Ideas to manage your tax breaks With kids now back in college, the fact of higher educational costs is impossible to ignore. As you or your child navigate campus, you are now in position to start navigating the possible tax implications of your new-found college expense. Outlined here are three of the more popular ways …
Category: Planning
Reminder: Third Quarter Estimated Taxes are Due
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. With the passage of the One Big Beautiful Bill Act (OBBBA), forecasting your tax obligation is now more important …
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Time to Forecast Your Business Tax Obligation
Multiple changes make this more important than ever The One Big Beautiful Bill Act (OBBBA) makes a number of changes impacting the business landscape. These changes will impact both small and large businesses. Here are some of the major changes and respective tips to consider. SALT deduction increase requires planning The tax deduction (commonly know …
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Reminder: Second Quarter Estimated Taxes Are Due
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 16, 2025 You are required to withhold …
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Making Bad News Good Tax News
With the pending tariffs and turbulent markets, the last thing on most taxpayers minds is tax planning. But in the midst of all this turmoil is the potential for tax saving activity available to those willing to plan accordingly. Here is what you need to know. In a turbulent market, transferring securities during a dip …
GREAT! You Have a Large Refund
Now What? For some reason, some believe it's better to receive than to give when it comes to filing taxes. While that may help your savings account, it's not always a great idea. Here's why. You are the bank. You are giving the IRS an interest-free loan. And now with higher interest rates, you could be …
Be Prepared. Audits Still Happen.
Better to be surprised now than during an audit Before you file away your tax return and all its related records, now is the time to make a final review of the material. This can be in either paper or digital form as long as you know where it is, it's securely stored, and you …
Age (not death!) and Taxes
Age does matter, when it comes to tax obligations One of the elements that make our Federal Tax Code so hard to follow is that different laws apply to you based on you or your dependents’ age. To help you navigate through some of this maze, here is a chart that outlines key ages and …
Leveraging Kiddie Tax Rules
PLUS: Small Business Judicial ALERT Tip Category: Planning The beginning of each year is a great time to start next year's tax planning. One area to help reduce your tax obligation, that benefits from an early in the year start, is leveraging your kids to the fullest using the kiddie tax rules. Background The term kiddie …
Tax Shifting Ideas to Reduce Your Bill to Uncle Sam
Is there a taxable income reduction idea you can use? Tip Category: Planning Many tax experts talk about shifting your tax burden from one year to the next. While in theory it may make sense, how can you make it work for you in practice? The concept Since the tax code is complex in its …
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