Earlier this year, all of the television stations were running ads screaming “FREE, FREE, FREE.” That screaming was followed by ads for online tax preparation companies where you could file your taxes for FREE. Please be aware, there are restrictions on filing for free. One site I found allowed free filing if you have W-2…

If your employer offers a match, make sure you’re getting all you’re entitled to. Are you contributing the maximum to your workplace retirement plan? And does your employer match your contributions? If you answered yes to both questions, you need to be careful about how much money you place into your account each month. Getting…

A New York schoolteacher held more than $1.6 million in a Swiss bank account for years but failed to file the required Form FBAR (Report of Foreign Bank and Financial Accounts) with her tax return. In an audit, the IRS determined that she willfully tried to conceal the account and assessed an $803,000 penalty. She…

Taxpayer tip 2020-152 The IRS grouped all of the rights taxpayers have under the law into the Taxpayer Bill of Rights. Included in the list is the right to retain representation. Here’s what the right to retain representation means to taxpayers: Taxpayers have the right to retain an authorized representative of their choice to represent…

My sincere blessings for all this holiday season! May your Thanksgiving be a warm and friendly gathering as you celebrate with family and friends. Cherish every moment and take the opportunity to thank God for all you have!

While many are excited about the industry’s growth potential and understand turbulence comes with innovation, others wonder how they can still invest in digital assets with a semblance of stability. Many herald stablecoins as a solution. Palladium-backed cryptocurrency all have bullion as a reserve asset. They will never fall below the underlying asset price but…

Source: Forbes Magazine Teaching kids about money is not easy. No five-year-old wants to sit in front of the computer learning how to do online banking or watching their parents write a check. Especially in these Covid times, kids would probably rather be playing outside or doing a TikTok dance. Who can blame them? But…

There are many changes to the 2020 tax laws. A few of them include: 1) If you did not receive your Economic Impact Payment (stimulus money) there is a place on the tax return to recover that amount of money for which you qualify. Any child born in 2020 is eligible for the credit, as…

Name and address changes – Name. When a name changes through marriage, it is important to report that change to the Social Security Administration. The name on a person’s tax return must match what is on file at the SSA. If it doesn’t, it could delay any tax refund. To update information, taxpayers should file…

In mid-August interest payments were sent to nearly 14 million individual taxpayers. People who got these payments filed their 2019 federal income tax returns by the July 15 deadline and were owed refunds. These interest payments averaged about $18. The IRS issued most of the payments separately from tax refunds. Most taxpayers who received their…