How to Know When You Should Update Your Estate Plan
Creating an estate plan for your heirs is necessary for your assets to escape probate. It enables you to put your assets into the hands of those you want to ...
03-24-2023
Latest
Biden’s Tweet on Taxes That Billionaires Pay Fact-Checked, Labeled ‘Incorrect’ by Twitter
A post published on President Joe Biden's official Twitter account has been fact-checked and labeled "incorrect" after the White House claimed the average American billionaire pays just 3 percent in ...
03-20-2023
Travel Expenses and Working in Down Time
Conferences, worksite visits, and other travel may be claimed as a travel deduction. The Internal Revenue Service allows “ordinary and necessary” expenses regarding travel. They also take into ...
03-13-2023
6 Major Changes Made by IRS for 2023 Tax Season
Tax year 2022 saw multiple changes made by the Internal Revenue Service to tax limits, credits, standard deductions, and so on. With the deadline for filing returns fast ...
03-10-2023
The Changing Rules for the Electric Vehicle Tax Credit
By Kelley R. Taylor From Kiplinger's Personal Finance When the Inflation Reduction Act passed in 2022, it ushered in an electric vehicle tax credit worth up to $7,500. ...
03-10-2023
Common Tax Mistakes of Gig Workers
More and more people are becoming gig workers due to the massive layoffs in recent days. It can be an excellent way to get some short-term income—and some ...
03-9-2023
Why Tax Stock Buybacks?
Commentary The Biden administration has passed a 1 percent tax on stock buybacks. A stock buyback is when a public company uses its own cash to buy back ...
03-8-2023
The Fair Tax of 2023: A Great Idea with a Major Flaw
Commentary Twenty-five Republican members of the House of Representatives co-sponsored a bill to radically overhaul the U.S. tax system. The Fair Tax Act of 2023 (H.R.25) proposes to ...
03-8-2023
How to Save for Health Care in Retirement
By Sandra Block From Kiplinger's Personal Finance A health savings account provides one of the most-effective strategies to save for health care in retirement. Contributions are pretax (or ...
03-8-2023
How to Deduct Property Losses After a Hurricane
By Joy Taylor From Kiplinger's Personal Finance Question: My home suffered significant damage from Hurricane Ian last year. Can I deduct the loss on my tax return? Answer: ...
03-4-2023
Tax-Filing Facts for Working Families
Tax season can be nerve-wracking for many American families. There are a lot of deductions that need to be taken advantage of, and the tax laws constantly change. ...
03-1-2023
Sellers and Accountants Applaud Delayed 1099-K Reporting
A required 1099-K form for services from third-party payment networks has been delayed. A 1099-K will not have to be issued for services over $600. Although there is ...
02-27-2023
IRS Delays Tax Document
By Kelley R. Taylor From Kiplinger's Personal Finance Q: I Have a Side Job and I’m Paid via Venmo. Will I Be Getting a 1099-K Form to Report ...
02-23-2023
How Seniors Can Avoid an IRS Tax Audit
Many people, particularly retirees, are often surprised when they get notified of a tax audit by the Internal Revenue Service. Being audited can be unnerving, especially when some ...
02-21-2023
Looking for a Student Loan Interest Deduction? You May Still Qualify
During the pandemic, students who had government student loans did not need to make any loan repayments. The interest was also stopped from accumulating, beginning Mar. 13, 2020. ...
02-15-2023
The Coordinated Attack on Your Money
Like many governments around the world, the Biden administration seems determined to limit Americans’ monetary freedom by taxing it away, and by manipulating and controlling how they store ...
02-13-2023
How Much Retirement Income Can I Make Without Paying Taxes?
Paying taxes was something you did most of your life. Now that you are getting closer to retirement, you dream of a time when taxes are no longer ...
02-9-2023
A Closer Look at the Fair Tax Act
The Fair Tax Act of 2023 is not a new idea. It was first proposed to the House of Representatives in 1999. Since then, it has been brought ...
02-9-2023
IRS Proposes New Program for Reporting Tips Across Service Industry
The Internal Revenue Service (IRS) on Feb. 6 issued proposed guidance for a voluntary tip-reporting program between the agency and employers across an array of service industries. Notice 2023-13 contains ...
02-7-2023
Factors That Increase Your Chance of an Audit
By Joy Taylor From Kiplinger's Personal Finance Question: With the Internal Revenue Service (IRS) getting billions added to its budget, does that mean the chance of being audited ...
02-4-2023
Meal and Entertainment Deductions—What You Should Know
Meals and entertainment have long been used as marketing tools by both big and small businesses. For many, they’re a legitimate business expense. But the Internal Revenue Service ...
02-1-2023
Changes to the Child Tax Credit—What This Means to Families
Families might see their tax bill increase for 2022. Changes in the Child Tax Credit will affect all income levels. First enacted in 1997, the Child Tax Credit ...
01-31-2023
Six Last-Minute Tips for Filing Income Taxes
The tax-filing deadline on April 18 is looming. And you might be scrambling to prepare your 2022 tax returns. But you can make the process go smoother and ...
01-30-2023