For a multitude of pandemic and economic reasons, more and more Americans aged 65 and older are working. A study by MagnifyMoney shows that in May, 2022 - 21.9% of Americans over the age of 65 were still working. Two years earlier, that same percentage was 19.5%.

With technology developing more and more every year, it seems like we should have a dozen different ways to access our information. In this article, the WSJ reveals that this isn’t true when it comes to the IRS. The IRS has had problems with its system that verifies whether or not you are who you say you are. Thus, they have turned to a private company, ID.me, that will verify your identity prior to letting you see your tax documents. Their services come cheap it seems, and some fear their private information is the cost.

On December 29, 2022, President Biden signed the Consolidated Appropriations Act, 2023 into law. It reached the President's desk upon passage in the House by a vote of 225 to 201 on December 23. This followed passage in the Senate on December 22 by a vote of 68 to 29. The heavily negotiated omnibus legislative package includes all appropriations for the federal 2023 fiscal year. The Act does not include any major tax provisions or tax extenders. However, the omnibus bill does include the long-awaited SECURE 2.0 Act of 2022.

Consulting, freelancing, starting a side business, there’s a lot of talk about flashy terms like these nowadays. This week’s article from Forbes Advisor gets a little more into the weeds, offering a detailed look into the sole proprietorship, one of the simplest business entities you can form. It goes over the definition, tax benefits, and risks of a Sole Proprietor. No matter what type of business you are involved in, always know the taxes involved.

Taxes usually aren’t much fun. They’re even less fun when one cannot afford to make payments without serious financial hardship. Don’t worry, the good old IRS has some ways to still get its money. This article, written by the IRS, details some avenues for paying your taxes when you can’t pay all at once, including getting a loan, payment plans, penalty relief, and more.

Happy New Year!

And get ready for the tax filing season.

Hopefully, you followed some of the suggestions outlined in Publication 552 to organize your records. If you did, great! This will make filing your tax returns a lot easier this year. It also means that you and your tax advisor can spend more time on tax and financial planning issues for 2023 vs. looking back to 2022.