High income disparity between spouses is one of the most common situations victimized by the marriage penalty. Tax planning can help you reduce the impact on your tax bill. Tip Category: Planning Despite what you may think, the marriage penalty is still alive and well. Whether you’re changing your filing status in 2022 because of …
The Tax-Free Retirement Savings Option
Is a Roth IRA right for you? Tip Category: Retirement If you are looking for tax-free income and more flexibility during retirement, perhaps you should look into investing in a Roth IRA. While Roth IRA contributions are not sheltered from current taxes like contributions to traditional IRAs, they offer other tax benefits during retirement. The …
Three Tax Break Tips for Caregivers
Caregivers can get help from three federal tax breaks: the medical expense deduction, the child and dependent care credit, and the "family" credit. Tip Category: Deductions If you’ve ever had to care for a sick, elderly or disabled person, you know it can be difficult financially as well as emotionally. A recent study found that …
Rejected!
What to do if your e-filed tax return is rejected by the IRS Tip Category: Miscellaneous More than 90% of individual tax returns are now filed electronically, and usually the process goes smoothly. When an e-filed tax return is rejected, however, e-filing can become more complicated. Common causes for rejected tax returns Simple filing errors. Most …
Stop the Clock
Your most important defense against an audit The best defense against a tax audit? Stop the clock. Here is what you need to know. Tip Category: Audit In a tax court decision, a judge ruled that a joint tax return not signed by both spouses is not a validly filed tax return.* This seems like a …
Those Darn Kids
The risk of having kids file their own tax returns There are benefits and pitfalls to having children file their own tax return. And YOU need to know them. Tip Category: Miscellaneous If you have children younger than 19 years old (or 24 if a full-time student), you should coordinate the filing of their taxes …
February Client Update Newsletter
Now that tax documents have started arriving in your inbox and mailbox, it's easy to set them off to the side to worry about later. There may be some benefit, however, to filing your tax return as soon as you can. In this month's newsletter, read about several reasons why you should consider filing your …
How to Handle All Those Forms
During tax season, gathering all your forms is important because the IRS also gets copies. Leave anything out and you may get a deficiency notice. Tip Category: Planning Your mailbox has started filling up with tax forms over the last several weeks and there are likely more to come. Getting your forms organized makes your …
Reasons to File Early
When it makes sense to file a tax return as soon as you can Tip Category: Miscellaneous The 2022 tax filing season officially begins when the IRS starts accepting tax returns in late January and early February. There are many reasons to consider filing your tax return as soon as the IRS begins accepting returns. …
2023 Mileage Rates are Here!
New mileage rates announced by the IRS Category: What's New Mileage rates for travel are now set for 2023. The standard business mileage rate increases by 3 cents to 65.5 cents per mile. The medical and moving mileage rates stay at 22 cents per mile. Charitable mileage rates remain unchanged at 14 cents per mile. …
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