With tax filing season is just around the corner, this is a good time for those who don’t normally file to consider the benefits of filing a 2021 tax return. Filing can help them claim a refundable tax credit or get an income tax refund. Here are some things taxpayers should consider when deciding whether…

WASHINGTON – As the new year begins, the Internal Revenue Service reminds taxpayers to protect their personal and financial information throughout the year and watch out for IRS impersonation scams, along with other schemes, that try to trick people out of their hard-earned money. These schemes can involve text message scams, e-mail schemes and phone…

Save money at tax time by understanding which tax applies to what income Income tax is paid on earnings from employment, interest, dividends, royalties, or self-employment, whether it’s in the form of services, money, or property. Capital gains tax is paid on income that derives from the sale or exchange of an asset, such as a stock…

The economy is strong, unemployment is low and inflation is worrisome, hitting a 40-year high of 7% in December. So the Federal Reserve has moved up plans to wind down its bond-buying stimulus program and start lifting short-term rates. Kiplinger forecasts four hikes in 2022, with the first one in March. Rate hikes are a…

IRS Tax Tip 2022-07 Whether it’s a full-time job or just a side hustle, taxpayers must report gig economy earnings on their tax return. Understanding how gig work can affect taxes may sound complicated but, it doesn’t have to be. The IRS offers several resources to help gig economy taxpayers properly fulfill their tax responsibilities.…

Paid more for just about everything this year? Expect to dig even deeper into your pockets in 2022. Consumer prices increased by 5.7% year-over-year in November, according to the Personal Consumption Expenditures price index, the Federal Reserve’s preferred inflation measure. The current reading is far above the Fed’s target of 2%. The Fed says it…

Be sure to consider the taxes you’ll owe if you want to give the family home to an adult child. Transferring a home to adult children is not quite as easy as giving them the keys and letting them move in. No matter how you do it, the taxman wants his cut, whether through estate…

You’ll owe taxes on the money now, but enjoy tax-free withdrawals later If you’ve been diligently saving for retirement through your employer’s 401(k) plan, you may be able to convert those savings into a Roth 401(k) and gain some added tax advantages. KEY TAKEAWAYS Many companies have added a Roth option to their 401(k) plans. Traditional 401(k)s…

Welcome to 2022! Here is to a healthy and prosperous new year! The new tax season is right around the corner. If you are an existing tax client, you will be receiving in the mail, a list of documents you need to bring to your tax appointment. Please note there are some changes on my…

There are many options, but the best use of the money is different for each widow and her unique circumstances. The loss of a spouse is one of the most stressful events a person can experience. With it comes a whole host of emotions that can be overwhelming for the bereaved. Hopefully, life insurance is…