Hook & Associates, LLC

Here's a tip to avoid unwanted tax penalties.

A Tip to Avoid Late Payment Penalties - What to do if you miss a quarterly estimated tax payment Here is a simple idea to avoid late payment penalties if you miss a quarterly estimated tax payment (form 1040 ES). While it might not apply to everyone, it could save you some money come tax time.

The only group happier than you when you a win a prize is the IRS. Most prizes are taxable. Make sure you fully understand the value of the prize and how it's taxed before you accept it.

The Taxability of Prizes - What everyone should know Prizes received are to be recorded on your tax return as income. Unfortunately, there are many pitfalls. Here are some tips.

Be prepared. The moto of the boy scouts AND your motto when in comes to an IRS audit. Here's what to do.

Save Those Receipts! - These tips are money in your pocket Too often during the course of an audit, the auditor throws out valid deductions. Not because they did not occur, but soley because you did not provide adequate documentation. Here are tips to help solve this problem.

The IRS is eliminating most unannounced revenue officer visits. This is what that means for you.

IRS Ends Unannounced Revenue Officer Visits The IRS recently announced a major policy change that it will end most unannounced agency revenue officer visits to taxpayers. Here are the details.

To amend or not amend. That is the question...and the answer is not always obvious. Read on.

Amending a Tax Return - Not always needed or wise Filing an amended federal tax return is never fun. Sometimes it is necessary. But not always. Here are some thoughts on the subject.

Zero tax when selling a stock for a gain? Please tell me more!

Cash in on 0% Capital Gains Tax Rate Think all your stock sales will be subject to capital gains tax? Think again. With proper planning some of your gains may not be taxed at the federal level. Here is what you need to know.

Time to plan for new contribution levels for your health savings account. Find the 2024 limits here.

2024 Health Savings Account Limits - New contribution limits are on the horizon Contribution limits for the ever-popular health savings account (HSA) are set for 2024. The new contribution limits increase by over 7%. Here is what you need to know.

It's wedding season. It should really be called tax planning season. Here's why.

Tax Tips for Those Getting Married - Know someone getting married? Send them this tip now. If you recently got married, plan to get married or know someone who is taking the matrimonial plunge, here are some important tax tips every new bride and groom should know.

A million taxpayers are donating their refunds to the federal government in July. The total donation could exceed $1 BILLION. Don't let it be your money.

Taxpayers may forfeit more than $1.4 billion in refunds - Due date is July 17! The IRS disclosed there will be more than $1.4 billion in federal tax refunds forfeited this year if taxpayers don't claim them by July 17.

Increasing interest rates bring tax savings back into focus. Here's how.

Something Old is New Again - Tax Beneficial Savings Alternatives With rising interest rates, there are tax advantaged and tax free alternatives. Here is what you should know.

Reminder: Second quarter estimated taxes are due Thursday, June 15th.

Reminder: Second Quarter Estimated Taxes Are Due - Now is the time to make your estimated tax payment If you have not already done so, please plan to make your second quarter estimated tax payment. The due date is Thursday, June 15th.

Here are five things to do, if the newly staffed IRS audits you.

Five Steps to Take if You're Audited Getting audited is no one's idea of a good time, yet you can get through it if you take the right approach.

Health Savings Accounts are the No.1 way to reduce your cost of medical care!

Understanding Tax Terms: Health Savings Accounts (HSA) Your health spending account (HSA) is an extremely valuable tax planning tool with multiple tax benefits. Are you taking full advantage of yours?

Wow! Now there is a way to help a student without impacting their federal aid package. Here's how to do it.

New College Savings Option - How to get more money without reducing need awards Contribute funds for a student without impacting their aid package. Here's how to do it.

Whether you receive a big refund or pay taxes on tax day, taking action now can ensure next year's tax bill is optimized by not paying a dollar more than necessary.

Improve Next Year's Tax Situation Now! Tax day is more than the end of tax filing season - it's the start of tax-planning season.

You can turn your child's summer break into up to a $1,050 tax break for you, using the Child and Dependent Care Credit.

Make Your Child's Summer Break a Tax Break As a busy working parent, you may be concerned about what activities are available for your kids this summer. There may be a solution that's also a tax break: summer camp!

Tax breaks drop dramatically as your children grow up, starting with age 13, but you may be able to offset the losses with some timely tax planning.

Replacing Lost Tax Breaks for Your Growing Children Tax breaks drop dramatically as your children grow up, but you may be able to offset the losses with some timely tax planning.

Three-fourths of tax filers get a refund every year, with the average check weighing in at $2,972 so far this tax season. Have a plan to use that money well!

Put Your Tax Refund to Good Use Three-fourths of filers get a refund every year. Here are some ideas to put that money to good use.

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!

Time to make an estimated quarterly tax payment!

It's Tax Time! 1st Quarter Estimated Taxes are Due. - Now is the time to file your taxes and make your estimated tax payment. Reminder: Tax returns AND first quarter estimated taxes are due by Tuesday, April 18th.

