by admin | Nov 1, 2024 | Deductions
Tax savings can be found in the elections you make! Every year is an election year when it comes to making decisions on your annual income tax return. Here are four common examples that can create tax savings opportunities if you elect the correct option. 1. Tax...
by admin | Oct 25, 2024 | Retirement
2025 Cost-of-Living Adjustment (COLA) change The Social Security Administration announced a 2.5% boost to monthly Social Security and Supplemental Security Income (SSI) benefits for 2025, another rate drop versus last year’s increase of 3.2%. The increase is...
by admin | Oct 18, 2024 | The Audit
Understanding Tax Terms: Contemporaneous Records If you have problems getting to sleep at night and you turn to the IRS tax code for help, you might find some vocabulary that is very foreign to you. One of the more uncommon words used by the IRS is the...
by admin | Oct 11, 2024 | Miscellaneous
What do I need to keep? Each of us needs to keep records that substantiate our tax return or other important life events for as long as they are needed. So what does this mean? The basic retention period. Federal tax return substantiation is generally three years from...
by admin | Oct 4, 2024 | Planning
Most taxpayers ignore the federal estate tax, thinking they will never be touched by it. Unfortunately, you do this at your own peril. Why? Because states often have this tax AND politicians have a habit of frequently changing the rules. The most recent change is...
