by admin | Aug 16, 2024 | Deductions
Can’t itemize? There are still tax breaks for you. A common misconception in tax filing has been that if you use the standard deduction versus itemizing your deductions you have few additional benefits available to reduce your tax bill. This is often not the...
by admin | Aug 11, 2024 | Your Income
What everyone should know When you win a prize, there are really two winners: you and the taxing authorities. Should you be fortunate enough to win that trip of a lifetime to the French Riviera in your new yacht, here is what you need to know. Prizes and taxes Prizes...
by admin | Aug 9, 2024 | Miscellaneous
Covering the bases on basis Basis is a common IRS term, but probably does not enter into your everyday conversation. This IRS term is important because it impacts the taxes you pay when you sell, exchange or give away property. What basis is The IRS describes basis...
by admin | Aug 4, 2024 | The Audit
These tips are money in your pocket When it comes to taking qualified deductions on your tax return, having proper documentation to prove your expenditure is a must. Here are some typical areas where taxpayers often fall short, costing them plenty during tax filing...
by admin | Aug 2, 2024 | Retirement
It’s never too early to understand how it works Determining the best time and best way to take Social Security benefits can make a big difference in the amount you receive over the balance of your lifetime. What is prudent, is understanding how it works and, if...
by admin | Jul 26, 2024 | What's New
The importance of personally identifiable information Personally Identifiable Information, or (PII), is in the spotlight at the IRS, the Federal Trade Commission (FTC) and the Department of Labor (DOL), plus other federal agencies. Moving beyond the buzz and into...
by admin | Jul 19, 2024 | The Audit
When it comes to the perception of IRS audits, conjecture reigns supreme. The combination of the complex tax code and a government agency with the full authority to enforce it leads to some pretty wild ideas. Here are five audit myths that, if believed, can cost you...
by admin | Jul 12, 2024 | Deductions
You’ve loved dogs all your life so you decide to start a dog training business. Turning your hobby into a business can provide tax benefits if you do it right. But it can also create a big tax headache if you do it wrong. One of the main benefits of turning your hobby...
by admin | Jul 5, 2024 | Your Income
Surprise! Your stock loss is not deductible. You may be considering booking stock losses due to recent market drops. Selling losers can be a great strategy when these losses can offset other gains and up to $3,000 of your ordinary income. However, there is a...
by admin | Jun 28, 2024 | Planning
Don’t let them happen to you! Every year taxpayers are hit with tax surprises that could be avoided if they just knew the rules. Here are five big ones that are easy to avoid with some simple planning. Mistake #1. Withholding too little. This results in a tax...
