Plan now for tax changes coming at the end of 2025 Tip Category: Planning Unless Congress takes action, a number of temporary tax laws are going to expire at the end of 2025. This means you have this year and next to take advantage of the current rules. That doesn’t mean Congress won't extend the current …
Understanding the Home Gain Exclusion
When is a tax planning session essential? Tip Category: Deductions One of the biggest tax benefits available today is the exclusion of gains when you sell your qualified home. Here is what you need to know. The tax benefit explained For those who qualify, a married couple can exclude up to $500,000 ($250,000 for unmarried taxpayers) …
Ideas for a Great Refund
Getting a refund. Get the most out of it with these ideas. Tip Category: Planning Three of every four Americans got a refund check last year according to IRS statistics. With a little planning, you can maximize the benefit of your refund. Here are some ideas: Pay off debt. If you have debt, a great spending priority …
Seeing Inside the Mind of the IRS
Using the IRS Audit Technique Guidelines (ATGs) Tip Category: The Audit While most of us are never audited, when it happens we can often feel overwhelmed. Remember that the IRS auditor performs these audits every day. They know what to look for, and may ask leading questions that are easy to answer incorrectly. Here are some …
Tax Tips to Aid in Retiring Early
Thinking about retiring early? Here are things to consider. Tip Category: Retirement Wouldn’t it be nice to check out of the workforce early and not need to worry about having enough money for retirement? While good financial planning can help you get there, leveraging the tax code as part of your retirement plan is also a …
It’s Tax Time! Don’t Forget 1st Quarter Estimated Payments.
Now is the time to pay your taxes AND make your estimated tax payment. Tip Category: Miscellaneous Both your individual tax return AND first quarter estimated tax payment are due. Here is what you need to know. First quarter due date: Monday, April 15, 2024 The estimated tax payment rule You are required to withhold or …
Continue reading It’s Tax Time! Don’t Forget 1st Quarter Estimated Payments.
IRS Creating Notice Alarm
IRS notices are raining down into mailboxes on April 1. It is causing lots of concern. Here is what you need to know. Tip Category:What’s New Beginning In April a number of IRS notices began hitting mailboxes. Unfortunately, the notices are coming in cold, as the IRS is turning on mailing their notices after a …
Keep Track of Home Improvements
Pay attention or you could lose all or part of this $250,000 or more tax deduction! One of the more popular provisions in the tax code is the $250,000 capital gain exclusion ($500,000 for a married couple) of any profit made when selling your home. As long as you follow the rules, most home sales …
Anticipating your Refund
What you should know Tip Category: Miscellaneous If you e-file your tax return, you can generally expect to receive your refund within three weeks of it being accepted by the IRS. Expect four or more weeks if you mail in your tax return. But delays can happen. Refund Delays: The common culprits These are the …
Audit Proof Your Tax Return
Tip Category: The Audit. No one likes the stress involved when your tax return is under the audit spotlight. Here are some ideas to avoid some of the more common audit triggers. Report everything that has an informational tax return. If you are like most Americans, you will receive numerous 1099s and W-2s in the mail. The …
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