As parents, ensuring the financial security of our children is paramount. One effective tool for this is a custodial account, a financial mechanism designed to hold and protect assets for minors until they reach adulthood. In this article, we will explore what custodial accounts are, how to set them up, and why they’re a crucial […]
Article Highlights: Noncash Charitable Contributions Establishing Donation Value Fair Market Value Documentation Requirements Appraisal Requirements Tax legislation passed in late 2017 nearly doubled the standard deduction for years 2018 through 2025, and now about 90% of individuals filing a tax return are taking advantage of the higher standard amount and are not itemizing their deductions. […]
Your federal tax refund status can be checked online. E-file refunds are generally issued within 21 days of filing. Direct deposit provides the quickest refunds. If your 2023 federal tax return has already been filed and you are due a refund, you can check the status of your refund online. “Where’s My Refund?” is an […]
In the bustling world of small businesses, where every decision can significantly impact your bottom line, overstaffing can be a major problem. One of the main reasons for this is that hiring too many employees can happen before you even realize it – you might be trying to overcompensate for prior staffing issues but end […]
Article Highlights: If You Can’t Pay Automatic Extension in Federally Declared Disaster Areas Family Loans Home Equity Loans and HELOCs Credit Card Short-term Payment Plan IRS Installment Agreement Retirement Funds Filing Extensions Enforced Collections Offer-in-Compromise About 3 out of 4 American taxpayers receive a refund each year when they file their income tax returns, but […]
As Millennials continue to navigate their financial journeys, understanding key tax and personal finance topics is crucial for achieving long-term prosperity. In this article, we’ll explore some of the most important issues facing Millennials today, providing valuable insights and strategies to help them make informed decisions about their finances 1. The Importance of Time Value […]
April 2024 Individual Due Dates April 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during March, you are required to report them to your employer on IRS Form 4070 no later than April 10. Your employer is required to withhold FICA […]
Article Highlights: Increased Standard Deduction Tax-Exempt Income Impairment-Related Work Expenses Financially Disabled Earned Income Tax Credit Child or Dependent Care Credit Special Medical Deductions Qualified Medicaid Waiver Payments ABLE Accounts Disabled individuals, as well as parents of disabled children, may qualify for several tax credits and other tax benefits. If you or someone listed on […]
As the current tax season continues, the Internal Revenue Service (IRS) has ushered in a new era of tax enforcement thanks to the power of artificial intelligence (AI). AI tools have taken nearly every industry by storm recently, and even federal tax authorities have realized that these resources can be invaluable in catching tax evaders. […]
Article Highlights: Itemized Deductions Above-the-Line Deductions Business Deductions Asset-Sale Deductions Refundable Credits Nonrefundable Credits Carryover Credits Business Tax Credits Tax Deductions – In one way or another, tax deductions reduce the taxable portion of an individual’s income, which thus reduces the tax on that income. Itemized Deductions – When taxpayers think of deductions, they typically […]