by admin | Sep 6, 2024 | 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. The third quarter due date is now here. Due date: Monday, Sept. 16, 2024...
by admin | Aug 30, 2024 | Planning
Now is the tax planning season. Those that treat tax filing as an event and not a process often are the ones paying more than they need. So how do you go about moving from the event to planning? By looking at triggers that should stimulate a discussion. Here are some...
by admin | Aug 25, 2024 | Retirement
If you contribute too much money into your IRA during the year, how do you correct the problem without facing a tax penalty? Here are some tips. Remember the annual limits 2023 Annual IRA contribution limits $6,500 per individual $7,500 per individual if age 50 or...
by admin | Aug 23, 2024 | The Audit
A great tip to stay out of the audit spotlight. One of the best audit tips available can be summed up in one simple word – Match. Spend a minute or two pretending you work for the IRS. What would you do to identify tax returns worth auditing? If you suggest matching...
by admin | Aug 18, 2024 | Miscellaneous
What to do if you miss a quarterly estimated tax payment Many clients like to keep their Federal Tax withholdings as low as possible to avoid the IRS having their funds interest-free throughout the year. Other taxpayers, especially those with non-payroll income, must...
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 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...
