Hedges & Associates PC

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Hedges & Associates PC

We also support 1040 clients with yearly tax filing & planning. All tax work is overseen by a federally authorized tax practitioner or an Enrolled Agent.

Tax Preparation & Tax Planning -
Hedges & Associates PC specializes in Estate & Trust Income Tax returns along with the associated final 1040 returns for the decedents and 1040 returns for their beneficiaries. Enrolled Agents receive their right to practice from the IRS and have earned the privilege of representing taxpayers before the Internal Revenue Service.

01/08/2025

Reminder from the IRS

IR-2025-02, Jan. 7, 2025 — The Internal Revenue Service today encouraged taxpayers who paid too little tax in 2024 to make a fourth quarter estimated tax payment on or before Jan. 15, 2025.

12/10/2024

It's nearing the end of the year. For all taxpayers that need to take required minimum distributions, make sure you meet the deadline.

IR-2024-309, Dec. 10, 2024 — The Internal Revenue Service today reminded those aged 73 and older of the deadline to take required minimum distributions from individual retirement arrangements (IRAs) and other retirement plans, and highlighted updates introduced by the SECURE 2.0 Act.

12/20/2023

As we approach the end of the year - if you are of the age requiring distributions from retirement - make sure you get it done. See article from the IRS below.

IR-2023-246: IRS reminds those aged 73 and older to make required withdrawals from IRAs and retirement plans by Dec. 31; notes changes in the law for 2023 Internal Revenue Service (IRS) sent this bulletin at 12/20/2023 12:05 PM EST News Essentials The Newsroom Topics IRS Resources Issue Number: IR-2...

11/22/2023

Another delay on the implementation of the $600 reporting threshold for issuing a 1099-K. 2023 is now considered a transition year. The plan is that 2024 will be a phase-in year by implementing a $5,000 reporting threshold.

For those of us in the income tax preparation business, this is very good news.

See the IRS notice below for details.

IR-2023-221, Nov. 21, 2023 — Following feedback from taxpayers, tax professionals and payment processors and to reduce taxpayer confusion, the Internal Revenue Service today released Notice 2023-74 announcing a delay of the new $600 Form 1099-K reporting threshold for third party settlement organi...

11/16/2023

If you are of the age group that takes Required Minimum Distributions (RMDs) from your IRA- take a look at the charities you donate and instead of writing a check - donate directly from your IRA. This is called a Qualified Charitable Distribution (QCD). There are rules you must follow (see IRS article). This benefits your 1040 without having to itemize. You must be 70 1/2 or older.

IR-2023-215, Nov. 16, 2023 — The Internal Revenue Service today reminded individual retirement arrangement (IRA) owners age 70½ or over that they can transfer up to $100,000 to charity tax-free each year.

10/23/2023

The IRS warns about scammers and fake charities during a time when you intend to help innocent victims and their families. The IRS offers a method to check up on them prior to making the donations (read IRS article).

Also - you should be aware that GO Fund Me donations are often to individuals and not a charity. Although your intent is to help those in need, you are not able to take a charitable deduction on your income taxes UNLESS it is to a qualified tax-exempt organization.

IR-2023-196, Oct. 23, 2023 — With the tragic crises and natural disasters happening around the globe, many are responding to the call to give what they can to help. The Internal Revenue Service today warned taxpayers to be wary of criminals soliciting donations and falsely posing as legitimate cha...

09/12/2023

Make sure when you are helping out those in need that the charity is legitimate. You can search with the link provided in the article to verify the charity. The Tax Tip below is very helpful.

Tax Tip 2023-110, Sept. 12, 2023, — When disaster strikes, Americans can always be counted on to help. That help comes in countless ways, but often the easiest way to help is by donating money to charities.

07/19/2023

Good article from the IRS for those that are newly married for 2023.

Tax Tip 2023-91, July 19, 2023 — Anyone saying “I do” this summer should review a few tax-related items after the wedding. Big life changes, including a change in marital status, often have tax implications. Here are a few things couples should think about after they tie the knot.

01/12/2023

The official opening for the 2023 tax filing year (2022 income taxes) begins on January 23rd. The IRS offers a FREE FILE program (see article with a link) for those who made $73,000 or less. The deadline this year to file or extend your return is April 18

IR-2023-05, January 12, 2023 — The Internal Revenue Service today announced Monday, January 23, 2023, as the beginning of the nation's 2023 tax season when the agency will begin accepting and processing 2022 tax year returns.

11/16/2022

For those with RMDs (required minimum distributions), this tip is a great way to give to your favorite charity with the best potential tax advantage. As always, you need to discuss this with your tax accountant but do this soon if you want the benefit for your 2022 income taxes.

Tax Tip 2022-171, November 8, 2022 — In most cases, distributions from a traditional Individual Retirement Account are taxable in the year the account owner receives them but there are some exceptions. A qualified charitable distribution is one of the few exceptions.

10/21/2022

New income limits for those contributing to 401(k) and IRA's announced by the IRS for 2023

IR-2022-188, October 21, 2022 — The IRS announced today that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. The IRS today also issued technical guidance regarding all of the cost of living adjustments

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19818 Mack Avenue
Grosse Pointe Woods, MI
48236

Website

http://hedgesassociatespc.com/firm.html

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