Tax & Financial Forum

5 Ways to Achieve Financial Freedom

Financial freedom is something that everyone strives for, but it can be challenging to achieve. It requires discipline, planning, and a willingness to make sacrifices in the short term for long-term gain. However, with a little effort...

Taxpayers May Qualify for More Than One Filing Status

Your tax filing status may affect your tax rate, standard deduction amount, eligibility for tax credits, and other factors influencing the amount of tax you owe. If you qualify for more than one filing status, you must review your...

Plan Your Retirement Savings Goals for 2023

A big jump in cost-of-living calculations means a big jump in how much you can contribute to retirement accounts in 2023! Now is the time to plan your retirement contributions to take full advantage of this tax benefit. Here...

It's Tax Time! Tips to Get Organized

The beginning of a new year brings the need to recap the previous one for Uncle Sam. Here are some tips and a checklist to help get you organized.Look for your tax forms. Forms W-2, 1099, and 1098 will start hitting your...

How to Help Your Employees Embrace Digital Transformation

Digital technology can improve business operations in many ways. For example, cloud-sharing platforms simplify document sharing, while project management software makes it easier to track deliverables within teams. As a business owner,...

Understanding Marginal vs. Effective Tax Rates

Understanding marginal and effective tax rates is important for tax planning purposes; however, many taxpayers don't fully understand the differences. Let's take a closer look:Marginal Tax RateThe United States has a...

2022 Individual Taxpayers: The Year in Review

As we close out the year and get ready for tax season, here's what individuals and families need to know about tax provisions for 2022.Personal ExemptionsPersonal exemptions are eliminated for tax years 2018 through 2025...

People and families paying for disability-related expenses should consider an ABLE savings account.

People with disabilities and their families can use Achieving a Better Life Experience or ABLE accounts to help pay for qualified disability-related expenses. ABLE accounts are tax-advantaged savings accounts that don’t...

The Saver's Tax Credit

The Saver’s Tax Credit is a tax benefit for workers who contribute to a retirement plan or Individual Retirement Account (IRA). The Saver’s Tax Credit is referred to in IRS tax forms as the “Credit...

Small Business Taxpayers: The Year in Review

Here's what business owners need to know about tax provisions for 2022:

Year-end Tax Planning Strategies for Individuals

General tax planning strategies for individuals include accelerating or deferring income and deductions and carefully considering timing-related tax planning strategies concerning investments, charitable gifts, and retirement planning. For

Virtual Tax Preparation the easy way

A recent survey by Nerdwallet shows that more than 1 in 3 U.S. taxpayers whose household income is less than $50,000 a year hired a tax professional to assist with the preparation of their Income Tax Returns. However,...

Student Loan Forgiveness Application: Everything You Need to Know

Well, it’s the moment borrowers have been waiting for: The student loan forgiveness application is live.

Fastest Ways to Catch Up on Your Retirement Savings

Only 37% of working adults feel like their retirement savings are on track. Even more alarming, almost one out of every five Americans between the ages of 45 and 59 (17%) are barreling closer to retirement age with nothing saved for retirem

ESA vs. 529: Which Is Better for You?

A college savings account is an incredible gift to give your children or grandchildren. It can help them graduate from college debt-free, which gives them a firm foundation to start building their life! So, whether Junior is 8 weeks old or

How to Survive an Audit

If you receive notification of an IRS office audit, knowing what to do can be the difference in whether or not you survive it. Here are the critical steps you should take:

What Does the Inflation Reduction Act Mean to You?

On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 which is a scaled-back version of the prior Biden administration proposals originally included in the Build Back Better Act. The...

Who Is Your Trusted Contact?

Investment firms have a client service feature that may be a benefit to certain investors. They will ask you whether you would like to provide the name and information of a trusted contact.1

Taxpayers should be sure to have all their info before going to a tax professional.

Taxpayers using a professional tax preparer should make sure they have all their information readily available before their appointment. Collecting their information and getting copies of any missing documents before taxpayers sit down to p

Take Tax Advantage of a Low-Income Year

People generally assume that tax planning only applies to individuals with the big bucks. But think again, as some tax moves benefit lower-income taxpayers and those who are having a lower-than-normal income year.

NOT ALL INTEREST IS DEDUCTIBLE FOR TAXES

A frequent question that arises when borrowing money is whether or not the interest will be tax deductible. That can be a complicated question, and unfortunately not all interest an individual pays is deductible. The rules for deducting int

New Job? Don't Forget About Your 401(K)

One of the most important questions you face when changing jobs is what to do with the money in your 401(k) because making the wrong move could cost you thousands of dollars or more in taxes and lower returns.

Will Your Planned Retirement Income be Enough After Taxes?

That is an important question because the actual money you have to spend when you retire depends upon the after-tax sources of your retirement income. Thus it is important to understand how the various retirement vehicles are taxed.

Understanding S&P 500 Index Funds

Not sure which funds to invest in for retirement? We hear you.You’ve probably heard a lot about S&P 500 index funds. It’s a bit of an investing buzzword. But what are S&P 500 index funds and are they a good place...

Will the Stock Market Crash in 2022?

For investors, 2022 has been quite a roller coaster. Worries about inflation, rising interest rates, and Russia invading Ukraine in February sparked another wave of volatility for the stock market.1,2 All this fear and...

Summer Activities That Could Affect Your Tax Situation

Although the tax return filing deadline has come and gone, it's never too early to start planning for next year's tax return. With that in mind, let's take a look at some common summertime situations that could affect your taxes:

Ways To Maximize Business Tax Deductions

As a small business owner, you should always be on the lookout for legitimate ways to minimize your taxes. Waiting for year-end to do your tax planning can be too late and you may miss many possible opportunities. The following are valuable

How to Save for Retirement Without a 401(k)

But even if you don’t have a 401(k) option or if your plan doesn’t include an employer match, don’t panic! You still have plenty of options to help you save for retirement even without a 401(k). With great options like the Roth IRA (our fav

How to Retire With Confidence in Any Market Environment

Whether you recently retired or are planning to in the months ahead, you may be wondering how current financial and economic conditions may impact your plans. Do you need to adjust your spending to accommodate inflation or...

Don't Overlook Your Charitable Contributions

Your charitable contributions include a wide variety of tax-saving opportunities, some you may not be aware of and some that are frequently overlooked. And there are some contributions that you may believe are deductible that really are not

Is the Housing Market Going to Crash?

Are we heading for the end of the American economy? Is the housing market going to crash? Is this generation going to be priced out of the housing market and never be homeowners? No, no, and no.

RMD and IRA-To-Charity Distribution Provisions

The tax law permits individuals aged 701/2 or over to transfer funds from their IRA accounts to charities in what is referred to as Qualified Charitable Distributions (QCDs). These QCDs are not taxable and where a taxpayer is also required

SOLD OR THINKING OF SELLING YOUR HOME?

If you sold your home this year or are thinking about selling it, there are many tax-related issues that could apply to that sale. To help you prepare for reporting the sale you may have already made or make you aware of what issues you may

Inflation Stimulus Checks Are Coming to These States

Inflation stimulus checks are relief funds set aside to help people cope with the high costs of goods and gas (thanks to inflation). With inflation reaching its highest rates in 40 years and the average gas prices breaking records daily, it

YOU MAY RECEIVE AN IRS FORM 1099-K THIS YEAR

Congress reduced the 1099-K reporting threshold for 2022 from $20,000 to $600 looking for unreported income from gig economy activities and transactions. As a result, even someone not operating a business could receive a 1099-K that they ma

How to Prepare for a Recession

Recession.Just hearing that word can cause some people to clench their teeth, clutch their chest, and run to the bank. With crazy high inflation, gas that’s around $5 and rising interest rates, you’ve probably heard...

