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Look for an IRS letter confirming your economic impact payments and advance child tax payments. Here is what you need to know.
IRS to Send Recap of Economic Impact and Child Tax Payments To help prepare your tax return the IRS announced it will help with payments sent to you. Read on...
Reminder: Q4 estimated taxes are due Tuesday, January 18, 2022.
Reminder: Fourth Quarter Estimated Taxes Now Due - Now is the time to make your estimated tax payment Plan now to make your 4th quarter estimated tax payment.
The IRS increased the standard business mileage rates for 2022 by 2.5 cents, to 58.5 cents per mile. Learn more here.
2022 Mileage Rates are Here! - New mileage rates announced by the IRS Here are the standard mileage rates for 2022.
A great way to shelter over $1,000 from tax each year is to leverage the kiddie tax rules. Here is what you need to know.
Leveraging Kiddie Tax Rules - Tax saving tips for parents AND grandparents When done correctly, over $1,000 of unearned income be tax free for each child each year. But only if you know the rules. Here is what you need to know.
Understanding the like kind exchange rules can help you defer tax when buying real estate, but only if you follow the rules.
Postpone Taxes with a Like-Kind Exchange - The real estate boom creates opportunity When buying or selling property, especially real estate, it is good to know and understand this tax deferral technique.
Now is the time to plan next year's retirement contributions.
Plan Your 2022 Retirement Contributions 2022 contribution limits are set for retirement plans. Now is a good time to plan for your upcoming retirement contributions.
There are still a few weeks left in the year to reduce your tax obligation. Here are 15 great ideas.
15 Year-End Tax Tips Here are 15 ideas that may reduce your tax bite for this year. But act soon as the year-end is fast approaching.
Donating your car can be a great tax deduction, while helping a worthwhile cause. But if you are not careful, your donation value could be limited. Here is what you need to know.
Tips to Maximize the Value of a Car Donation - A little mistake could cost you plenty One of the biggest contributions a taxpayer can make is to donate a used automobile. But if not careful, the value of a donated vehicle could be a lot lower than you think.
2022 HSA limits rise to $3,650/individuals and $7,300/families. HSAs are a versatile way to save for both medical care and retirement.
2022 Health Savings Account Limits - New contribution limits are on the horizon The ever-popular health savings accounts (HSA) limits are set for 2022. The new limits increase the amounts you can save and pay for qualified medical expenses with pre-tax dollars.
You CAN access your traditional 401(k) or IRA funds before age 59 1/2 without penalty to pay for higher education expenses or medical insurance.
Roll it Before You Pull it - Tips to avoid IRS penalties on 401(k) retirement plan distributions Rolling over retirement savings from one plan type to another prior to taking money out of the plan can often save you money. Here are some tips.
Scams are getting more sophisticated and the IRS is a target. Here are tips to protect yourself.
Is it really the IRS? - Four tips to ensure your security Con artists impersonate IRS agents to either intimidate people into making payments or turn over their personal information. Here are some ideas to ensure this does not happen to you.
Taxes and the amount you pay is not all up to chance. Here are a dozen reasons to sit down with a professional to review your situation.
A Dozen Tax Planning Triggers With all the recent tax law changes, here are dozen things that should trigger you to conduct a full tax planning session.
NO you do not have to pay income tax on everything! Here are some employee tax-free benefits.
Employee Tax-Free Income Not all employee income makes its way onto your 1040 tax return. Here are some of the more common employee benefits that are not taxed.
$4,200 more of your income is subject to Social Security taxes in 2022. Here are the details.
Inflation Spikes Social Security Checks for 2022 2022 Cost-of-Living Adjustment (COLA) changes are here. This is what you need to know.
Actively managing your investments throughout the year can lower your taxes, especially if you can offset losses with gains.
Five Tax-Loss Harvesting Tips Using the tax strategy of tax-loss harvesting, you may be able to turn the lemons in your investment portfolio into lemonade.
Time to file your tax return for 2020 if you have not already done so. There is no reason to leave a possible refund on the table, and the IRS is not going to beg to send you back your money.
File That Tax Return! - October extension deadline fast approaching The Form 1040 extended filing deadline is fast approaching. If you have not already done so, please consider filing your 2020 tax return in the next few weeks.
Ouch! Property taxes are on their way up. Here is what you can do to keep your property taxes as low as possible.
How to Reduce Your Property Taxes With a $10,000 limit on deducting property and state income taxes on your federal tax return, what can you do to lower your tax bite? Look at reducing your property taxes!
Know when to keep or throw out your tax records. Here is what you need to know.
