Common Tax Questions
Common Tax Questions Here are several common tax questions and their answers. But like most things, there can be exceptions, so if in doubt always ask for help. Is money earned through Venmo, PayPal, or Cash App taxable? It depends on why you received the money. Payments from friends for splitting dinner or reimbursing expenses […]
Avoid the Tax Pitfalls of Adding Extra Income
To Amend or Not Amend? Earning extra income feels great until tax season arrives. A second job, freelance project, or growing side hustle can change how you’re taxed in ways many people don’t expect. Here are several rules to understand that will help you avoid the tax pitfalls of adding extra income. Know whether you’re […]
To Amend or Not Amend?
To Amend or Not Amend? Here’s a tip that is worth reviewing each year as adjustments to your income tax return may become apparent. This is often common with the advent of changing tax rules and as the IRS finalizes rules on recently passed tax legislation. But filing an amended tax return is not always […]
Income the IRS Can’t Touch
Income the IRS Can’t Touch Wouldn’t it be nice to have a source of nontaxable income? You may be more fortunate than you realize. Here are several types of income that the IRS does not tax. 1. Tax-free interest. The federal government does not tax municipal bond interest. This includes bonds issued by a state or […]
Social Security Planning Starts Now for EVERYONE
Social Security Planning Starts Now for EVERYONE Although you won’t become eligible for Social Security until your 60s, there’s a lot you can do to prepare before then. Here’s a rundown of steps you can take during each decade of your life: In your 20s: If you’re like a lot of people, you’re embarking on a […]
Understanding Tax Terms: Pass-through Entities
Understanding Tax Terms: Pass-through Entities Small business owners have a number of options on how to organize their business for tax purposes. And if you sell items on eBay or Esty, drive for Uber, or offer your services as a writer or programmer, you are probably considered a flow-through entity in the eyes of the […]
Five Reasons Why the IRS Will Audit You
Five Reasons Why the IRS Will Audit You Each year, the IRS audits over 1 million tax returns. With agency resources shrinking, the IRS is more selective when choosing which tax returns to audit. Knowing what the IRS is looking for can help you understand and reduce your audit risk. Here are five of the […]
Reminder: Second Quarter Estimated Taxes Are Due
Reminder: Second Quarter Estimated Taxes Are Due If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The second quarter due date is now here. Due date: Monday, June 15, 2026 You are required to withhold at least 90 […]
Your Summer Financial Checklist
Your Summer Financial Checklist Before summer spending melts your budget, use this financial checklist to keep more cash in your pocket and make every dollar work harder this season. Beat the heat without burning cash. Summer utility bills can rise fast when temperatures climb, making this the ideal time to reassess your energy habits. Small […]
One Homeowners’ Policy, Two Very Different Types of Coverage
One Homeowners’ Policy, Two Very Different Types of Coverage Homeowners insurance policies have many distinct components of coverage. Two of the biggest are the structure of the home and the belongings inside of it. Here’s a closer look at how these two types of coverage work and how understanding the difference can help you make […]