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Plus: Trump Account ALERT! Although you won’t become eligible for Social Security until your 60s, there’s a lot you can do to prepare before then. Here’s a rundown of steps you can take during each decade of your life: In your 20s: If you’re like a lot of people, you’re embarking on a career. At this …
Continue reading Social Security Planning Starts Now for EVERYONE
Now is the time to make your estimated tax payment If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The second quarter due date is now here. Due date: Monday, June 15, 2026 You are required to withhold …
Continue reading Reminder: Second Quarter Estimated Taxes Are Due
Each year, the IRS audits over 1 million tax returns. With agency resources shrinking, the IRS is more selective when choosing which tax returns to audit. Knowing what the IRS is looking for can help you understand and reduce your audit risk. Here are five of the biggest reasons the IRS may choose to audit …
Action to take now! Now is a good time to assess your current situation and address any lingering tax moves that may improve your tax picture for 2026. Here are five things to consider: 1. Check your withholdings. Review your taxable income and the amount of tax you’ve paid to Uncle Sam so far this year. …
Excess gift giving could cause a tax surprise In an effort to keep taxpayers from transferring wealth from one generation to the next tax-free, there are specific limits to the amount of gifts one may give to any one person each year. Amounts in excess of this limit are subject to filing an annual gift …
One of the best places for parents to look for tax savings If you're a parent, your dependent children can be a source of tax savings. There are the well-known provisions in the tax code such as the Dependent Child Care Credit and the Child Tax Credit, but there's also an opportunity to shift some …
What to do about your need for documentation Prior to finalizing the filing of your tax return is a good time to ensure you have proper documentation to substantiate your tax deductions. This is important as many banks start deleting online documentation that is more than a year old. Background The use of paper checks …
Four tips to ensure your security Pretending to be an IRS agent is one of the favorite tactics of scam artists, according to the Better Business Bureau. And with the advent of sophisticated AI tools, it can be harder than ever to tell real from fake. The con artists impersonate the IRS to either intimidate …
Plus a couple of great tips The tax-advantaged options to help pay for education are vast…and a bit confusing. A great place to start is understanding one of the most popular – the 529 college savings plan. The basics With a 529 plan, anyone can open a college savings plan for any current or future …
Understanding IRS Notice CP53E Executive Order 14247 requires federal disbursements, including income tax refunds, to migrate from paper to digital form. As can be imagined, this is causing some bottlenecks in receiving refunds. Through mid-March, 1.4 million refunds are stuck due primarily to this change. If this happens to you, you will receive an IRS …
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