Bunching Your Deductions Can Provide Big Tax Benefits
Deductions, Tax TipsArticle 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
Tax Planning, Tax TipsArticle 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
Deductions, Tax TipsArticle 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?
Audit, Tax TipsThe 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?
Tax Tips, Taxes
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?
Tax TipsArticle 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
Tax TipsArticle 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
Small Business, Tax TipsArticle 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
Tax Planning, Tax TipsArticle 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
Tax Planning, Tax Tips, TaxesArticle 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…