It’s tempting to only pay the minimum your credit card requires, but here’s how to escape the black hole of credit card debt in no time. So you spent a little too much on take-out this month — or maybe you went a little overboard at that sale at T.J. Maxx, or you decided to…
Read More...Office Closing
I am closing my office as of June 30, 2024 and will reopen on September 2, 2024. If you need taxes done for 2021, 2022, or 2023, it is important to get them done now. The tax filing season for 2023 ends on Oct0ber 15, 2024. If you fail to file taxes for 2021 or…
Read More...Year-round tax planning pointers for taxpayers
Here are some simple things taxpayers can do throughout the year to make filing season less stressful. Organize tax records. Create a system that keeps all important information together. Taxpayers can use a software program for electronic recordkeeping or store paper documents in clearly labeled folders. They should add tax records to their files as…
Read More...Tax benefits for homeowners
Whether someone is a current homeowner or buying a new home this summer owning a home can be expensive. There are tax benefits that can help taxpayers save money and offset some of the costs that come with homeownership. Homeowners should review the tax deductions, programs and housing allowances to see if they are eligible.…
Read More...Emergency preparedness plans for businesses should include financial records
When business owners put together an emergency preparedness plan, it should include copies of vital records and financial information. Here are some things everyone can do to help protect their financial records. Update emergency preparedness plan annually Personal and business situations are constantly evolving, so taxpayers should review their emergency preparedness plan annually. The U.S.…
Read More...Earn More on Your Regular Savings
Your local bank is not paying a decent interest rate on regular savings. If you converted to a money market account, you are getting better results. I have an online savings account with emigrantdirect.com. Emigrant normally pays 1.5% interest. As of June 2023, they are paying 4% interest. My account with Emigrant has been open…
Read More...More than 1 in 4 US adults over age 50 say they expect to never retire: AARP study
About one-quarter of U.S. adults age 50 and older who aren’t yet retired say they expect to never retire and 70% are concerned about prices rising faster than their income WASHINGTON — About one-quarter of U.S. adults age 50 and older who are not yet retired say they expect to never retire and 70% are concerned…
Read More...IRS releases final guidance for certain clean vehicle credits under the Inflation Reduction Act
WASHINGTON – The Internal Revenue Service issued final regulations today for the new and previously owned clean vehicle credits. The final regulations provide rules regarding the critical mineral and battery components requirements for the new clean vehicle credit. Today’s guidance finalizes rules for taxpayers intending to transfer the new and previously owned clean vehicle credits to dealers who…
Read More...Not Yet Filed?
If you have not yet filed your 2022 or 2023 tax returns, my office has reopened to help you. Go to pedersonaccountingservices.com. Next to my telephone number you will see the word “Schedule.” Click on the button and the times I am available will show. I am available Monday, Tuesday and Thursday from 9:00AM to…
Read More...What Happens to Your 401(k) When You Leave a Job?
You have options, but some may be better than others. When you leave a job, your 401(k) will stay where it is with your old employer-sponsored plan, until you do something about it. You may be able to leave your account where it is if your account balance isn’t too small. Alternatively, you may roll…
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