How to Maximize Deductions for Assisted Living
How to Maximize Deductions for Assisted Living Published: 9/26/2024 It’s possible that someone in your family will need assisted living care at some point in their life. This care can be at an assisted living facility, a nursing home, or in their own home. Often, assisted living care is expensive and not fully reimbursable by […]
Tax Surprises for the Newly Retired
Tax Surprises for the Newly Retired Published: 9/24/2024 You’ve got it all planned out. Your retirement savings accounts are full, you have started receiving Social Security benefits and your pension is ready to go. Everything is planned. What could go wrong? Here are five surprises that can turn your plan on a dime. 1. Health […]
Tax Credit or Tax Deduction: Understand the Difference
Tax Credit or Tax Deduction: Understand the Difference Published: 9/18/2024 Tax credits are some of the most valuable tools around to help cut your tax bill. But figuring out how to use these credits on your tax return can get complicated very quickly. Here’s what you need to know. Understanding the difference To help illustrate […]
Debt Relief and Taxes
Debt Relief and Taxes Published: 9/16/2024 Negotiating to decrease or zero out a credit card bill or other loan balance can help relieve a tough financial situation, but it can also give way to an unexpected tax bill. Here’s a quick review of various debt cancellation situations and how they impact your your taxes. Consumer […]
Early Mortgage Payoff: Small Payments Can Save You Big Money
Banks Won’t Always Save You from Scams Published: 9/11/2024 Small payments can save you big money when paying off your mortgage. With 30-year fixed rates reaching levels not seen in 25 years, adding even just a little extra to your monthly payment can significantly cut down on the interest you pay over the life of […]
Banks Won’t Always Save You from Scams
Banks Won’t Always Save You from Scams Published: 9/6/2024 It’s easy to feel secure about the money you deposit with a bank you’ve come to trust. After all, most banks and credit unions offer certain levels of protection against fraudulent transactions. Banks, however, won’t protect you against all types of fraud. Here’s a look at […]
Play the Match Game. Or Else…
Play the Match Game. Or Else… Published: 9/3/2024 One of the best audit tips available can be summed up in one simple word – Match. Spend a minute or two pretending you work for the IRS. What would you do to identify tax returns worth auditing? If you suggest matching information on filed tax returns with […]
Deductions for Non-Itemizers
Deductions for Non-Itemizers Published: 8/30/2024 A common misconception in tax filing has been that if you use the standard deduction versus itemizing your deductions you have few additional benefits available to reduce your tax bill. This is often not the case. Standard or Itemize? Every taxpayer can take the standard deduction to reduce their income prior […]
Understanding Tax Terms: Basis
Understanding Tax Terms: Basis Published: 8/27/2024 Basis is a common IRS term, but probably does not enter into your everyday conversation. This IRS term is important because it impacts the taxes you pay when you sell, exchange or give away property. What basis is The IRS describes basis as: The amount of your capital investment […]
Beware of Scammers Targeting Your Tax Info, Warns IRS
Beware of Scammers Targeting Your Tax Info, Warns IRS Published: 8/22/2024 Social media is an easy way for scammers and others to try encouraging people to pursue some really bad ideas, and that includes ways to magically increase your tax refund. – IRS Commissioner Danny Werfel Tax scammers continue to become more sophisticated, which means […]