Spencer, Hager & Mosdell, PC (Certified Public Accountants)

11/30/2025

Have you heard of the One, Big, Beautiful Bill? Many Americans can now deduct the tips they receive from their taxes. For more information, see: https://ow....

12/08/2022

There are several expansions of tax credits related to electric vehicles. Let's take a closer look at the requirements around the clean vehicle credits.

11/22/2022

Retired and giving to charity this holiday season? Experts suggest qualified charitable distributions from an individual retirement account to trim your taxes.

11/17/2022

IR-2022-201: Reminder to IRA owners age 70½ or over: Qualified charitable distributions are great options for making tax-free gifts to charity Internal Revenue Service (IRS) sent this bulletin at 11/17/2022 10:05 AM EST IRS Newswire November 17, 2022 News Essentials What's Hot News Releases IRS - T...

10/27/2022

has announced tax inflation adjustments for tax year 2023. People will see a significant increase in standard deductions in 2023. See: http://ow.ly/ufe750LfUzx

10/26/2022

IRS Releases 2023 Qualified Retirement Plan Amounts:

The IRS has released cost-of-living adjustments affecting pension plans and other retirement-related items for tax year 2023. Some of the limits applicable to pension and other retirement plans have increased. For instance, the elective deferral limit for employees participating in 401(k), 403(b), and most 457 plans increased from $20,500 to $22,500 and the limit on annual contributions to a SIMPLE plan has increased from $14,000 to $15,500. The catch-up contribution limit for employees aged 50 and over participating in 401(k), 403(b), and most 457 plans increased from $6,500 to $7,500 and the limit on annual contributions to an IRA increased from $6,000 to $6,500, the $1,000 IRA catch-up contribution for individuals aged 50 or over remains unchanged. The income ranges for determining eligibility to make deductible contributions to traditional IRAs, to contribute to Roth IRAs, and to claim the saver's credit all increased for 2023. News Release IR 2022-188 and Notice 2022-55.

09/30/2022

If you're wrestling with tax debt, you may have options like an installment agreement or a penalty abatement through the IRS. Here's what filers need to know.

09/16/2022

2022 Educator Expense Deduction Is $300

The educator expense deduction has been increased for this year. Now, teachers and other educators can deduct up to $300 in out-of-pocket classroom expenses when they file their 2022 federal income tax return next year. (IR 2022-148)

09/13/2022

Some Virginians may soon get a check in the mail or money deposited into their bank accounts if they’re eligible for this year’s one-time tax rebate.

09/13/2022

IRS urges you to prepare for natural disasters by securing and duplicating essential documents, creating lists of property and knowing where to find important info. Prepare now to protect yourself in the event of a disaster situation:
• Create emergency plans.
• Create electronic copies of documents.
• Document valuables.
• Know where to go.
• Remember, the IRS is ready to help.

To learn more, click here: http://ow.ly/taxi50KuuYE

06/03/2022

https://www.irs.gov/newsroom/important-tax-reminders-for-people-selling-a-home

Tax Tip 2022-78, May 19, 2022 — A lot of families move during the summer. Taxpayers who are selling their home may qualify to exclude all or part of any gain from the sale from their income when filing their tax return.