My tax return is filed... where is my refund? Here's how to find out.

Where's My Refund? Your return is filed and you're expecting a refund. Where is it? The IRS has an online service to check on the status of your tax refund. Here is what you need to know.

The gift tax is one of the most misunderstood provisions in the tax code. Here is what you need to know.

Understanding the Gift Giving Tax - Excess gift giving could cause a tax surprise Presenting a gift to a grandchild does not normally have us thinking about the taxes. However, if not careful the over generous gift giver could end up with a surprise tax bill and a note from the IRS.

The IRS is hiring more auditors. So who are they going to target? The small business owners. Here are some tips.

Audit Target: The Sole Proprietor Often the #1 target of IRS audits, sole proprietors need to be prepared with good records. Here are some tips.

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.

The Marriage Penalty is Alive and Well Whether you're changing your filing status in 2022 because of marriage, divorce or another event (or it's staying the same), understanding how the marriage penalty works is key for your tax planning.

Deciding between a traditional or Roth IRA? The traditional IRA provides short-term tax savings, but a Roth IRA might be better for the long-term.

The Tax-Free Retirement Savings Option - Is a Roth IRA right for you? Deciding between a traditional or Roth IRA can be confusing, but one thing is clear - Roth IRAs are subject to fewer IRS rules and restrictions, giving you more flexibility while still providing some great tax savings.

Caregivers can get help from three federal tax breaks: the medical expense deduction, the child and dependent care credit, and the "family" credit.

Three Tax Break Tips for Caregivers 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 many caregivers are forced to make financial sacrifices, including delaying retirement, in order to help their loved ones.

Rejected tax return? You need to understand what steps to take...

Rejected! - What to do if your e-filed tax return is rejected by the IRS If an e-filed tax return is rejected by the IRS what should you do? Here are some of the more common causes for rejected tax returns and what you can do about it.

There are benefits and pitfalls to having children file their own tax return. And YOU need to know them.

Those Darn Kids - The risk of having kids file their own tax returns One of the worst surprises you can have at tax time is discovering a dependent files their own tax return. It can create a tax filing mess. Here's why.

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.

How to Handle All Those Forms 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 tax filing easier for everyone involved. Here are some tips on how to handle all the forms you get and to head off any potential problems.

Some taxpayers should file their tax return early. Here are some great reasons why it may make sense.

Reasons to File Early - When it makes sense to file a tax return as soon as you can 2023 tax season for 2022 tax returns officially begins in late January, and there are many reasons to consider filing your tax return early. Here are some of the most common.

The IRS increased the standard business mileage rates for 2023. Here are the details.

2023 Mileage Rates are Here! - New mileage rates announced by the IRS Here are the standard mileage rates for 2023

Reminder: Q4 estimated tax payment is due Tuesday, January 17, 2023.

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.

Late Breaking News! Here is what you need to know.

Here They Go Again... - Late-breaking IRS change You know that new reporting requirement the IRS is implementing? Well, it is changing as of December 23. Here is what you need to know.

Social Security planning starts at an early age. Here is what you should be doing now!

Social Security Planning Starts Now - Even those in their 20s should review this tip! Too many think to pay attention to Social Security only when they near retirement. Do this at your own risk! Even those in their 20s should be taking action. Here are some tips.

If you or your business were not paid back for a loan, the IRS may allow you to take a tax deduction for the outstanding debt. Here's what you need to know.

Taxes and Uncollectible Debt - Tax ramifications can be good or BAD! If you are in the unfortunate situation of having a debt owed to you become uncollectible, you may be able to recoup some of the loss via a tax deduction.

If you are facing the dilemma of saving for retirement or your child's college education, what should you do?

Fund Your Retirement or Your Child's College? With the rapidly increasing costs of college tuition, the decision to either save for retirement or your child's college tuition can be a real dilemma. Here are some thoughts.

There is still time to take advantage of what many consider the best tax saving idea in the tax code. Here is what you need to know.

Consider Donating Appreciated Stock & Mutual Funds In some rare cases, making a tax savings move can benefit you in more than one way. This is the case with direct contribution of qualified investments, such as stock, owned more than one year that have appreciated in value.

The time to make moves that limit your income taxes for the 2022 tax year is quickly closing. Schedule a year-end tax planning session today.

5 Year-End Tax Essentials Take some time now to review these essential year-end tax planning strategies to ensure you are not missing something that could cause tax trouble when you file your tax return.

Now is the time to plan next year's retirement contributions. Here's what you need to know.

Plan Your 2023 Retirement Contributions 2023 contribution limits are set for retirement plans. Now is a good time to plan for your upcoming retirement contributions.

Lotteries are a very effective way to TRIPLE tax the poor. Here's how it works.

Triple Tax: aka The Lottery Most of us only see the media portrayal of the lottery. Lucky winner, lots of cash. Outside of the bright lights is the true winner: the tax man. Here is what you need to know.