Five Big Tax Mistakes- Don’t let them happen to you!
Every year taxpayers are hit with tax surprises that could be avoided if they just knew the rules. Here are five big ones that are easy to avoid with some simple planning. Mistake #1. Withholding too little. This results in … Continued
Deducting Summer Activity Expenses- Don’t forget to save receipts
The kids are out of school and summer is well underway. Make sure you understand the rules regarding the tax deductibility of summer activities and related daycare expenses through the use of the Child and Dependent Care Credit. Collecting those … Continued
Tax Tips to Aid in Retiring Early- Don’t forget to look at the retirement specials on the tax menu
This publication provides summary information regarding the subject matter at time of publishing. Please call with any questions on how this information may impact your situation. This material may not be published, rewritten or redistributed without permission, except as noted … Continued
Estate Taxes: What EVERYONE Should Know
Most taxpayers ignore the federal estate tax, thinking they will never be touched by it. Unfortunately, you do this at your own peril. Why? Because states often have this tax AND politicians have a habit of frequently changing the rules. … Continued
Common Tax Filing Mistakes
With the tax filing extension giving you until July 15th to file your return, it is easy to overlook ways to avoid receiving a letter from the IRS. Here are some of the most common tax filing mistakes: Forgetting a … Continued
Should I Pay My Tax Bill With a Credit Card?
Your tax bill is now due and you may be considering paying the bill with your credit card. Is this a good idea? How does it work? Here is what you need to know The IRS has contracted with a … Continued
Using Losers to Make Winners
With the uncertainty in the marketplace, now is a good time to review the rules surrounding investment losses. This knowledge can really help minimize your tax obligation next year. This is because investment gains and income can be subject to … Continued
Understanding the Home Gain Exclusion- When is a tax planning session essential?
One of the biggest tax benefits available today is the exclusion of gains when you sell your qualified home. Here is what you need to know. The tax benefit explained For those who qualify, a married couple can exclude up … Continued
Review IRA Beneficiaries Now- Lost in the pandemic is a tax law change that may require your attention
Lost in the media storm during the coronavirus pandemic is a law change enacted in late 2019 that eliminates an IRA withdrawal technique known as the stretch IRA. Here is what you need to know. Time to review beneficiaries While … Continued
Beware: COVID-19 Tax Scams are Here- Economic impact payments bring out thieves
This publication provides summary information regarding the subject matter at time of publishing. Please call with any questions on how this information may impact your situation. This material may not be published, rewritten or redistributed without permission, except as noted … Continued