Oops. An IRA Contribution Error

2024-03-05T20:04:22-05:00August 25th, 2023|Taxes|

If you contribute too much money into your IRA during the year, how do you correct the problem without facing a tax penalty? Here are some tips. Remember the annual limits 2023 Annual IRA contribution limits $6,500 per individual $7,500 per individual if age 50 or older ($1,000 catch up provision) This limit applies [...]

A Tip to Avoid Late Payment Penalties

2024-03-05T20:08:29-05:00August 18th, 2023|Taxes|

Many clients like to keep their Federal Tax withholdings as low as possible to avoid the IRS having their funds interest-free throughout the year. Other taxpayers, especially those with non-payroll income, must make quarterly payments to the IRS. As long as these quarterly payments are made timely and the amount of the payments is [...]

Why You Should Save Those Receipts!

2024-03-05T20:20:14-05:00August 4th, 2023|Taxes|

When it comes to taking qualified deductions on your tax return, having proper documentation to prove your expenditure is a must. Here are some typical areas where taxpayers often fall short, costing them plenty during tax filing season and during IRS audits: Cash donations to charity. Donations of cash need to be supported by a [...]

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