Settling Tax Debt With an IRS Offer in Compromise

An offer in compromise (OIC) is an agreement between a taxpayer and the Internal Revenue Service that settles a taxpayer's tax liabilities for less than the full amount owed. That's the good news. The bad news is that not...

STUDENT LOAN DEBT - PAYING AND AVOIDING IT, PLUS TAX BENEFITS

Despite recent rounds of forgiveness for thousands of borrowers, nearly 43 million Americans are responsible for roughly $1.6 trillion in federal student loans which results in a significant long-term burden for students after...

Why Should I Invest 15% of My Income for Retirement?

Nowadays, everyone seems to be an expert on investing. How much to invest, where to put your money, and when to get out before the value drops. So, who do you believe? What are the right answers? Why does this stuff seem so...

What to Know If You're Selling Your Home This Year

In most cases, gains from sales are taxable. But did you know that if you sell your home, you may not have to pay taxes? Here are ten facts to remember if you sell your home this year.

How to Become a Millionaire

So you want to be a millionaire, huh? Awesome! But is it realistic? Don’t you need a high-paying job or a winning lottery ticket? Well, we’ve got good news for you. You can become a millionaire—and it has nothing to do with your family’s m

TAX TIPS FOR RECENTLY MARRIED TAXPAYERS

This is the time of year for many couples to tie the knot. When you marry, here are some post-marriage tips to help you avoid stress at tax time.

Tips to Help You Get Started Saving for Retirement

It's never too late to start saving for retirement, but the sooner you begin, the more time your money has to grow. That's because gains each year build on the prior year's gains thanks to the power of compound interest - and it's the best

TIPS FOR STUDENTS PLANNING TO WORK DURING THE SUMMER

As the summer break from school approaches, many students are looking for part-time summer employment. Both parents and the students should make themselves aware of the various tax issues that must be considered when working a summer job to

Every problem has a solution

But for several million people each year, the annual dance with the IRS is not yet finished. These are the folks that owe Uncle Sam money. If that’s you, don’t fret: It’s not the end of the world, and you have options.

DO YOU UNDERSTAND TAX LINGO?

Virtually everyone is subject to income tax and should know the basic terms associated with taxes, such as filing status, head of household, dependents, exemptions, itemized deductions, adjusted gross income, modified adjusted gross income,

UNDERSTANDING WHAT INNOCENT SPOUSE RELIEF IS, AND WHETHER YOU NEED IT

What happens if your spouse turns out to be a tax cheat, and you signed a joint tax return without realizing it. Can you be held responsible? Learn more.

Happy Birthdays From The IRS

Whether a specific tax law applies to you, or your dependent may hinge on your or the dependent's age. Sometimes reaching a certain age provides a tax benefit, while in other cases once a specific birthday is celebrated there's a tax "penal

IMPORTANT TIMES TO SEEK ASSISTANCE

Waiting for your regular appointment to discuss current tax-related issues can create problems or cause you to miss out on beneficial options that need to be timely exercised before year-end. Generally, you should seek professional assistan

WHEN CAN YOU DUMP OLD TAX RECORDS?

Generally, tax records should be kept for 3 years from the due date of the return to which they apply. The statute of limitations can be longer if there is fraud, or a return was not filed. Add 2 years if your state statute is longer.

OWE THE IRS MONEY? HOW LONG DO THEY HAVE TO COLLECT?

The IRS generally only has three years from the April filing due date or the date you filed your return if later, to assess additional taxes. However, the 3-year statute of limitations is increased to 6 years when taxpayers underreport the

ELECTRIC VEHICLE CREDITS PHASING OUT

If you are considering purchasing an electric vehicle, you may need to make that decision sooner than later since the credit for many popular models is beginning to phase out.

ARE DAMAGE AWARDS TAXABLE?

Debunking myths about federal tax refunds

How to Build Wealth at Any Age

There's Still Time To Make an IRA Contribution for 2021

TOSS YOUR PAYSTUB EVERY WEEK? MAYBE IT’S TIME TO TAKE A CLOSER LOOK

YOU MAY QUALIFY FOR THE 20% TAX PASS-THROUGH DEDUCTION

CAN’T PAY YOUR TAXES? HERE ARE SOME PAYMENT OPTIONS

There's Still Time To Make an IRA Contribution for 2021

TAX BENEFITS FOR CHILD DAYCARE PROVIDERS AND USERS

READ THIS FIRST BEFORE TAPPING YOUR RETIREMENT SAVINGS

CHARITABLE TAX DEDUCTION PECULIARITIES

GAMBLING AND TAX TRAPS

Inheritances Enjoy a Special Tax Benefit

RETURN BEING PROCESSED MEANS THE IRS RECEIVED YOUR TAX RETURN, BUT IT COULD STILL BE DELAYED.

HIGHLIGHTS OF COLLEGE SAVINGS PLANS (SEC 529 PLANS)

Taxpayers can start the 2022 tax year off right by checking their withholding

Check the status of a refund in just a few clicks using the Where’s My Refund tool

Managing Your Finances During an Inflationary Period

Important Enhancements to The Earned Income Tax Credit for 2021

Hobby or For-Profit Activity? The Answer Make a Big Difference For Tax Purposes

Here are reasons people who don’t normally file should file a 2021 tax return

Did you have an advance payment of the Child Tax Credit issued to you, but did not receive it?

Your 4% Withdrawal Strategy May Not Be Enough

YOUR 4% WITHDRAWAL STRATEGY MAY NOT BE ENOUGH Get the Tax Guidance You Need to Help Live the Retirement You Desire There’s a lot of concern among industry experts about whether the popular 4% withdrawal rule can provide enough income...

Ok here is your official heads up NOTICE!!!

Important Information About Charitable Giving This Year

The first step when deciding where to make donations is to visit IRA.gov and use the Tax Exempt Organization Search tool to search for information about an organization's federal tax status and filings. Here are several facts about this val

Tax Benefits of Health Savings Accounts

While similar to FSAs (Flexible Savings Plans) in that both allow pretax contributions, Health Savings Accounts or HSAs offer taxpayers several additional tax benefits. Let's take a look: What is a Health Savings Account? A Health...

Shared Custody and Advance Child Tax Credit Payments

Parents who share custody of their children may be confused about how the advance child tax credit payments are distributed. As such, the first step is to remember that these are advance payments of a tax credit that taxpayers expect...

IRS announces changes to retirement plans for 2022

Next year taxpayers can put an extra $1,000 into their 401(k) plans. The IRS recently announced that the 2022 contribution limit for 401(k) plans will increase to $20,500. The agency also announced cost‑of‑living adjustments that may...

Tax Changes: What's In, What's Out?

While it’s still too early to draw any final conclusions, Congress is getting closer to outlining what tax law changes are under consideration to pay for the proposed $1.75 trillion Build Back Better Plan.1For now, it appears...

In Case You Missed It the First Time.

