Biden has proposed, as part of his American Families Plan, to extend the expanded child tax credit to 2025. ....

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Do I make estimated tax payments on IRA payout?

Do I make estimated tax payments on IRA payout?
Today 9:30 PM
Q. I will be turning 72 this year and understand that I should take a Required Minimum Distribution (RMD) this year. If I delay the RMD until December, am I required to make quarterly federal estimated tax payments throughout the year or can I direct the financial institution to deduct income tax in December?
Trying to do it right
A. Happy early birthday!
Required Minimum Distributions (RMDs) must begin by April 1 following the year a taxpayer turns 72.
So in your situation, you would not be required to receive your first RMD until April 1, 2022, said Neil Becourtney, a certified public accountant and tax partner with CohnReznick in Holmdel. ....

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