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 …
Category: Miscellaneous
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 …
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Tax Return Review Hints
Prior to e-filing your tax return, you will need to review it. Here are some suggestions to ensure everything looks right. The Basics Confirm the basics for you, your spouse and your dependents: Double check the name, address, Social Security Numbers and proper identification of dependents that are under age 17Double check filing status.Confirm your income …
IRS Identity Theft Season Begins Now
Be on your guard as the IRS identity theft season starts in late January. Here's what you need to know. Each year thieves try to steal billions in federal withholdings by stealing your identity. As the IRS focuses more attention on this quickly growing problem, now is the time of year to be extra vigilant. …
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