Happy New Year!! We hope the new year is getting off to a great start for you. Tax season is once again upon us and I wanted to provide you with some helpful information on our website. Please take a moment to review. This information...

What taxpayers need to know to claim the Earned Income Tax Credit

The earned income tax credit can give qualifying workers with low-to-moderate income a substantial financial boost. In 2019, the average amount of this credit was $2,476. It not only reduces the amount of tax someone owes but may give...

Make 2020 Tax Filing a Breeze: 4 Organizational Tips

Maybe you’ve been filing your tax information away neatly in color-coded file folders all year. Or maybe you scanned and saved your receipts and other documents on your computer where you can find them in a second. If...

Second COVID Relief Package Passed

Stimulus checks could mail as early as next week Both houses of Congress voted to pass the latest COVID relief legislation and all indications are that the president will sign it into law. We know that more guidance will be provided...

All About IRS Payroll Tax Relief For Small Businesses Impacted by COVID-19

Small businesses can enjoy several types of payroll tax relief on their federal taxes during 2020. The changes include a payroll tax deferral and several refundable payroll tax credits. These changes are temporary and originate from...

Will Biden Increase Your Taxes?

Biden dropped a high-level summary of his tax proposals a few weeks ago. We want to break them down for you. Top rate on ordinary income. Biden proposes increasing the current top tax rate of 37% to 39.6%. This will affect taxpayers...

How Much Money Will You Need for Retirement?

"Will I outlive my retirement money?" That's one of the top fears for people who are starting to prepare for their retirement years.So I have to chuckle a bit when I see headlines that say, "Here's how much money Americans think they...

2020 RMD Income Tax Relief is possible

Are you one of the many retirement account holders who took a mandatory distribution this year? If so, you may be able to manage the taxes associated with Required Minimum Distributions (RMDs) from traditional IRAs and 401(k)s. There...

Let's Talk About Extended Care

In your retirement strategy, you’ve likely put a good deal of thought into putting away enough money to enjoy your life, once you’ve put the daily grind in the rearview mirror. Like many, you’ve probably planned for...

A Stock Market Lesson to Remember

A Stock Market Lesson to RememberConfidence can quickly erode, but it can also quickly emerge. Undeniably, spring 2020 has tried the patience of investors. An 11-year bull market ended. Key economic indicators went haywire. Household...

FAQs about 2020 stimulus checks

Are you eligible for a stimulus check from the Treasury Department?As of Friday, April 24, the Internal Revenue Service said it had issued 88 million payments to individuals across the country. It plans to send out more than 150...

How to Roll Over an Old 401(k)

Back in the old days, it was pretty common for someone to work for the same company for 40 years before retiring with a nice pension and a gold watch. Well, those days are long gone. A recent study found that the youngest baby boomers...

Businesses Score Big Tax Benefits With The Cares Act

Article Highlights: Retroactive Net Operating Loss Carrybacks Retroactive 100% Bonus Deprecation for Leasehold, Restaurant and Retail Improvements Limitation on Losses Relaxed Limitation on Deductible Business Interest Relaxed As part...

It's Not Too Late to Make an IRA Contribution

If you haven't contributed funds to an Individual Retirement Account (IRA) for tax year 2019, or if you've put in less than the maximum allowed, you still have time to do so. You can contribute to either a traditional or Roth IRA until...

Important Tax Information (Please Read)

Happy New Year!! We hope the new year is getting off to a great start for you. Tax season is once again upon us and I wanted to provide you with some helpful information on our website. Please take a moment to review. This information...

Understanding Tax Return Preparer Credentials and Qualifications

Any tax professional with an IRS Preparer Tax Identification Number (PTIN) is authorized to prepare federal tax returns. However, tax professionals have differing levels of skills, education and expertise. An important difference in...

Starting a Home-Based Business

More than half of all businesses today are home-based. Every day, people are striking out and achieving economic and creative independence by turning their skills into dollars. Garages, basements, and attics are being transformed into...

Tax Breaks for Taxpayers Who Itemize

Many taxpayers opt for the standard deduction because it is easier, but sometimes itemizing your deductions is the better choice - often resulting in a lower tax bill. Whether you bought a house, refinanced your current home, or had...

Last Minute Tax Changes - Extenders Have Been Extended Again

Tax Change – Extenders Have Been Extended Again There were a few tax issues included in the budget act that President Trump signed December 20, 2019. This email includes the items commonly known as “extenders”. The...

Five Self-Care Tips For The New Year

With a new year around the corner, you’ll probably be taking some time to reflect, evaluate, and set some goals. One goal we recommend is focusing on self-care. Take the time to focus on Y-O-U because we’re here to tell...

Getting to Know the Most Appealing Tax Benefits of Investing in Real Estate

Have you been searching for new and effective ways to create a passive income? While you may already know that real estate investing offers an array of benefits, did you know it’s an extremely popular side hustle for people from...

Tax Mistakes New Real Estate Investors Need to Avoid

Finding a way to put your hard-earned money to work is no easy process. There are a number of different investment opportunities on the market, which is why you need to do your homework before choosing one. One of the best ways to...

Did You Just Get An IRS Notice of Deficiency? Here's What To Do Next

Nobody likes getting mail from the IRS — especially when it's something you weren't expecting.One minute, you're minding your own business and aren't even thinking about that return you filed months ago. The next minute you open...

TAKE TAX ADVANTAGE OF A LOW-INCOME YEAR

People generally assume that tax planning only applies to individuals with the big bucks. But think again, as some tax moves benefit lower-income taxpayers and those who are having a lower-than-normal income year. So, if 2019 is not...

New Twist on the Social Security Number (SSN) Scam

New variations of tax-related scams show up at regular intervals, the most recent one related to Social Security numbers. Don't be fooled, however; it's nothing more than a new twist on an old scam and yet another attempt to frighten...

You can use your 2018 tax return to do a withholding checkup

Millions of people have filed their 2018 tax return, making this a prime time to consider whether their tax situation came out as expected. If not, you can use your finished 2018 return and the Tax Withholding Estimator to do a...

Year-End Tax Planning Strategies for Businesses

A number of end-of-year tax planning strategies are available to business owners that can be used to reduce their tax liability. Here are a few of them: Deferring Income Businesses using the cash method of accounting can defer income...

2019 Year-End Tax Planning for Individuals

With the end of the year fast approaching, now is the time to take a closer look at tax planning strategies you can use to minimize your tax burden for 2019. General Tax planning Strategies General tax planning strategies for...

Passive Activity Loss Rules and Limitations

Landlords and buy and hold real estate investors are often faced with dealing with passive losses generated from their rental real estate activity. Though there are ways to get around the Passive Activity Loss regulations, this article...

How to Save Money With a New Real Estate Tax Strategy

Nobody likes paying taxes, but they are necessary to provide the services people expect from society. However, that doesn't mean people should be paying more than they're supposed to for taxes. Real estate investors often spend too...

Avoid Estate Taxes with the Stepped Up Basis Rules

One of the huge benefits of real estate is that you can literally avoid taxes on the appreciation of your assets over time. If you hold your real estate assets until death, your heirs will receive a stepped-up basis equal to the...

What is Currently Not Collectible Status from The IRS?

Big companies are known for getting all sorts of breaks, but when average people fall behind, they rarely receive help. When you owe back taxes, but can’t afford to pay them, then you may qualify for a special tax status known...

