Sixty-one million adults and over 12.6 million children in the United States have some type of disability.
New Stimulus Law Grants Eight Tax Breaks for Individual Filers
As you know, Congress recently passed a massive new stimulus bill that was enacted into law on December 27, 2020. Most of the public’s attention has been focused on the bill’s authorization of additional stimulus checks, new PPP loans, and other aid targeted to struggling businesses.
Tax-Smart College Savings Strategies for Parents
College is expensive. Data for the 2019–2020 academic year indicates that the average cost of tuition, fees, room, and board was $30,500. The tax law has provisions to help you cover the costs, including Coverdell accounts, Section 529 savings plans, and Section 529 tuition plans.
The IRS Goes Easy on Taxpayers Who Owe Back Taxes
Are you one of the over 11 million Americans who owe the IRS back taxes? The IRS temporarily suspended most collection efforts during the first wave of the coronavirus pandemic through its “People First Initiative.” This initiative expired July 15, 2020.
2020 Last-Minute Year-End Medical Plan Strategies
All small-business owners with one to 49 employees should have a medical plan in their business. Sure, the tax law does not require you to have a plan, but you should.
2020 Last-Minute Year-End Tax Strategies for Marriage, Kids, and Family
If you are thinking of getting married or divorced, you need to consider December 31, 2020, in your tax planning.
2020 Last-Minute Year-End Tax Strategies for Your Stock Portfolio
When you take advantage of the tax code’s offset game, your stock market portfolio can represent a little gold mine of opportunities to reduce your 2020 income taxes.
For many, the financial fallout from the COVID-19 crisis creates a once-in-a-lifetime opportunity to do Roth conversions at an affordable tax cost and also gain insurance against future tax rate increases.
Getting married or divorced? Things you need to know when changing your name or address
Getting married or divorced? Do this before filing your next tax return with the IRS.
Making home improvements? Rules for deducting interest on home equity debt
Have a home equity loan? Read this to see if the interest you are paying is tax-deductible.
Health Savings Accounts: A closer look at the benefits
Have a high-deductible health plan? Don’t miss out on this tax deduction. Take a closer look at the benefits of a health savings account.
W-4 mid-year checkup: Reviewing your estimates
Opting to not review your withholding for the year and leaving it the way it is could be a mistake. We had several clients not review their withholding and estimated tax payments for any necessary changes. Even though their income was about the same as the previous year, they ended up owing the IRS instead of getting their usual refund.
Tax credit for children and qualifying dependents: How much are you eligible for?
The child tax credit increased to $2,000 per qualifying dependent child age 16 or younger.
Donating noncash items to charity: How to reap the full tax benefit
You’ve done your spring cleaning and now you have boxes of outgrown clothing and unused household items. Should you toss them, have a garage sale or keep them?
Unreimbursed expenses: Many common employee business expenses are no longer deductible
Are you an employee who incurs unreimbursed expenses? Beginning in 2018 and continuing through 2025, some expenses you could previously claim as itemized deductions won’t be allowed. Here’s a list of the more common items that are no longer deductible:
Reasons to Stick With a Tax Pro
Like it or not, tax season comes around each and every year. And with it comes annual changes to the tax law, making it more and more complicated. Therefore, it’s important to rely on a tax professional to guide you through filing your taxes. This not only saves you time, but also money.
Protect Yourself From Identity Theft
There is no shortage of scams targeting both tax professionals and taxpayers. Due to the recent rise in identity theft cases, it’s important to be proactive about protecting yourself from these threats. The information below details some steps you can take to keep your sensitive data safe from identity theft.
Contributing to a Retirement Plan Can Save You Money
Investing the maximum allowable contribution per year to a retirement account is a great way to reduce your taxable income. Below, are several types of accounts that are available to taxpayers.
Are you Withholding the Right Amount?
In some years you may owe the IRS money; in other years you may receive a huge refund. If this happened to you recently, it might be a good time to reassess whether you’re withholding the right amount from your paycheck.