Tax Blogs

As the end of the year approaches, it's time to consider strategies that could help you reduce your tax bill. But most tax tips, suggestions, and strategies are of little practical help without a good understanding of your current tax situation. 

Start preparing for the upcoming tax season by reviewing Key Numbers 2023 which provides tax reference numbers at a glance.

Multi-task time on the tax planning front!! While you are busy making sure you gather all your tax forms and other prep info for filing your 2022 taxes - it is also important to have your eye on the ball for 2023 tax planning. Remember...

Did you know that you can pay your taxes online and avoid the time and hassles involved with writing and mailing checks to the government? Electronic payments are safer, more secure and much faster than mailing physical checks. The process is easy to use, and we are all for simplifying the tax prep and payment process!

In response to the Covid-19 pandemic, we saw a flurry of activity from our federal government to assist in our economy's recovery. - The American Rescue Plan Act of 2021, signed into law on March 11, 2021 was one such piece of...

I am not eligible to itemize deductions, can cash charitable contributions reduce my federal tax liability?   Prior to 2020, the answer to this question was no!   Some quick history for starters!   Prior to 2020,...

Multi-task time on the tax planning front!! While you are busy making sure you gather all your tax forms and other prep info for filing your 2021 taxes - it is also important to have your eye on the ball for 2022 tax planning. Remember...

It is tax season! The IRS began accepting 2021 tax returns as of January 24, 2022 and the tax filing deadline is Monday, April 18th. Organization is key to a streamlined tax prep process. This starts with accumulating all of the tax...

Self-employment is the opportunity to be your own boss, to come and go as you please, and oh yes, to establish a lifelong bond with your accountant. If you're self-employed, you'll need to pay your own FICA taxes and take charge of...

In 2020, the government gave taxpayers an automatic six-month extension due to the coronavirus. Individuals who were affected by the damaging wildfires were also given additional time to meet most tax deadlines. However, in 2021, the...

Tax identity theft is when someone steals your Social Security Number, files a tax return with your number, and directs a refund to their own bank account. In other cases, this type of identity theft may involve a scam artist calling...

Tax tips to make sure your money is working for you, not Uncle Sam When should you file your income tax? Generally speaking, the earlier, the better, after January 1st if you expect to get a refund. If you file by the end of February,...

While the 2020 tax year saw some significant changes to filing deadlines due to the effects of the global pandemic, the 2021 tax season seems to be set to be on track with normal filing deadlines. With the pandemic still in sight, it...

If you fail to estimate your federal income tax withholding properly, it may cost you in a variety of ways. If you receive an income tax refund, it essentially means that you provided the IRS with an interest-free loan during the year....

In an increasingly paper-free society, organizing your financial documents can still be a challenge. No matter how simple or complex your financial picture might be, it takes some thought-out organization to keep your tax documents,...

Did you know that, if you are at least 70½ years old, you can make tax-free charitable donations directly from your IRA? By making what's called a qualified charitable distribution (QCD), you can benefit your favorite charity...

As the end of the year approaches, it's time to consider strategies that could help you reduce your tax bill. But most tax tips, suggestions, and strategies are of little practical help without a good understanding of your current tax...

A traditional IRA offers a great way to shield income from taxation while boosting your retirement accounts. Meanwhile, a Roth IRA can let you pay tomorrow's taxes today. But how can workers who are eligible to contribute to either...