Is It Better to Have a Tax Credit or a Deduction?

People often say that an expense is “a tax write-off”; most everyone interprets this to mean that the expense will have a tax benefit. Generally, such a benefit takes the form of either a deduction or a credit; these...

Understanding Tax Terms: Health Savings Accounts (HSA)

If Benjamin Franklin were alive today, his famous quote “Nothing is certain, except death and taxes.” might include a third item — paying medical expenses. Medical expenses, in one form or another, are unavoidable....

4 Mistakes That You Don't Want to Make When Filing Your Taxes. (They Could Land You In Tax Trouble)

It can be a stressful experience preparing your taxes and filing them. It can be even more stressful however, if you make these mistakes that land you into tax trouble. It's important to remember that if you make mistakes that are...

IRS Expands ID Protection Program

Unless you experience identity theft, the IRS will not provide you with access to their Identity Protection PIN program ... until now. Read on to learn about the new voluntary participation in this identity theft enhancement. The IRS...

Financial Literacy & Personal Finance Basics

How do you get started budgeting? Simple: you plunge right in. You need to see exactly how you’re spending your money and identify where your financial holes are. Some steps: 1. Start tracking your monthly expenses. In a...

Settling Tax Debt With an IRS Offer in Compromise

An offer in compromise (OIC) is an agreement between a taxpayer and the Internal Revenue Service that settles a taxpayer's tax liabilities for less than the full amount owed. That's the good news. The bad news is that not everyone is...

Taxpayers should beware of property lien scam

With scam artists hard at work all year, taxpayers should watch for new versions of tax-related scams. One such scam involves fake property liens. It threatens taxpayers with a tax bill from a fictional government agency. Here are...

De-stress your workday!

We can all get caught up in the day…meetings, calls, texts, emails and the myriad of other workday demands that pile up quickly and can create unwanted stress.Take the time to review our tips for de-stressing your day....

Tax Resolution in Kansas City metro (or anywhere else!)

Tax Resolution What is Tax Resolution? Tax Resolution is the area of taxes where a credentialed tax specialist (like an Enrolled Agent) is able to represent you before the IRS to resolve your tax issues. Tax issues can be things such...

Self-employment Deductible Expenses

This is probably one of the more anticipated questions, especially around tax season. What can you deduct as a business expense? Most of it is pretty easy and straight forward. But first, a few quick notes. Keep records of everything...

Two education credits help taxpayers with college costs

With school back in session, parents and students should look into tax credits that can help with the cost of higher education. They do this by reducing the amount of tax someone owes on their tax return. If the credit reduces tax to...

New IRS impersonation email scam

The Internal Revenue Service and its Security Summit partners warned taxpayers and tax professionals about a new IRS impersonation scam campaign spreading nationally via email. Remember: the IRS does not send unsolicited emails and...

How can I Pay Less Tax?

If you are like many people here in America, the amount of taxes you pay can be your single largest expense. We get taxed at many different levels including sales tax, excise tax, property tax, payroll tax, estate tax, local taxes,...

Consider the Tax BEFORE You Sell

In times of market volatility or when a financial need arises, it is only natural to consider selling some investments. Understanding the tax consequences is key to making an informed and planned decision. Here is what you need to...

The IRS Is Not Always Right

A letter in the mailbox with the IRS as the return address is sure to raise your blood pressure. Here are some tips for handling the situation if this happens to you: Stay calm. Try not to overreact to the correspondence. They are...

Unfiled Tax Returns - Here are some things you should consider:

You missed the tax deadline April 15th, so now what? Although the IRS has received a record number of returns this year, there are still millions of people and business owners who did not file tax returns by April 15th. The reasons for...

The Seven Deadly Sins of Small Business Owners

This blog post is going to discuss the ways small business owners get in trouble with the IRS and how they can correct those mistakes. Deadly Sin #1: Commingling Personal and Business FundsMany small business owners are in the habit...

How To Protect Your Social Security Number

Very few things in life can create a higher degree of stress than having your Social Security Number (SSN) stolen. This is because, unlike other forms of ID, your SSN is virtually permanent. While most instances of SSN theft are...

Effective Tax Planning Starts Now!

With summertime activities in full swing, tax planning is probably not on the top of your to-do list. But putting it off creates a problem at the end of the year when there’s little time for changes to take effect. If you take...

I Owe Tax on That?

Wages and self-employment earnings are taxable, but what about the random cash or financial benefits you receive through other means? If something of value changes hands, you can bet the IRS considers a way to tax it. Here are five...

Municipal Bonds: An Investment with Tax Breaks!

Everybody likes getting something for free, and taxes are no different. Investing in securities like municipal bonds (munis) or municipal bond funds generates tax-free interest income. Here is what you need to know. Advantages of...

No Excuses. Time to Lower Your Tax Bill

It’s easy to push tax planning to the sidelines when tax laws are ever-changing and hard to understand. Here are some common (but often unfounded) reasons for avoiding tax situations, plus tips to help get past them and start...

How to Maximize Deductions for Assisted Living

It's possible that someone in your family will need assisted living care at some point in their life. This care can be at an assisted living facility, a nursing home, or in their own home. Often, assisted living care is expensive and...

The IRS Has Cryptocurrency on Its Radar

If you own cryptocurrency, you need to know that the IRS has owners of cryptocurrency in its sights because many cryptocurrency owners are not reporting or paying taxes on their cryptocurrency transactions. In fact, the IRS is so...

Your Canceled Debt Could Be Taxable

Generally, debt that is forgiven or canceled by a lender is considered taxable income by the IRS and must be included as income on your tax return. When that debt is forgiven, negotiated down (when you pay less than you owe), or...

401(k) and IRA Contribution Limit Changes

401(k) contribution limit increases to $19,000 for 2019; IRA limit increases to $6,000 The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is...

How to Write Off Worthless Stock

If you are like most investors, you occasionally will pick a loser that declines in value. Sometimes, a security can even become worthless when the issuing company goes out of business. Gains and losses for securities, including stock,...

Clergy Tax Service

Clergy Tax Service Just like every other profession, pastors, priests, ministers of the gospel and clergymen are mandated by federal and state tax laws to properly file and pay their clergy taxes to avoid going through a dreaded IRS or...

Who Can Represent You Before the IRS?

Many people use a tax professional to prepare their taxes. Anyone who prepares, or assists in preparing, all or substantially all of a federal tax return for compensation is required to have a valid Preparer Tax Identification Number...

Tax Deductions for Teachers and Educators

Educators can take advantage of tax deductions for qualified out-of-pocket expenses related to their profession such as classroom supplies, training, and travel. As such, as the new school year begins, teachers, administrators, and...

List of Preventive Care Benefits Expanded for HSAs

The list of medical care services for a range of chronic conditions allowed to be provided by a high deductible health plan (HDHP) was expanded effective July 17, 2019. These medical services and items are limited to the specific...

How to File Taxes After Saying 'I Do'

A taxpayer’s filing status for the year is based upon his or her marital status at the close of the tax year. Thus, if you get married on the last day of the tax year, you are treated as married for the entire year. The options...

Two New Tax Scams to Watch out For

Although the April filing deadline has come and gone, scam artists remain hard at work. As such, taxpayers should be on the lookout for scams that reference taxes or mention the IRS, especially during the summer and fall as tax bills...

