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Tax

IRS ALERT: Two New Tax Scams

The IRS remains on the lookout for tax scams that can blindside unsuspecting taxpayers. Now two variations of past scams are currently making the rounds. Here’s what you need to know:   The new scams   The SSN hustle. This scam resembles another where callers impersonate IRS agents. In...

Retirement Basics: Understanding Tax Efficiency

One of the basics in retirement is to be as tax efficient with your income as possible. In 2019, income tax rates range from 0 to 37 percent, plus a potential 3.8 percent net investment tax. Understanding how these progressive tax rates apply to ordinary...

Tax

Don’t Fall for These 5 Audit Myths

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. Separating truth from fiction is an important exercise for...

4 Awesome Summertime Tax Saving Tips

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...

3 Great Charitable Deduction Ideas

Despite what you may have heard from friends or family, you can still claim generous tax benefits for charitable contributions. Here are three prime examples of charitable tax breaks ripe for the picking if you know where to look:   Qualified charitable distributions. If you’re age 70½...

Replacing Lost Tax Breaks for Your Growing Children

Your kids are getting older. Before you know it they’ll be dating, driving and entering college (if they aren't already!). Tax breaks drop dramatically as your children grow up, but you may be able to offset the losses with some timely tax planning. Consider the...

Reminder: Second Quarter Estimated Taxes 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 17th 2019   Remember, you are required to withhold at...

2020 Health Savings Account Limits

The savings limits for the ever-popular health savings accounts (HSA) are now set for 2020. The new limits are outlined here with current year amounts noted for comparison.   What is an HSA?   An HSA is a tax-advantaged savings account whose funds can be used to pay qualified...

Tax

2018 Audit Rates. Don’t get complacent…

The IRS reported audit rates declined last year for the seventh year in a row and reached their lowest level since 2002. That’s good news for people who don’t like to be audited (which is everybody)!   But don’t get complacent. A closer look at the IRS...

How to Maximize Your Social Security

You can begin receiving your Social Security retirement benefit as early as age 62. But by putting off your benefit start date you can receive a check that is 8% higher for each year you delay receiving your benefit.   The basicsFull retirement age. Those born between...

3 Things to Know About Summer Job Taxes

Summer brings warm weather, fun outdoor activities and new opportunities to earn some additional income. However, taxes on seasonal income need to be handled with care, whether they're related to your child’s first job or an extra income opportunity for you. Here are some tips...