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 […]
An IRS Notice. Get Help!
An IRS Notice. Get Help! Sleuthing your way through a tax audit by yourself is not the same as fixing a leaky faucet or changing your oil. Here are reasons to seek professional help as soon as you receive a letter from the IRS: IRS auditors do this for a living – you don’t. Seasoned […]
Time for a Tax Planning Review
Time for a Tax Planning Review With all the complexity in the tax code today, it is easy to put off taking a look at your situation. On the other hand, time is on your side to implement some great tax savings ideas.Here are several strategies to consider during a midyear tax review: Create a […]