Will Your Tax Return be Audited

Few things are more unnerving than having your tax return selected for an IRS audit. The IRS uses that "audit anxiety" to help keep taxpayers honest on their tax returns. DIF Scores Count The IRS evaluates tax returns based on their...

Offer in Compromise

An offer in compromise (OIC) is a unique settlement option where the IRS agrees to accept less than a taxpayer actually owes. For taxpayers that feel the assessed amount of their tax bill was unfair or for those who may never be able...

Year-round tax planning includes reviewing eligibility for credits and deductions

Tax credits and deductions can mean more money in a taxpayer’s pocket. Most people only think about this when they file their tax return. However, thinking about it now can help make filing easier next year. This tip is one in a...

Mid-Year Tax Tips For 2019 Returns

For most taxpayers, the filing deadline has passed. But tax planning for next year can start now. The IRS reminds taxpayers that being organized and planning ahead can save time and money in 2019. Here are some things you can do now...

Tax Breaks for Higher Education

Over the years, Congress has continued to enhance tax breaks for students and their parents. These tax benefits provide taxpayers with a large number of options for tax-favored financing of their education and the education of their...

Consumer Spending: How do You Spend Your Hard-Earned Dollars?

Taxes 32.0% Housing 16.7% Medical Care 11.5% Food 8.2% Transportation 7.9% Recreation 5.7% Clothing 4.1% Savings 1.4% Other Miscellaneous 12.5% TOTAL 100.0% So there you have it. If you think you are being "nailed" by the government,...

WHAT ARE W4 ALLOWANCES?

You can’t avoid federal income taxes. No matter who you are or who you work for, taxes will be withheld from your paycheck—which can sometimes amount to a sizable chunk of your earnings. Fortunately, there’s the W4...

Facing a Huge Gain from a Realty Sale?

If you are contemplating selling real estate property, there are a number of issues that could impact the taxes that you might owe, and there are steps you can take to minimize the gain, defer the gain, or spread it over a number of...

What If You Want To File Your Taxes But Can't Afford To Pay Them?

It’s a common conundrum: You want to file your taxes on time, but you anticipate or already know that you will owe money you can’t afford to pay right now. As a result, you put off filing your tax return under the...

Your family's financial story

How we are raised around financial matters can impact us for a lifetime. When a close friend or family member loses their home, or their job (or both), it can be frightening on several levels. You begin to wonder if the same could...

Taxpayers should be on the lookout for new versions of these two scams

With scam artists hard at work all year, taxpayers should be on the lookout for a surge of evolving phishing emails and telephone scams. Taxpayers should watch for new versions of two tax-related scams. One involves Social Security...

Hobby or Business? It Makes a Difference for Taxes - Now More than Ever

Taxpayers are often confused by the differences in tax treatment between businesses that are entered into for profit and those that are not, commonly referred to as hobbies. Recent tax law changes have added to the confusion. The...

Would a Mid-Year Tax Checkup Benefit You?

Article Highlights: Procrastination Can Lead to Unneeded Taxes & Penalties Events That Create Tax Problems & Opportunities Mid-Year Tax Checkup If you are inclined to procrastinate until the end of the year or, even worse, until...

Looking Ahead to 2019 Taxes

You have your 2018 tax return filed, or perhaps on extension, and now it is time to look forward to the changes that will impact your 2019 return when you file it in 2020. Keeping up with the constantly changing tax laws can help you...

Thinking of Tapping Your Retirement Funds Early? What You Need To Know

OverviewSection 529 Plans (named after the section of the IRS Code that created them) are plans established to help families save and pay for college in a tax-advantaged way and are available to everyone, regardless of income. These...

Tax Debt Relief Services

Payment Plan / Installment Agreement: The IRS will almost always accept some type of payment arrangement for past due taxes. In order to qualify for a payment plan with the IRS you must meet the following rules and provide the IRS with...

How to Solve IRS Problems

IRS Problems Have a Way of Ruining All Aspects Of Your Life. They Take A Toll On You Financially, Physically, and Emotionally. You Can Never Really Forget About Them As They Always Come Back Each Morning When You Wake Up! My name is...

IRA Frequently Asked Questions

Can I make a contribution to an IRA or Roth IRA? You must have earned income in order to make a contribution. The safe harbor definition of earned income is W-2 income. You can contribute the amount of your earned income or the...

Choosing a Legal Entity for Your Business

If you've decided to start a business, one of the most important decisions you'll need to make is choosing a legal entity. It's a decision that impacts many things--from the amount of taxes you pay to how much paperwork you have to...

When to Call a Tax Relief Service

A tax relief service is a tax firm that specializes in the area of tax problem resolution. Tax attorneys, CPAs or Enrolled Agents are the only designation that is necessary for proper representation before the IRS. If you are involved...

Gift Tax Treatment of Tuition Plans

Qualified tuition plans (QTPs) provide a means for family members and others to save for the future educational needs of children. Investment earnings within a QTP account are tax deferred and not taxable when withdrawn if used to pay...

All taxpayers should check their withholding ASAP

All taxpayers should check their withholding – also known as doing a Paycheck Checkup – as soon as possible. They should do a checkup even if they did one last year. By checking their withholding, taxpayers can make sure...

Understanding Tax-Deferred Investing

When you are attempting to save money for your children’s future education or your retirement, you may do so in a number of ways, including investing in the stock market, buying real estate for income and appreciation, or simply...

Taxpayers have the right to pay no more than what they owe

The IRS is committed to ensuring taxpayers pay no more than the correct amount of tax owed. Taxpayers have the right to pay only the amount of tax legally due, including interest and penalties, and to have the IRS apply all tax...

Taxpayers should include tax plans in their wedding plans

Couples getting married this year know there are a lot of details in planning a wedding. Along with the cake and gift registry, their first tax return as a married couple should be on their checklist. The IRS has tips and tools to help...

Eldercare Can Be a Medical Deduction

Article Highlights: Nursing Homes Meals and Lodging Home Care Nursing Services Caregiver Agencies Household Employees Because people are living longer now than ever before, many individuals are serving as care providers for loved ones...

MUST READ Before Hiring any Tax Negotiation Firm - BUYER BEWARE

Customer... Beware!How To Keep From Getting Ripped Off? Many “Tax Negotiation” companies out there will absolutely rip you off. These unscrupulous firms will take your money regardless of whether they can help you or not....

What to Do If You Receive a Dreaded IRS Letter

Article Highlights: IRS Notices CP Series Notice Automated Notices Frequent Errors ID Theft What You Should Do What We Will Do Now that most tax refunds are deposited directly into taxpayers’ bank accounts, the dream of opening...

Why Tax Basis Is So Important

For tax purposes, the term “basis” refers to the original monetary value that is used to measure a gain or loss. For instance, if you purchase shares of a stock for $1,000, your basis in that stock is $1,000; if you then...

Top 10 Startup Business Questions Every Entrepreneur Should Answer

Starting a small business can be one of the most exciting and rewarding events in someone’s life. But it can also be extremely stressful. If you’re thinking about becoming an entrepreneur, you might have more questions...

Tax Issues Related to Divorce

Divorce is a traumatic event in anyone’s life, and the tax aspects are frequently overlooked, which can add to the distress. The following is an overview of many of the commonly encountered tax issues associated with divorce....

