Even if You’re Not Required to File a Tax Return, You May Be Missing Out if You Don’t

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Article Highlights: Tax Filing Thresholds Withholding 2021 Recovery Rebate Credit Earned Income Tax Credit (EITC) Child Tax Credit or Credit for Other Dependents Education Credits Some people may choose not to file a…

Tax and Personal Finance Tips for New Parents

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Expanding your family? Whether you’re in the planning stages or your bundle of joy has already arrived, raising a child is one of life’s greatest joys — and biggest expenses. And we’re not just talking about the costs of college. From…

Can’t Pay Your Taxes? Here Are Some Payment Options 

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Article Highlights: If You Can’t Pay Family Loans Home Equity Loans and HELOCs Credit Card Short-term Payment Plan  IRS Installment Agreement Retirement Funds Filing Extensions Enforced Collections  Offer-in-Compromise  Although…

You May Need to File Estimated Tax Payments

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Article Highlights: Employees Self-Employed Individuals Quarterly Payments Underpayment Penalty Safe Harbor Payments Estimated tax payments are not just for the self-employed. They are for anyone whose withholding and tax…
Does a Tax Deduction and a Tax Credit Result in the Same Tax Benefit?

Does a Tax Deduction and a Tax Credit Result in the Same Tax Benefit?

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Does a Tax Deduction and a Tax Credit Result in the Same Tax Benefit? Tax lingo, even without getting into the weeds of the Internal Revenue Code, tax regulations, IRS rulings, etc., can be confusing. Two frequently used terms that taxpayers…

Another Rough Tax Season for IRS and Taxpayers?

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Article Highlights: Rough tax season ahead? Avoiding processing delays IRS processing time Don’t procrastinate IRS customer service problems This could be another rough tax season for the IRS and taxpayers. Although this…

10 Tax-Saving Strategies to Consider Before Year-End

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Article Highlights:  Taking Stock of Tax Strategies Education Tax Credits Converting a Traditional IRA to a Roth IRA Minimum Required Distributions Charitable Contributions Qualified Charitable Distributions Health Savings…

Tax Penalties to Watch Out For

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Article Highlights: Underpayment of Estimated Tax and Withholding Penalty Required Minimum Distribution Penalty Late-Filing Penalty Late-Payment Penalty Negligence Penalty Fraud Penalty Dishonored Check Penalty Missing…

Avoiding IRS Underpayment Penalties

Article Highlights: Pay-as-You-Earn System Safe Harbor Payments Situations Triggering Underpayments True Safe Harbors Congress considers our tax system a “pay-as-you-earn” system. To facilitate that concept, the government…

Fall Tax Planning May Be Wise

 Article Highlights: Maximize Education Tax Credits Employer Health Flexible Spending Accounts Maximize Health Savings Account Contributions Convert Traditional IRAs to Roth IRAs Don’t Forget Your 2021 Minimum Required Distributions …