by admin | Oct 9, 2026 | Planning
Trump accounts are now open and available for participation. If you have not already looked into this new tax benefit that is designed as a tool to save for kids’ future. Here are some tips. Tip 1: Know the basics Deposit up to $5,000 per year for the benefit of...
by admin | Oct 2, 2026 | What's New
As the tax extension quickly approaches the October 15th deadline, now is a great time to review happenings at the IRS and how it may impact you and your situation. New formats for W-2s and 1099s. With the advent of tax-free tips and tax-free overtime, look forward to...
by admin | Sep 25, 2026 | Miscellaneous
Knowing the difference is very important! As an annual reminder, it makes sense to review the key determination on whether your work activity is deemed employment or as an independent contractor. Getting it wrong could cost you plenty in Social Security, Medicare and...
by admin | Sep 18, 2026 | Retirement
Don’t forget to look at the retirement specials on the tax menu Wouldn’t it be nice to check out of the workforce early and not have to worry about having enough for retirement? While good financial planning can help you get there, leveraging the tax code as...
by admin | Sep 11, 2026 | The Audit
If you don’t receive a W-2 or 1099, is this a defense to protect yourself from not reporting the income during an audit? In short, the answer is no. And new this year, you will only receive a 1099-NEC if your payments received from a customer or client total $2,000 or...
by admin | Sep 4, 2026 | Planning
Now is the time to make your estimated tax payment If 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. 3rd Quarter Due Date: Tuesday, Sept. 15, 2026 You are required to withhold...
by admin | Aug 28, 2026 | Deductions
Donation basics to ensure a proper tax deduction Donating to charity not only helps others, it can reduce your tax bill — but only if the charity qualifies as a tax-exempt organization. Checking for qualified status If you plan on itemizing your deductions on your tax...
by admin | Aug 21, 2026 | Your Income
Your grandson needs a car, but cannot afford the payments. As a favor, you provide the $25,000 to purchase the car. You tell your grandson to pay you back when he can, but there is no loan document. The IRS sees this payment during an audit and asks you where your...
by admin | Jul 17, 2026 | Planning
Information is key when using this tax planning strategy You own some stock that has increased in value. To avoid a possible taxable gain by selling the stock, you wish to give it directly to a child or grandchild. This simple idea has some interesting tax...
by admin | Jul 10, 2026 | Miscellaneous
What everyone should know Small business owners have a number of options on how to organize their business for tax purposes. And if you sell items on eBay or Esty, drive for Uber, or offer your services as a writer or programmer, you are probably considered a...