Defer Gains with Qualified Opportunity Funds

If you have a large capital gain from the sale of a stock, asset, or business and would like to defer that gain with the possibility of excluding some of it from taxation, you may want to check out the new investment vehicle created by...

Forget Something on Your 2018 Return?

If you forgot to include necessary information on your 2018 return, you are not alone. In addition, you may have received a revised 1099 or K-1 since filing your return. The IRS has struggled to deal with the enormity of the changes in...

School's Out - Who Is Going to Take Care of the Kids?

Article Highlights: Child Age Limits Employment-Related Expense Married Taxpayer Earnings Limits Disabled or Full-Time-Student Spouse Expense Limits Summer has just arrived, and there is a tax break that working parents should know...

Settling Back Tax Debt using an IRS Offer in Compromise

Nothing on this earth is scarier than owing money to the Federal Government. This is because of the fact that the IRS will stop at nothing to collect the taxes that are owed. They are the largest and most powerful collection agency in...

What is an IRS Penalty Abatement and Am I Eligible for One?

There are different types of IRS penalties that can be assessed against you. The most common penalties include those for failing to file a tax return, filing your return late, or accuracy-related penalties if you didn’t correctly...

Tax-Advantaged College Savings

OverviewSection 529 Plans (named after the section of the IRS Code that created them) are plans established to help families save and pay for college in a tax-advantaged way and are available to everyone, regardless of income. These...

What the IRS Never Told You

Learn how to end your IRS Problems. Many taxpayers are at the end of their rope with no place to turn for solutions to ALL types of IRS Problems. You and your family can put these IRS Problems behind you, often for just a few bucks. So...

Tax Tips for IRA Owners

There are both opportunities and pitfalls for IRA owners, and while you definitely don’t want to get caught up in a pitfall, you may want to take advantage of the opportunities. IRAs come in two varieties: the traditional and the...

Read This before Tossing Old Tax Records!

If you are a neat-nick and your tax return for last year has been completed and filed, you are probably thinking about getting rid of the tax records related to that return. On the other hand, if you are afraid to dump old records, you...

Another tax headache ahead: IRS is changing paycheck withholdings and it'll be a doozy

You finally finished your taxes and are learning – for better or worse – the ins and outs of the new law. But wait, the law isn’t done with you. There’s another complication coming out later this year: The...

It's Not Too Late to Make a 2018 Retirement-Plan Contribution

Have you been ignoring your future retirement needs? This tends to happen when people are young; because retirement is far in the future, they believe that they have plenty of time to save for it. Some people even ignore the issue...

Tax Time Is Around the Corner! Are You Ready?

Article Highlights: Time to gather your information for your tax appointment New for 2018 Choosing your alternatives Tips for pulling your information together Tax time is just around the corner, and if you are like most taxpayers, you...

Tips to Fund your Retirement Account

New 2019 contribution limits create retirement saving opportunity For the first time in six years, limits for IRAs are rising. 401(k) accounts and IRAs will see an increase of $500 in contribution maximums for 2019. Check out the table...

Follow these tips to protect data when shopping online

The IRS reminds holiday shoppers to protect their tax and financial data from identity thieves. All it takes is a few extra steps to prevent cybercriminals from stealing sensitive data, such as financial account information, Social...

Year-end Tax Planning Letter

With year-end approaching, now is the time to take steps to cut your 2018 tax bill. Here are some relatively foolproof year-end tax planning strategies to consider, taking into account changes included in the Tax Cuts and Jobs Act...

Veterans Owed Refunds for Overpayments Attributable to Disability Severance

The IRS is advising certain veterans who received disability severance payments after January 17, 1991, and included that payment as income that they should file Form 1040X, Amended U.S. Individual Income Tax Return, to claim a credit...

FIVE TAX DEDUCTIONS THAT DISAPPEARED IN 2018

Under tax reform, taxpayers who itemize should be aware that deductions they may have previously counted on to reduce their taxable income have disappeared in 2018. 1. Moving Expenses Prior to tax reform (i.e., for tax years starting...

Important Tax Changes for 2018

As the New Year rolls around, it's always a sure bet that there will be changes to current tax law and 2018 is no different now that many of the tax provisions pursuant to the Tax Cuts and Jobs Act of 2017 (TCJA) are in full effect....

Advantages Of An Enrolled Agent Preparing Tax Returns

Engaging an ENROLLED AGENT is the start of a professional relationship that includes more than preparing a tax return. It is acquiring a “partner” in your quest for financial security and someone that can be called with...

"Age 55 Rule" For Taking Money Out of a Company Retirement Plan

If you participate in a company retirement plan, such as a 401(k), there's a way you can take a distribution and get out of paying the 10% early distribution penalty if you're under age 59 ½ at the time of the withdrawal. The...

Traditional IRAs vs. Roth IRAs

Two types of IRAs are available to fund your retirement: Traditional IRAs and Roth IRAs. While both are subject to many of the same rules there are several important differences. It's important to understand these differences because...

Will You Really Be Able to Work Longer?

You may assume you will. That assumption could be a retirement planning risk. How long do you think you will work? Are you one of those baby boomers (or Gen Xers) who believes he or she can work past 65? Some pre-retirees are basing...

What Is A ROTH 401(k)?

While many people are familiar with the benefits of traditional 401(k) plans, others are not as acquainted with Roth 401(k)s. Since January 1, 2006, employers have been allowed to offer workers access to Roth 401(k) plans.¹ And...

Can You Really Afford to Navigate Your Own Financial Journey?

Imagine taking a 10 day cruise to the Caribbean on a luxury liner without any radar, communication devices, GPS systems or human Navigators on board. Do you really think you will reach your vacation destination safely and on time?...

A Budget is not…

A budget is not a random set of numbers written down on paper or typed in a spreadsheet. A budget is not how much you have left in your checkbook that will get you to the next payday. A budget is not guessing how much you think you...

What’s Your Plan?

Have you ever asked someone what their plan is? Most people will deliver an elaborate plan that will describe their life goals, education goals, professional goals, travel goals and retirement goals. They will talk about what they want...

What’s Your Retirement Number?

Most people I talk to hope to retire some day. Almost everyone of them gives me an age at which they would like to retire at, but rarely tell me how much they will need in retirement dollars when they retire. Your ability to retire...

Taking Taxes Into Account When Saving & Investing

How many of us save and invest with an eye on tax implications? Not that many of us, according to a recent survey from Russell Investments (the global asset manager overseeing the Russell 2000). In the opening quarter of 2014, Russell...

Top Considerations for Reducing Taxes on Your Retirement Income

Without taking the right mitigation steps, up to 1/3 of your retirement income could end up consumed by tax payments. Luckily, you can take the time to adjust your approach and make sure your hard earned and saved retirement funds...

How Much Will You Spend When You Retire?

Will you have enough money to make ends meet? You may have heard that people spend less once they are retired. Statistically, that is true. The question is whether a retiree has enough income to meet his or her expenses. Ideally,...

Making & Keeping Financial New Year’s Resolutions

What could you do (or do differently) in the months ahead? How will your money habits change in 2017? What decisions or behaviors might help your personal finances, your retirement prospects, or your net worth? Each year presents a...

Building an Emergency Fund

We all would love to have a little extra cash on hand for emergencies. Saving up that cash can be a challenge – but with a little effort, that challenge can be met. Imagine a 30-year-old couple with no real savings. Let’s...

