Employee Tax-Free Income
While most income received from your employer quickly ends up on a W-2 tax form at the end of the year, here are some common employee benefits that often avoid the impact of Federal taxes. Health Benefits. While now reported … Continued
Inflation Spikes Social Security Checks for 2022
The Social Security Administration announced a whopping 5.9 percent boost to monthly Social Security and Supplemental Security Income (SSI) benefits for 2022. The increase is based on the rise in the Consumer Price Index over the past 12 months ending … Continued
Five Tax-Loss Harvesting Tips
Though the markets have been up strongly this year, your investment portfolio could have a few lemons in it. Using the tax strategy of tax-loss harvesting, you may be able to turn those lemons into lemonade. Here are five tips: … Continued
File That Tax Return!- October extension deadline fast approaching
Friday, October 15 marks the extension deadline for filing your 2020 Form 1040 Tax return. Given all the recent tax legislation, numerous stimulus checks and COVID-related tax changes, there are more open tax return filings than ever! If you have … Continued
How to Reduce Your Property Taxes
Market values of homes are skyrocketing and higher property tax bills are soon to follow. Prepare now to knock your property taxes back down to earth. What is happening Property taxes typically lag the market. In bad times, the value … Continued
Those Pesky Records!- What do I need to keep?
Each of us needs to keep records that substantiate our tax return or other important life events for as long as they are needed. So what does this mean? The basic retention period. Federal tax return substantiation is generally three … Continued
Reminder: Third Quarter Estimated Taxes Due- Make your estimated tax payment now
If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The third quarter due date is now here. Due date: Wednesday, September 15th, 2021 … Continued
Avoid Tax Traps with Loans to Friends and Family
Lending to friends and relatives can be tricky, and not only because of the stress it can place on your relationships. There are tax issues involved as well. If you have to lend money to someone close to you, here … Continued
The $24,000 Tax Time Bomb- A key lesson within EVERY tax surprise
What follows is a true story. A story with a sad ending. But one that has a lesson for everyone. Stick with the story, with a high degree of certainty most tax surprises can be identified with a little help. … Continued
The Marriage Penalty: Alive and Well in the Tax Code- Couples filing jointly still get the short end of the stick
There are a lot of positive things about getting married, but the IRS’ marriage penalty isn’t one of them. The marriage penalty occurs when you pay more tax as a married couple than you would as two single filers making … Continued