Bunching Your Deductions Can Provide Big Tax Benefits

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Article Highlights:  Itemized Versus Standard Deductions Medical Expenses Taxes Charitable Contributions If your tax deductions normally fall short of itemizing your deductions or even if you are able to itemize, but only…

IRS Providing Penalty Relief to 1.6 Million Taxpayers

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Article Highlights: Penalty Relief 2019 & 2020 Tax Returns Includes 1040, 1120, Certain 1099 Series Filings Refunds Are Automatic September 30, 2022, Deadline The First-Time Abatement Penalty Relief To help struggling…

Not All Interest Is Deductible for Taxes

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Article Highlights:  Interest Categories Category Deductibility Interest Tracing Rules A frequent question that arises when borrowing money is whether or not the interest will be tax deductible. That can be a complicated question,…

What Do You Do If the IRS Wants to “Audit” Your Tax Return?

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The word “audit” tends to strike fear in the hearts of American taxpayers, but the truth is that not every audit is a result of a problem, or that the Internal Revenue Service suspects you of wrongdoing. There are several reasons why the…

Do You Understand Tax Lingo?

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Filing status. Adjusted gross income (AGI). Taxable income. Marginal tax rate. Alternative minimum tax (AMT). Tax Credits. Underpayment of estimated tax penalty. When discussing taxes, reading tax-related articles or…

When Can You Dump Old Tax Records?

Article Highlights: General statute is 3 years Some states are longer Fraud, failure to file and other issues can extend the statute Keeping the actual return Taxpayers often question how long records must be kept and the amount…

Important Times to Seek Assistance

Article Highlights: When to seek professional assistance Examples of times where tax saving moves can be made Waiting for your regular appointment to discuss current tax-related issues can create problems or cause you to miss out…

Business Start-Up Expenses and How to Write Them Off

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Article Highlights: $5,000 First-year Start-up and Organizational Expense Write-off Timely Filing Requirements Qualifying Start-up Expenses Trade or Business Purchase Qualifying Organizational Expenses Expense Write-off Limitations …

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…