The IRS (without announcing officially) has been sending penalty letters to taxpayers who are self-employed for not paying enough in estimated taxes. I thought payment of estimated was voluntary. If you are not a W-2 employee, it appears taxpayers are now required to make estimated payments. The target dates are April 15, June 15, September…

Key points The nice thing about HSAs is that you can carry your funds forward and reserve that money for retirement. If you don’t have any activity in your HSA for quite some time, you could risk losing it. If you make it a point to contribute to your HSA every year or make changes…

People should put together an emergency preparedness plan for their household – and include copies of their vital records and financial information. By creating an emergency preparedness plan and updating it annually, people will be able to start the recovery process faster if they’re affected by a disaster or other emergency. Here are some things…

Homeowners who make improvements like replacing old doors and windows, installing solar panels or upgrading a hot water heater may qualify for home energy tax credits. They should know what these credits can do for them – and be careful of exaggerated claims companies trying to get their business may make. There are two tax credits…

Not all third-party payroll service providers are created equal. A trusted, qualified company can help keep businesses secure and tax compliant. An unreliable or fraudulent company can lead to missed deposits, theft or returns not being filed. While many third-party payroll service providers give quality service, unprofessional or fraudulent companies will take the money and…

There are some great changes happening for Indiana 529 accounts starting in 2024. People will begin to have the ability to roll 529 accounts to Roth IRA’s in 2024. There are some limitations but it is an excellent program. Often, people ask, “Why should I put money into a 529 if I don’t know if…

Kids are expensive. Whether someone just brought a bundle of joy home from the hospital, adopted a teen from foster care, or is raising their grandchild. There are several tax breaks that can help. Here are some tax tips for new parents   Get the child a Social Security or Individual Tax Identification number To claim…

WASHINGTON – The Internal Revenue Service reminds taxpayers that making certain energy efficient updates to their homes could qualify them for home energy tax credits. The credit amounts and types of qualifying expenses were expanded by the Inflation Reduction Act of 2022. Taxpayers who make energy improvements to a residence may be eligible for expanded home…

Taxpayers who missed the recent April filing and payment deadline should know their obligations and the possible consequences if they don’t file or have an overdue tax bill. Taxpayers who owe tax Tax owed and not paid by April 18, 2023, is subject to penalties and interest. Anyone who didn’t file and owes tax should file a return…

If you have not received your refund, go to www.irs.gov. On the front page there are several buttons, one of which says “Where is My Refund?” Click on that button and follow the steps as directed. You should be able to see from there if your refund is in process or has been paid. If…