Refund Smaller Than Expected?
Refund smaller than expected? Published: 3/20/2024 Many taxpayers start preparing their tax return with hopes of receiving a sizable refund, only to find out that their actual refund is much smaller than expected — or that they actually owe the federal government money instead! If this happens to you, here are some of the likely […]
Important Moves to Consider When Interest Rates Change
Important Moves to Consider When Interest Rates Change Published: 3/18/2024 A domino effect occurs each time the Federal Reserve changes interest rates. An increase leads to higher rates for consumers when they borrow, while paving the way to better returns for savings accounts. A decrease results in paying less interest when borrowing money, but also […]
Building an Emergency Fund When Cash is Scarce
Building an Emergency Fund When Cash is Scarce Published: 3/14/2024 The traditional rule-of-thumb for emergency funds is to have enough cash stashed away to cover 3 to 6 months worth of expenses. For many people, though, this sounds better in theory than in practice. When you’re starting from scratch and don’t have a lot — […]
Common Missing Tax Return Items
Common Missing Tax Return Items Published: 3/05/2024 Want your tax return filed quickly and without error? Then double-check this list of items that are often overlooked. These missing items often cause delays in getting your tax return filed: Forms W-2 and 1099. Using last year’s tax return as a checklist, make sure all your W-2s […]
File Your Business Return on Time or Pay the Price!
Reasons to File Your Tax Return Early Published: 3/1/2024 March 15th is the tax-filing due date for 2023 calendar year S corporations and partnerships. While this filing deadline does not require making a tax payment, missing the due date could cost you a hefty penalty. The penalty The penalty is calculated based on each month […]
Reasons to File Your Tax Return Early
Reasons to File Your Tax Return Early Published: 2/28/2024 The 2024 tax season for 2023 tax returns is now officially underway. Here are several reasons to consider filing your tax return early. To get your refund. There’s no reason to let the government hold onto your funds interest-free, so file early and get your refund […]
Withdrawing from Retirement Accounts? Avoid a Penalty and Tax Surprise
Withdrawing from Retirement Accounts? Avoid a Penalty and Tax Surprise Published: 2/15/2024 Retirement accounts that provide tax breaks have very specific rules that must be followed if you want to enjoy the financial rewards of those tax breaks. One of these rules defines WHEN you’re allowed to pull money from your retirement accounts. If you […]
Game-Changing Moves to Improve Your Credit Score
Game-Changing Moves to Improve Your Credit Score Published: 2/10/2024 While your credit score is a three-digit number that’s automatically assigned to you, this is one area of your financial life where you have quite a bit of control. The moves you make or don’t make with your credit can help determine where this score falls […]
6 Surprising Taxable Items
6 Surprising Taxable Items Published: 2/6/2024 If something of value changes hands, you can bet the IRS considers a way to tax it. Here are six taxable items that might surprise you: Surprise #1: Hidden treasure. In 1964, a married couple discovered $4,467 in a used piano they purchased seven years prior for $15. After […]
Great Tax Tips to Start the New Year
Great Tax Tips to Start the New Year Published: 12/29/2024 The old year is ending and the new one is about to start. Here are some tax tips to get you going into the new year with a brighter tax future on your horizon. 1. Review Beneficiaries Now is the time to review beneficiaries in […]