Tips for Taxpayers About Charity Travel Expenses

Do you plan to donate your time to charity this year? If travel is part of your charitable giving, for example, driving your personal auto to collect donations from local business, you may be able to these travel expenses on your tax...

Six Overlooked Tax Breaks for Individuals

Confused about which credits and deductions you can claim on your 2016 tax return? You're not alone. Here are six tax breaks that you won't want to overlook. 1. State Sales and Income Taxes Thanks to last-minute tax extender...

2016 Year-End Tax Planning for Individuals

As 2016 draws to a close, there is still time to reduce your 2016 tax bill and plan ahead for 2017. This letter highlights several potential tax-saving opportunities for you to consider. I would be happy to meet with you to discuss...

2016 Year-End Tax Planning for Businesses

As 2016 draws to a close, there is still time to reduce your 2016 tax bill and plan ahead for 2017. This letter highlights several potential tax-saving opportunities for business owners to consider. We can arrange to meet to discuss...

Choosing the Right Business Entity

When you decide to start a business, one of the most important decisions you'll need to make is choosing the right business entity. It's a decision that impacts many things--from the amount of taxes you pay to how much paperwork you...

Reminder for Parents and Students: Check Out College Tax Credits for 2016 and Years Ahead

With another school year now in full swing, the Internal Revenue Service today reminded parents and students that now is a good time to see if they qualify for either of two college tax credits or other education-related tax benefits...

To Maintain Eligibility for Advance Payments of the Premium Tax Credit, File ASAP

The IRS is sending letters to taxpayers who received advance payments of the premium tax credit in 2015, but who have not yet filed their tax return. You must file a tax return to reconcile any advance credit payments you received in...

Penalties of Having Back Taxes

Back taxes are not an issue that anyone wants to deal with. They can cause a lot of issues with your credit and how much you are able to do with your life. It is best to make full payments on your taxes as soon as you find out that you...

Five Tax Tips for Gambling Income and Losses

Report any gambling winnings as income on your tax return. Be sure you itemize to deduct gambling losses up to the amount of your winnings. If you are a casual gambler, these tax tips can help: Gambling income. Income from gambling...

Thinking of Donating a Car to Charity?

The IRS reminds taxpayers that specific rules apply for taking a tax deduction for donating cars to charities. If the claimed value of the donated motor vehicle, boat or plane exceeds $500, you can deduct the smaller of the vehicle's...

Tax Effects of Divorce or Separation

If you are divorcing or recently divorced, taxes may be the last thing on your mind. However, these events can have a big impact on your wallet. Alimony and a name or address change are just a few items you may need to consider. Here...

Looking for Work May Impact Your Taxes

If you are looking for a job in the same line of work, you may be able to deduct some of your job search costs. Here are some key tax facts you should know about when searching for a new job: Same Occupation. Your expenses must be for...

Moving Expenses Can Be Deductible

Did you move due to a change in your job or business location? If so, you may be able to deduct your moving expenses, except for meals. Here are the top tax tips for moving expenses. In order to deduct moving expenses, your move must...

Five Tips for Starting a Business

Understanding your tax obligation is one key to business success. When you start a business, you need to know about income taxes, payroll taxes and much more. Here are five IRS tax tips that can help you get your business off to a good...

How Identity Theft Can Affect Your Taxes

Tax-related identity theft normally occurs when someone uses your stolen Social Security number to file a tax return claiming a fraudulent refund. Many people first find out about it when they do their taxes. The IRS is working hard to...

Back to School? Learn about Tax Credits for Education

If you pay for college in 2016, you may receive some tax savings on your federal tax return, even if you’re studying outside of the U.S. Both the American Opportunity Tax Credit and the Lifetime Learning Credit may reduce the...

How Selling Your Home Can Impact Your Taxes

Usually, profits you earn are taxable. However, if you sell your home, you may not have to pay taxes on the money you gain. Here are ten tips to keep in mind if you sell your home this year. Exclusion of Gain. You may be able to...

Minimizing Tax On Mutual Fund Activities

Whether you're new to mutual funds or a seasoned investor who wants to learn more, these tips will help you avoid the tax bite on mutual fund investments. First, you need to understand how distributions from mutual funds are taxed. Tax...

Can the Teachers’ Classroom Supplies Deduction Exceed $250?

Congress, recognizing that most classroom teachers spend a significant amount of their own money on classroom supplies, granted them a special deduction of $250 (indexed for inflation after 2015) as an adjustment to gross income...

Qualified Charitable Distributions from IRAs

If you're age 70 1/2 or older, you can now take advantage of recent legislation allowing you to avoid paying income tax on IRA withdrawals transferred directly to a qualified charitable organization. Referred to as Qualified Charitable...

Still Time to Make Your IRA Contribution for the 2015 Tax Year

Did you contribute to an Individual Retirement Arrangement last year? Are you thinking about contributing to your IRA now? If so, you may have questions about IRAs and your taxes. Here are some IRS tax tips about saving for retirement...

Roth IRAs: The Basics

A Roth IRA is an individual retirement plan that with certain exceptions, is similar to a traditional IRA and subject to the rules that apply to a traditional IRA. For example, to be considered a Roth IRA, the account or annuity must...

Six Tips about Individual Shared Responsibility Payments

For any month during the year that you or any of your family members don’t have minimum essential coverage and don’t qualify for a coverage exemption, you are required to make an individual shared responsibility payment...

Six Tips on Whether to File a 2015 Tax Return

Most people file a tax return because they have to, but even if you don’t, there are times when you should. You may be eligible for a tax refund and not know it. Here are six tips to help you find out if you should file a tax return:...

Missing Your Form W-2?

You should receive a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing your federal tax return. Employers must furnish this record of 2015 earnings and withheld taxes no later than February 1, 2016 (if...

Who Can Represent You Before the IRS?

Many people use a tax professional to prepare their taxes. Tax professionals with an IRS Preparer Tax Identification Number (PTIN) can prepare a return for a fee. If you choose a tax pro, you should know who can represent you before...

Choose Your Tax Preparer Wisely

If someone helps you do your taxes, you're not alone. The IRS asks you to choose your tax return preparer wisely – for good reason. You are responsible for the information on your income tax return. That’s true no matter who prepares...

How to build an emergency fund

Planning for emergencies is like buying insurance: you pay into an account, and hope you'll never have to use it. But life happens. Cars break down. Roofs leak. Kids break arms. Having money in the bank to cover those unexpected...

10 Tax Breaks Reauthorized for Tax Year 2015

Congress finally took action in late December and passed a tax extender bill formally known as the Protecting Americans from Tax Hikes Act of 2015 (PATH), which was then signed into law. Retroactive to January 1, 2015, many tax...

Tax Changes for 2016: A Checklist

Welcome, 2016! As the New Year rolls around, it's always a sure bet that there will be changes to current tax law and 2016 is no different. From health savings accounts to retirement contributions and standard deductions, here's a...

Keep debt from spiraling out of control

Is your debt load straining as the traditional season of giving stretches on? Some kinds of debt are considered "good," such as the mortgage on your home. Other kinds – not so much. Here are suggestions for managing your debt. Stop...

What's New: You can now request an identity-theft tax return

In the past, if you were a victim of identity theft, the IRS would not send you a copy of the fraudulent tax return due to federal privacy laws. Now, under a recent change of policy, you can request certain redacted individual income...

