by admin | Dec 27, 2024 | Planning
PLUS: Small Business Judicial ALERT The beginning of each year is a great time to start next year’s tax planning. One area to help reduce your tax obligation, that benefits from an early in the year start, is leveraging your kids to the fullest using the kiddie...
by admin | Dec 20, 2024 | Deductions
The Child & Dependent Care Credit provides a reduction in taxes to offset the cost of daycare when you are employed. The maximum amount of the credit is $3,000 for one dependent or $6,000 for two or more qualifying persons.* To take advantage of the credit here is...
by admin | Dec 13, 2024 | Miscellaneous
Each year the IRS publishes the top dozen tax scams it encounters over the prior year. One of them that makes an all too common appearance on their list is the phishing scam. Here is what you need to know. Phishing requires bait Phishing is the act of creating a fake...
by admin | Dec 6, 2024 | Retirement
As part of your planning for next year, now is the time to review funding your retirement accounts in 2025. Recent cost of living calculations means much higher contribution limits for next year. Plus the higher income phaseouts for eligibility will make many more...
by admin | Nov 29, 2024 | Planning
Is there a taxable income reduction idea you can use? Many tax experts talk about shifting your tax burden from one year to the next. While in theory it may make sense, how can you make it work for you in practice? The concept Since the tax code is complex in its...
by admin | Nov 22, 2024 | The Audit
If you were married, divorced, or changed your name for any reason during the past year, do not forget to file to change your name prior to preparing next year’s tax return. The IRS automatically conducts a name match on the first few letters of your last name....
by admin | Nov 15, 2024 | Your Income
Some of these items may surprise you. There are a number of areas in the tax code that cause confusion as to the taxability of money received. Here are some of the most common areas of confusion. Unemployment compensation. Unemployment compensation is typically...
by admin | Nov 8, 2024 | Planning
At the end of each year there are a number of things to consider that may have a positive impact on your tax obligation. Here is a list of fifteen ideas that may be worth a quick review. 1. Make last minute charitable donations. Pay attention to your itemized...
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...
