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...
by admin | Jun 21, 2024 | Miscellaneous
Mention the word IRS and everyone’s blood pressure tends to go up a bit. Unfortunately, thieves know this too and often use the IRS as a threat to get you to fall for their latest scam. Every year the IRS mentions their dirty dozen tax scams and repeatedly tries...
by admin | Jun 14, 2024 | Deductions
Don’t forget to save receipts The kids are out of school, which means now is a great time to review the rules to deduct eligible summer activities on your tax return. Tax deductible related daycare expenses through the use of the Child and Dependent Care Credit...
by admin | Jun 7, 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 second quarter due date is now here. Due date: Monday, June 17, 2024...
by admin | May 31, 2024 | Planning
For most taxpayers, you have until April 15th of the following year to contribute up to $7,000 ($8,000 if age 50 or over) into a Traditional IRA or a Roth IRA. Is an IRA an option worth considering for you? If so, which is better? Traditional IRA A Traditional IRA is...
by admin | May 24, 2024 | Planning
The tax code is about 75,000 pages long, so it’s not surprising there are many overlooked money-saving deductions hidden within it. And with the much higher standard deduction amounts, those who do not itemize think there are no longer ways to reduce your taxes. Since...
by admin | May 17, 2024 | Planning
Plan now for tax changes coming at the end of 2025 Unless Congress takes action, a number of temporary tax laws are going to expire at the end of 2025. This means you have this year and next to take advantage of the current rules. That doesn’t mean Congress...
by admin | May 10, 2024 | Deductions
When is a tax planning session essential? One of the biggest tax benefits available today is the exclusion of gains when you sell your qualified home. Here is what you need to know. The tax benefit explained For those who qualify, a married couple can exclude up to...
