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 […]
5 Little-Known IRA Opportunities You Should Know About
5 Little-Known IRA Opportunities You Should Know About Published: 8/14/2024 IRAs can be a powerful tool to lower your taxes while helping you save for retirement. Here are 5 little-known opportunities about IRAs that can help you and other family members save even more when contributing your IRAs. A nonworking spouse can have an IRA. […]
Social Security: Know the Variables
Social Security: Know the Variables Published: 8/8/2024 Determining the best time and best way to take Social Security benefits can make a big difference in the amount you receive over the balance of your lifetime. What is prudent, is understanding how it works and, if appropriate, running calculations prior to making your benefit decision. Here […]
PII. Know it. Protect it.
PII. Know it. Protect it. Published: 8/5/2024 Personally Identifiable Information, or (PII), is in the spotlight at the IRS, the Federal Trade Commission (FTC) and the Department of Labor (DOL), plus other federal agencies. Moving beyond the buzz and into understanding what it means for you relates directly to protecting your personal information from would-be […]
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 […]