Mid-Year Tax Planning Checklist

,
Article Highlights: Mid-Year Planning Avoiding Unpleasant Surprises Events That Have Tax Consequences  All too often, taxpayers wait until after the close of the tax year to worry about their taxes and miss opportunities that…

Important September 2022 Due Dates

September 2022 Individual Due Dates September 1 - 2022 Fall and 2023 Tax Planning Contact this office to schedule a consultation appointment. September 12 - Report Tips to Employer If you are an employee who works for tips and received…

What Does The Inflation Reduction Act Mean To You?

Article Highlights:   Increased Internal Revenue Service (IRS) Funding Drug Pricing Affordable Care Act Insurance Premiums Corporate Minimum Tax Excise Tax on Corporate Stock Buybacks Home Solar Energy Credit Extended and…

Tax Benefits for Members of the Military

Article Highlights:   Service Member Residence or Domicile Service Member Spouse’s Residence or Domicile Non-Taxable Allowances Combat Zone Exclusion Home Mortgage Interest Deduction Home Property Tax Deduction Home…

Not All Interest Is Deductible for Taxes

,
Article Highlights:  Interest Categories Category Deductibility Interest Tracing Rules A frequent question that arises when borrowing money is whether or not the interest will be tax deductible. That can be a complicated question,…

Even if You’re Not Required to File a Tax Return, You May Be Missing Out if You Don’t

,
Article Highlights: Tax Filing Thresholds Withholding 2021 Recovery Rebate Credit Earned Income Tax Credit (EITC) Child Tax Credit or Credit for Other Dependents Education Credits Some people may choose not to file a…

What Is a Required Minimum Distribution?

Article Highlights: Required Minimum Distributions When the Distributions Must Begin RMD Distribution Tables Figuring the Amount of the Distribution Beneficiary Distribution Rules Surviving Spouse Eligible Designated Beneficiaries …

Take Tax Advantage of a Low-Income Year

Article Highlights: Exercise Stock Options Convert a Traditional IRA to a Roth IRA Maximize IRA Distributions Sell Appreciated Stock Delay Business Expenditures Release Dependency Delay Personal Deductible Expenditures People…

Will Your Planned Retirement Income Be Enough after Taxes?

Article Highlights: States With No Income Tax Social Security Benefits Roth IRA Retirement Account Traditional IRA Retirement Account Spousal IRA Back-Door Roth IRA Saver’s Credit Employer Pensions Employee Funded…

August 2022 Due Dates

August 2022 Individual Due Dates August 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during July, you are required to report them to your employer on IRS Form 4070 no later than…