NO you do not have to pay income tax on everything! Here are some employee tax-free benefits. While most income received from your employer quickly ends up on a W-2 tax form at the end of the year, here are some common employee benefits that often avoid the impact of Federal taxes. Health Benefits. While now …
Category: Miscellaneous
How to Reduce Your Property Taxes
Ouch! Property taxes are on their way up. Here is what you can do to keep your property taxes as low as possible. Market values of homes are skyrocketing and higher property tax bills are soon to follow. Prepare now to knock your property taxes back down to earth.What is happeningProperty taxes typically lag the …
Those Pesky Records!
What do I need to keep? Know when to keep or throw out your tax records. Here is what you need to know. Each of us needs to keep records that substantiate our tax return or other important life events for as long as they are needed. So what does this mean? The basic retention …
Client Update Newsletter: September 2021
Now is the time to lower this year's tax bill! Here are ideas to do that PLUS save valuables from thieves. Time to Schedule Your Tax Planning Session Now is the time to schedule a tax planning appointment. If you are on the fence, here are some things to consider: It can make a difference. This …
The Marriage Penalty: Alive and Well in the Tax Code
Couples filing jointly still get the short end of the stick There are a lot of positive things about getting married, but the IRS' marriage penalty isn't one of them. The marriage penalty occurs when you pay more tax as a married couple than you would as two single filers making the same amount of …
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Understanding Tax Terms: Installment Sales
If you use an installment sale to sell property, you may save on taxes by spreading out the tax over a number of years. But be careful! If not properly planned, you may have a nasty tax surprise. If you use an installment sale to help sell property, you can benefit from tax deferral and …
Don’t Lose Your Refund!
The only way to get a refund is to file a tax return. If you don't file a return, your overpayment turns into a donation to the U.S. Treasury. Here is what you should do. The tax filing due date often brings a sigh of relief to most taxpayers. Unfortunately, every tax day also closes …
Who Pays What?
97% of income taxes are paid by less than 50% of the households in America. So who is paying their fair share? There will be a lot of political rhetoric about increasing the national debt with trillions more in spending, adding billions to allow the IRS to audit high income taxpayers, and creating more changes …
Reminder: First Quarter Estimated Taxes Now Due Now is time to make your estimated tax payment
Time to make an estimated quarterly tax payment! Despite the individual tax filing due date being delayed until May 17, 2021, there is no delay in paying first quarter estimated tax payments for the 2021 tax year. So it is time to review your tax situation for the 2021 tax year and make an estimated …
Did you lose your job in 2020? You may be eligible for extra stimulus money
Did you just get surprised by a little extra stimulus cash in your bank account? The Internal Revenue Service said late Thursday that its third batch of payments includes what it calls the first of many "plus-up" stimulus payments. The “plus-up” payments will continue on a weekly basis going forward, the IRS said, as the …
Continue reading Did you lose your job in 2020? You may be eligible for extra stimulus money
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