Article Highlights: Contribution Due Date Age Rules Compensation Rules When To Contribute Contribution Limits Deductibility & Benefits Saver’s Credit Choosing Between Traditional & Roth IRAs Most of the time an expense that may be tax deductible needs to be paid by the end of the year for which the expense will be claimed. However, there […]
April 2023 Individual Due Dates Disaster Area Extensions: Please note that when a geographical area is designated as a disaster area, due dates will be extended. For more information whether an area has been designated a disaster area and the filing extension dates visit the following websites: FEMA: https://www.fema.gov/disaster/declarations IRS: https://www.irs.gov/newsroom/tax-relief-in-disaster-situations For example, disaster-area taxpayers […]
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 […]
If you had to make a list of people who changed the world essentially just by existing, Henry Ford’s name would likely be on it. Most people know him from history as the founder of the (appropriately named) Ford Motor Company. Here, he developed the assembly line method of mass production. Not only did this […]
Article Highlights: Credit History Credit Percentage and Annual Credit Limit Per Item Credit Limit Home Energy Audit Identification Number Requirement Other Credit Issues Tip To Maximize The Credit This credit goes all the way back to 2006, providing a tax credit for making energy-saving improvements to a taxpayer’s home. This tax benefit was supposed to […]
Article Highlights: Caring for Disabled Family Members Qualified Medicaid Waiver Payments Exclusion Qualifications Mandatory Exclusion Earned Income Earned Income Tax Credit Tax Court Ruling Many taxpayers prefer to care for ill or disabled family members in their homes as opposed to placing them in nursing homes, but doing this can be expensive, time-consuming, and exhausting. […]
Article Highlights: Non-statutory Option Wage Income Statutory (Incentive) Options Capital Gains Alternative Minimum Tax Many companies, as an incentive to employees to help grow the companies’ market value, will offer stock options to key employees. The options give the employee the right to buy up to a specified number of shares of the company’s stock […]
Article Highlights: Form W-2 Form W-2G Form 1099-G Form 1099-MISC Form 1099-DIV Form 1099-INT Form 1099-B Form 1099-S Form SSA-1099 Form RRB-1099 Form 1099-R Form 1098-T Form 1095-A Form 1099-NEC Form 1099-K Schedule K-1 With tax season upon us, documents reporting income, sales and other items needed for your 2022 tax return should have arrived […]
All of us dream of one day being able to retire – to finally be able to relax and enjoy the lifestyle we worked so hard for. However, you’ll need a significant amount of money to do it, which is where a lot of Americans begin to worry. Saving for retirement is a constant fear […]
You’d be hard-pressed to find someone who actually enjoys the process of filing taxes. Having said that, it’s absolutely something that you’re supposed to do like clockwork every single year. Of course, there is a myriad of different reasons why you may have fallen behind. You could be going through something of a major life […]