Take advantage of last-minute tax savers

Year-end 2015 is approaching fast! You have only a very limited time to make tax-smart moves for 2015. Here are seven suggestions. If you believe you will owe state or local taxes, consider prepaying them before December 31 so you can...

New Business: Help your employees prepare for retirement

Is your retirement plan keeping up with the times? A recent survey of retirement plan sponsors pointed out trends in the way employers are changing 401(k) and other plans to help employees prepare for retirement. For example, companies...

IRS Tax Tips for Deducting Gifts to Charity

The holiday season often prompts people to give money or property to charity. If you plan to give and want to claim a tax deduction, there are a few tips you should know before you give. For instance, you must itemize your deductions....

Top Year-End IRA Reminders from IRS

Individual Retirement Accounts, or IRAs, are important vehicles for you to save for retirement. If you have an IRA or plan to start one soon, there are a few key year-end rules that you should know. Here are the top year-end IRA...

Time to Check Your Withholdings

Income tax is often withheld from wages and other types of income such as pensions, bonuses, commissions and gambling winnings. Ideally, taxpayers should try to match their withholding with their actual tax liability. If not enough tax...

Year-End Tax Planning for Businesses

While the fate of several business-related tax extenders such as Research & Development tax credits, bonus depreciation, and Section 179 expensing that expired at the end of 2014 is uncertain, there are still a number of end of year...

Year-End Tax Planning for Individuals

Tax planning for the year ahead presents similar challenges to last year due to the unknown fate of the numerous tax extenders that expired at the end of 2014. These tax extenders, which include the mortgage insurance premium deduction...

Keep Track of Miscellaneous Tax Deductions

Miscellaneous deductions such as certain work-related expenses you paid for as an employee can reduce your tax bill, but you must itemize deductions when you file to claim these costs. If you usually claim the standard deduction, think...

Early Retirement Plan Withdrawals and Your Taxes

Taking money out early from your retirement plan may trigger an additional tax. Here are six things that you should know about early withdrawals from retirement plans:1. An early withdrawal normally means taking money from your plan...

RECORDKEEPING FOR CHARITABLE CONTRIBUTIONS

You must keep records to prove the amount of any cash and non-cash contributions you make during the year. Which records you must keep depends on the amount you contribute and whether they are cash or property contributions. New...

Leaving a Business: Which Exit Plan Is Best

Selecting your business successor is a fundamental objective of planning an exit strategy and requires a careful assessment of what you want from the sale of your business and who can best give it to you.There are four ways to leave...

Defer Capital Gains Using Like-Kind Exchange

If you're a savvy investor, you probably know that you must generally report as income any mutual fund distributions whether you reinvest them or exchange shares in one fund for shares of another. In other words, you must report and...

Automatic enrollment can benefit you

Your employer's retirement plan may have an automatic enrollment feature that has you participating as soon as you're eligible, unless you opt out. Generally, you'll want to stay in the plan because contributing makes tax sense. Two...

New Business: Double-check your health care reimbursements

Penalty relief for failing to bring your existing employer health care payment plans into compliance with the Affordable Care Act expired on June 30. If you're still directly reimbursing your employees for health insurance premiums on...

Avoid these retirement planning mistakes

Retirement can creep up on you. One day you're climbing the corporate ladder or building a client base for your business. Next thing you know, you're in your 50s or 60s. Thoughts of spending your days playing golf, pursuing a favorite...

What's New: When will you retire?

According to research conducted this spring, U.S. workers expect to stay employed past age 65 and to transition into retirement by reducing hours on the job over time.Whatever your expectations for your post-work life, planning now can...

Fourth quarter tax planning – It's how you finish that counts

The fourth quarter is often make-or-break time in sports. Likewise, tax-cutting steps you take in the last three months of the year can transform a financial plan into a bona fide winner.Late-year tax planning is often a matter of...

Retirement Contributions Limits Announced for 2015

The Internal Revenue Service announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for Tax Year 2015.In general, many of the pension plan limitations will change for 2015...

IRS Clarifies One-Per-Year Limit on IRA Rollovers

The Internal Revenue Service recently issued guidance clarifying the impact a 2014 individual retirement arrangement (IRA) rollover has on the one-per-year limit imposed by the Internal Revenue Code on tax-free rollovers between IRAs...

New Business: December tax moves to consider for your business

2014 is winding down, but you still have time to wrap up business tax strategies before December 31. Here are five to put on your list.Make capital contributions if necessary. When you have losses in your Subchapter S corporation, the...

Know which dependents will cut your tax bill

For any number of reasons, you could find yourself opening your home to relatives in need. In some cases, the guests could become fairly permanent occupants.Who can be claimed as a dependent at tax filing time? Suppose that your nephew...

Year-End Tax Planning for Your Securities

This year has been a bumpy ride on Wall Street, with dramatic swings up and down. Now is a good time to review your retirement account and your personal portfolio. While changes you make in your retirement account won’t impact current...

Year-End Tax Planning for Individuals

Once again, tax planning for the year ahead presents more challenges than usual, this time due to the numerous tax extenders that expired at the end of 2013.These tax extenders, which include nonbusiness energy credits and the sales...

Ever Wonder What a Tax Deduction Might Save You?

Taxpayers frequently ask what benefit is derived from a tax deduction.Unfortunately, there is no straightforward answer. The reason the benefit cannot be determined simply is because some deductions are above-the-line, others must be...

Which Moving Expenses are Deductible?

If you moved due to a change in your job or business location or because you started a new job or business, you may be able to deduct your reasonable moving expenses.Additionally, if you meet the requirements of the tax law for the...

IRS Grants Tax Relief to Drought-Stricken Farmers and Ranchers in 30 States

If you’re a farmer or rancher and drought forced you to sell your livestock,special IRS tax relief may help you.The IRS has extended the time to replace livestock that farmers were forcedto sell due to drought. If you’re eligible, this...

Tax Breaks for Grandparents

The tax law does not contain any tax rules specifically for grandparents. However, there are a number of breaks that grandparents can avail themselves of to reduce their tax bills while helping their families.Gifts to family...

Child Care Credit Available to Student-Parents

If your family is among the many families that incur child care expenses so that a parent can attend school, you may be eligible for a child care tax credit. Generally, the child care credit is only available to couples where both...

Five Basic Tax Tips for New Businesses

If you start a business, one key to success is to know about your federal tax obligations. You may need to know not only about income taxes but also about payroll taxes. Here are five basic tax tips that can help get your business off...

Tax Tips for Recently Married Taxpayers

This is the time of year for many couples to tie the knot. If you marry during 2014, here are some post-marriage tips to help you avoid stress at tax time.Notify the Social Security Administration − Report any name change to the Social...

How to prevent embezzlement at your company

When an employee is caught embezzling funds at a giant multinational corporation, news outlets are eager to broadcast the story from coast to coast. Yet small businesses are victimized by employee theft every day. When a worker...

Mid-Year Tax Planning Checklist

All too often, taxpayers wait until after the close of the tax year to worry about their taxes and miss opportunities that could reduce their tax liability or financially assist them. Mid-year is the perfect time for tax planning. The...

Have You Reviewed Your Will or Trust Lately?

Your will or trust was prepared so that your assets will be distributed according to your wishes after your death. These documents can also reduce estate taxes. However, certain events can cause these documents to become outdated and...