You May Need to File Estimated Tax Payments

, ,
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?

, , , , ,
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?

,
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

,
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

, ,
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 …

Filing as Married Separate? Better Read This.

,
Article Highlights: Filing Requirements Changing Filing Status Social Security Benefits Traditional IRA Deductibility Roth IRA Contribution Restrictions Higher Education Interest Deduction Itemized Deductions Medicare…

4 of the Most Common IRS Tax Problems

,
For years, politicians have been talking about simplifying the process of filing federal taxes, but despite the promises, the process continues to be complicated and stressful. But as bad as preparing taxes can be, it pales in comparison to…

Tax Ramifications of Disposing of a Vehicle

, ,
Article Highlights: Trading in a Vehicle Selling a Vehicle Gifting a Vehicle Donating a Vehicle to Charity If you are buying a new car, are you wondering what to do with the old one? You actually have a number of options, some…