Tip Category: Retirement If you contribute too much money into your IRA during the year, how do you correct the problem without facing a tax penalty? Here are some tips. Remember the annual limits 2023 Annual IRA contribution limits $6,500 per individual $7,500 per individual if age 50 or older ($1,000 catch up provision) This …
Month: August 2023
A Tip to Avoid Late Payment Penalties
What to do if you miss a quarterly estimated tax payment Tip Category: Miscellaneous Many clients like to keep their Federal Tax withholdings as low as possible to avoid the IRS having their funds interest-free throughout the year. Other taxpayers, especially those with non-payroll income, must make quarterly payments to the IRS. As long as …
The Taxability of Prizes
What everyone should know Tip Category: Your Income When you win a prize, there are really two winners: you and the taxing authorities. Should you be fortunate enough to win that trip of a lifetime to the French Riviera in your new yacht, here is what you need to know. Prizes and taxes Prizes are …
Save Those Receipts!
These tips are money in your pocket Be prepared. The moto of the boy scouts AND your motto when in comes to an IRS audit. Here's what to do. Tip Category: The Audit When it comes to taking qualified deductions on your tax return, having proper documentation to prove your expenditure is a must. Here …
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