Those Pesky Records! - What do I need to keep? Know when to hold them. Know when to toss them. Tax record retention basics can be found here.
Reminder: 3Q estimated taxes due Wednesday, September 15.
Reminder: Third Quarter Estimated Taxes Due - Make your estimated tax payment now If you have not already done so, please plan to make your second quarter estimated tax payment. The due date is Wednesday, September 15th.
The IRS assumes you'll charge interest if you make personal loans, even to friends and family. Even if you don't charge interest, you'll owe tax on an assumed rate of interest.
Avoid Tax Traps with Loans to Friends and Family Lending to friends and relatives can be tricky, and not only because of the stress it can place on your relationships. There are tax issues involved as well. Here's what you need to know.
Within each tax surprise is a common lesson. Here is an actual story that cost $24,000 and a lesson for everyone.
The $24,000 Tax Time Bomb - A key lesson within EVERY tax surprise Tax surprises come in many forms. But the cause is universal. Here is an example.
Being married can be bliss, but often not within the tax code. Here are some pitfalls of being married in the eyes of the taxman.
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.
Living in another state to work remotely or to retire often causes tax problems. Here is what you should know.
You Owe Us, Not Them! - State tax authorities clamp down Suppose you work or retire in a new state with warm weather and lower taxes. If you keep a home in your original state or you later decide to return, you could have a tax problem. Here are some tips to help you stay on the right side of the state taxman.
The amount of your tax bill is often dependent on your age and the age of your children. You need to plan accordingly. Here are the details.
The Tax Impact as Your Children Grow Up - Prepare now for potential income tax hits As your children age, you can easily be surprised by a larger tax bill. To help ease the possible burden, here are some possible tax hits to prepare for as your children grow older.
Retirement account investments in mutual funds come with hidden tax traps and benefits. Here are some of them.
Tax Planning with Mutual Funds - Ten ideas to maximize the benefits of your investments Want to get the most out of your investments? Here are ten great ideas.
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.
Understanding Tax Terms: Installment Sales If you use an installment sale to help sell property, including real estate, you can benefit from tax deferral and possibly lower your overall tax bill. But watch out for some tax surprises.
With the 2020 tax filing season...FINALLY... in the rearview mirror, now is the time to become aware of major changes for 2021. Here's what you need to know.
What's New in 2021 Here are major tax changes for 2021.
Many pandemic related tax rules are scheduled to fall off the books in 2021. Are you prepared?
Adjust to Pandemic Rule Rollbacks Pandemic related tax breaks expire. What should you do?
The hot housing market is creating home sale gains beyond imagination. If selling a home, you need to know this tax rule.
Thinking of Selling Your Home? - Hot housing market requires tax knowledge Tax surprises often occur when selling your home. The possibility of a capital gains tax should be understood before selling your residence. Here is a summary of the rules.
An enhanced child tax credit is in place this year. This is what you need to know.
Navigating the New 2021 Child Tax Credit - What you need to know The Child Tax Credit is significantly different for 2021, but just for 2021...for now. Read on...
Time to make an estimated quarterly tax payment!
Reminder: First Quarter Estimated Taxes Now Due - Now is the time to make your estimated tax payment In our haste to meet the annual tax filing deadline, many of us overlook the need to make our quarterly estimated tax payment. Don't let this happen to you.
Getting a tax refund is not all it's cracked up to be. Here are some things to consider.
Yikes! You Have a Large Refund - Good news, that is sometimes not so good For some reason, some believe it is better to receive than give when it comes to filing taxes. While that may help your savings account, it is not always a great idea. Here's why.
Looking for tax-free income? Here is a list of the more common types.
Income the IRS Can't Touch Yes Virginia, there is a Santa Claus. There is also a lot of income that the IRS does not tax. Here are a few of the more common types.
A surprise tax break for the unemployed is creating havoc on filing tax returns this year. Here is what you need to know.
ALERT! 2020 Tax Date Delay AND Unemployment Income Now Tax Free - What you need to know A surprise tax break for those with unemployment income is retroactively applied to 2020. Plus a delay in tax filing due date. Here's what you need to know.
Prior to filing your tax return, take a moment to review it for accuracy. Here are some hints.
Tax Return Review Hints Prior to e-filing or mailing your tax return, you will want to spend some time reviewing your information for accuracy. Here are some tips.
Can come to our house, or we can go to yours. Ages: 0-1: $13 an hour/per child Ages: 2-4: $12 an hour/per child Ages: 5-10: $11 an hour/per child 11&up-ask
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