Personal Exemptions gone plus $6,000 new Deduction
Personal Exemptions gone plus $6,000 new Deduction Published: 8/13/2025 The recently passed One Big Beautiful Bill Act (OBBBA) addresses some tax law uncertainty while creating several benefits impacting your 2025 tax return. One of these benefits is a new $6,000 deduction for seniors. Here is what you need to know. The Changes Personal exemptions are […]
Income & Spending Details
Income & Spending Details Published: 8/8/2025 As required by law, in every Form 1040 instruction booklet there’s a section that shows where our federal government gets its money and where it is spent. As taxpayers it makes sense to know this information. Here is the data for the government’s fiscal year ending September 30, 2023, […]
From Chaos to Covered: Your Family’s Financial Emergency Blueprint
From Chaos to Covered: Your Family’s Financial Emergency Blueprint Published: 8/5/2025 Building and reviewing an emergency plan can help your family know what to do in a crisis – especially if the next one is financial. Here’s how to create your own family financial emergency plan, stress-test your budget, and build a great financial foundation. […]
Custodial Accounts for Kids: Understanding the Trade-offs of This Great Teaching Tool
Custodial Accounts for Kids: Understanding the Trade-offs of This Great Teaching Tool Published: 7/30/2025 Many parents rely on piggy banks and birthday cash to teach kids about money. But more are now turning to custodial accounts – a hands-on way for children to learn about saving and investing. While these accounts offer great learning opportunities, […]
Common Tax Questions
Common Tax Questions Published: 7/28/2025 Here are several of the most common tax questions and their answers. But like most things, there can be exceptions, so if in doubt always ask for help. What happens to a loan if it’s forgiven? The IRS generally considers the canceled amount as taxable income, unless an exception applies. […]
Paying a Tax Bill With a Credit Card
Paying a Tax Bill With a Credit Card Published: 7/25/2025 Your tax bill has come and gone with you still owing money because you’re a little strapped for cash. Or maybe you’re considering alternative payment options for your upcoming quarterly estimated tax payment. There’s also noise out of Washington, D.C. that checks will no longer […]
Ideas to Protect your Social Security Number
Ideas to Protect your Social Security Number Published: 7/20/2025 With the dramatic increase in identity theft, now is a great time to remind yourself of the basics to reduce the risk of having your Social Security number (SSN) stolen. Here are some ideas. Do not carry your Social Security card with you. Your parents were encouraged […]
Summer Tax Tips for Everyone
Summer Tax Tips for Everyone Published: 7/17/2025 Summer is usually the time for relaxing, but it can also be a time for tax savings, especially if you’re still reeling from an unexpectedly large tax bill in April. Here are four timely tips: Rent your home. If you rent out your main home or a vacation home […]
Understanding Tax Terms: Installment Sales
Understanding Tax Terms: Installment Sales Published: 7/14/2025 If you use an installment sale to help sell property, you can benefit from tax deferral and possibly lower your overall tax bill. But you need to watch out for certain tax traps if you do. Installment sale defined Generally, you create an installment sale when you receive […]
Be Prepared for Surprise Business Expenses
Be Prepared for Surprise Business Expenses Published: 7/3/2025 Getting a bill for an unexpected expense can put a dent in your business’s cash flow. Here are some tips your business can use to handle these unforeseen bumps in the road. Stick to a reconciliation schedule. Know how much cash you have in your bank account […]