File That Tax Return!

October extension deadline fast approaching Tip Category: Miscellaneous Monday, October 17th marks the extension deadline for filing your 2021 Form 1040 tax return. Given all the recent tax legislation, numerous stimulus checks and COVID-related tax changes, there are more open tax return filings than ever! If you have not filed a tax return and don't think …

Continue reading File That Tax Return!

Effective and Marginal Tax: Know Yours!

Understanding the difference between these two tax rates Tip Category: Miscellaneous The tax code is filled with terms we rarely use in everyday conversation. Two of the more common are Marginal Tax Rates and Effective Tax Rates. Knowing what they mean can help you think differently about your potential tax obligation. Definition Marginal Tax Rate: This …

Continue reading Effective and Marginal Tax: Know Yours!

The New $7,500 Tax Credit That Isn’t

What you need to know Tip Category: What's New A highly-touted tax credit in the recently-passed Inflation Reduction Act is meant to incentivize Americans to purchase clean and electric vehicles. The bottom line, however, is that practically speaking YOU CAN’T GET IT. Why few credits will be seen As the new legislation is currently written, nearly all the …

Continue reading The New $7,500 Tax Credit That Isn’t

Client Update Newsletter: September 2022

New energy credit details and understanding the financial landmine if your car is ever totaled by insurance lead this month's newsletter. Read on! This month's newsletter recaps the details of the revamped electric vehicle tax credit and other energy credits in newly passed legislation. Also included this month are some tips to review your recurring …

Continue reading Client Update Newsletter: September 2022

Reminder: Third Quarter Estimated Taxes Due Now is the time to make your estimated tax payment

Reminder: 3Q estimated taxes are due Thursday, September 15. Here are some things to consider. Tip Category: PlanningIf 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 third quarter due date is now here.Due date: Thursday, Sept. 15, …

Continue reading Reminder: Third Quarter Estimated Taxes Due Now is the time to make your estimated tax payment

IRS Audit Rates – Don’t get complacent…resurgence is underway

The IRS audit rates are still at historic lows, but all that is now starting to change. Here is what you need to know. Observations Fewer audit examinations obscure the reality that you may still have to deal with issues caught by the IRS’s automated computer systems. While not as daunting as a full audit, you'll …

Continue reading IRS Audit Rates – Don’t get complacent…resurgence is underway

Tax Planning Insights: August 2022

Early withdrawal of money in retirement accounts can be tempting. But before taking action it is always best to understand the ramifications of your action. Here are some thoughts on the subject. If you're interested in minimizing your tax obligations and maximizing your savings, consider the helpful tips and ideas you'll find in this newsletter.Call …

Continue reading Tax Planning Insights: August 2022

Tax & Business Newsletter: August 2022

Building the correct comparative financial statements is a key to business success. Here are some suggestions. Also included are great hints if you are audited! Creating your financial statements is just the starting point for analyzing the health of your business. You now need to compare your statements to figure out whether your business is …

Continue reading Tax & Business Newsletter: August 2022