Understanding Tax Terms: Wash Sales
Understanding Tax Terms: Wash Sales Published: 8/2/2024 You may be considering booking stock losses due to recent market drops. Selling losers can be a great strategy when these losses can offset other gains and up to $3,000 of your ordinary income. However, there is a little-known rule called the wash sale rule that could surprise […]
Turning Your Hobby Into a Business
Turning Your Hobby Into a Business Published: 7/31/2024 You’ve loved dogs all your life so you decide to start a dog training business. Turning your hobby into a business can provide tax benefits if you do it right. But it can also create a big tax headache if you do it wrong. One of the […]
Avoid the Summertime Tax Blues With These Planning Tips
Avoid the Summertime Tax Blues With These Planning Tips Published: 7/25/2024 If you picked up a part-time job for some extra summer spending money, you may have to set aside some of your cash for taxes. Here are some tips to help you manage the taxes on your summer earnings: Take advantage of tax-free earnings […]
Don’t Fall for These 5 Audit Myths
Don’t Fall for These 5 Audit Myths Published: 7/26/2024 When it comes to the perception of IRS audits, conjecture reigns supreme. The combination of the complex tax code and a government agency with the full authority to enforce it leads to some pretty wild ideas. Here are five audit myths that, if believed, can cost […]
Retiring Early Catches on FIRE
Retiring Early Catches on FIRE Published: 7/22/2024 Is trying to retire in your 30s or 40s the right move for you? Retiring early is an idea that an entire community of people across the United States is putting into action. It even has an official name – Financial Independence Retire Early, or FIRE. Read on […]
Partner With a Tax Expert if the IRS Comes Knocking
Partner With a Tax Expert if the IRS Comes Knocking Published: 7/19/2024 Sleuthing your way through a tax audit or responding to a letter from the IRS by yourself is not the same as fixing a leaky faucet or changing your oil. Here are reasons to partner with a tax professional as soon as you […]
Top 5 Tax Mistakes
Five Big Tax Mistakes Published: 7/15/2024 Every year taxpayers are hit with tax surprises that could be avoided if they just knew the rules. Here are five big ones that are easy to avoid with some simple planning. Mistake #1. Withholding too little. This results in a tax surprise when filing your income tax return. Don’t […]
Roth versus Traditional IRA: Which is Better?
Roth versus Traditional IRA: Which is Better? Published: 7/11/2024 For most taxpayers, you have until April 15th of the following year to contribute up to $7,000 ($8,000 if age 50 or over) into a Traditional IRA or a Roth IRA. Is an IRA an option worth considering for you? If so, which is better? Traditional […]
An Option to Deduct Summer Activity Expenses
An Option to Deduct Summer Activity Expenses Published: 7/5/2024 The kids are out of school, which means now is a great time to review the rules to deduct eligible summer activities on your tax return. Tax deductible related daycare expenses through the use of the Child and Dependent Care Credit can be a great opportunity […]
Clues You are About to be Scammed
Clues You are About to be Scammed Published: 7/2/2024 Mention the word IRS and everyone’s blood pressure tends to go up a bit. Unfortunately, thieves know this too and often use the IRS as a threat to get you to fall for their latest scam. Every year the IRS mentions their dirty dozen tax scams […]
