All too often taxpayers take action that will cost them dearly when they file their tax return. With a little planning, however, the IRS can still receive its fair share but not a dollar more. Here's what you need to know.
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Don't Run the Risk of a High Tax Bill! - Know when you should ask for professional help.
Did your paycheck seem a little higher? If so, it could be a tax time bomb.
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Is a Tax Time Bomb Lurking in Your Paycheck?
If you have not already done so, please plan to make your second quarter estimated tax payment. The due date is Tuesday, September 15th.
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Reminder: Third Quarter Estimated Taxes Due - Now is the time to make your estimated tax payment
Because our tax system is progressive, the next dollar you earn could be taxed at a much higher rate. By shifting taxable income levels from one year to the next, you could potentially pay a lower tax amount in both. Here are six great ideas.
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Tax Shifting Ideas to Reduce Your Bill to Uncle Sam - Is there a taxable income reduction idea you can use?
Learn how to win the credit score game, explore different budgeting methods to find one that works for you and be more aware of common scams being encountered by the IRS.
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Client Update Newsletter: September 2020
Providing a gift of stock (or other property) to a friend or loved one can be a powerful tax planning tool. However, it is not without its complications.
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A Gift of Stock - Information is key when using this tax planning strategy
The Social Security Administration recently announced their 2021 Cost-of-Living Adjustment (COLA) changes. Here is what you need to know.
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2021 Social Security Changes Announced
If you recently changed your name due to marriage or divorce, do not get caught in the nightmare of a rejected or changed tax return by the IRS.
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Avoid Name Mismatch Audits
Find out if a tax trap is lurking in your paycheck and what to do with your 401(k) when switching jobs. Also read about business website mistakes and fascinating facts about your favorite fall gourd.
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Client Update Newsletter: October 2020
When does a tax benefit not become a tax benefit? When you assume you no longer need to keep track of something. This is the case with the home gain exclusion.
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The Lost Art of Tracking Home Improvements - How a tax law makes us sloppy and creates a tax risk
Looking for some ideas to make filing your taxes less cumbersome? Here are some tips.
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Tips to Organize Your Tax Records - Creating order out of chaos
More income is subject to Social Security in 2021 and new benefit amounts have been announced. Plus lots of great ideas to save you, your family and your business money is in this month's letter.
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Client Update Newsletter: November 2020
If you own a home you probably itemize your deductions on your tax return. But what if you do not itemize? Can someone using the standard deduction still get a tax break?
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Tax Savings for Non-Itemizers - Can't itemize? There are still tax breaks for you
Oops! You find an error or omission on last year's tax return. What should you do? Is it always a good idea to file an amended tax return? Here are some things to consider.
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To Amend or Not Amend? - Is it always a good idea to amend your tax return if you find an error?
Learn about a new tool to protect your tax return from would-be thieves. Plus find out how you are giving away the most valuable thing you own!
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Client Update Newsletter: February 2021
So many 1099's. How do you keep them all straight? Here is a quick review of the most common 1099's to help you prepare to file your tax return.
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Alert: Look for New 1099 NEC - Your 1099's are coming soon
Be on your guard as the IRS identity theft season starts in late January. Here's what you need to know.
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IRS Identity Theft Season Begins Now
A recent voter initiative in California overrules the state's desire to make all Uber and Lyft drivers employees. This puts a spotlight on all workers to know the difference.
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Are You a Contractor or Employee? - Knowing the difference is very important
Plan now to make your 4th quarter estimated tax payment.
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Reminder: Fourth Quarter Estimated Taxes Now Due - Now is the time to make your estimated tax payment
More stimulus payments are on the way! Also ready about the latest PPP loan update, find out how much you can contribute to your retirement fund in 2021 and see Uncle Sam's New Year's resolutions.
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Client Update Newsletter: January 2021