The Paycheck Tax Tip – A Great Place to Lower Your Taxes

2024-02-27T01:54:42-05:00February 26th, 2024|Taxes|

The tax code has plenty of ways to reduce your taxable income, and many take place on your paycheck. If you haven’t already done so, now is a great time to conduct a thorough review of your paystub. Here are some tips: Review insurance withholdings. Many employers adjust the amount you contribute for your insurance [...]

IRS Identity Theft Season Begins Now

2024-02-27T01:52:48-05:00January 26th, 2024|Taxes|

Each year thieves try to steal billions in federal withholdings by stealing your identity. As the IRS focuses more attention on this quickly growing problem, now is the time of year to be extra vigilant. Early tax filing season is the worst time Your federal tax account at the IRS currently has plenty of [...]

SMALL BUSINESS ALERT: New Federal Reporting Required

2024-02-27T01:58:53-05:00January 19th, 2024|Taxes|

Especially important for new business startups... Beginning in 2024, many small businesses will have to report information about their owners to the Financial Crimes Enforcement Network (commonly referred to as FinCEN), a bureau of the U.S. Department of the Treasury that collects and analyzes information to help fight financial crimes. Here is what you [...]

Reminder: Fourth Quarter Estimated Taxes Now Due

2024-02-27T02:09:28-05:00January 5th, 2024|Taxes|

If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The 4th quarter due date for the 2023 tax year is now here. Due date: Tuesday, January 16, 2024 You are required to withhold at least 90 percent [...]

Five Reasons Why the IRS Will Audit You

2024-02-27T01:27:38-05:00July 15th, 2022|Taxes|

Each year, the IRS audits over 1 million tax returns. With agency resources shrinking, the IRS is more selective when choosing which tax returns to audit. Knowing what the IRS is looking for can help you understand and reduce your audit risk. Here are five of the biggest reasons the IRS may choose to [...]

Retirement Basics: Understanding Tax Efficiency

2022-07-21T01:02:10-04:00July 8th, 2022|Retirement|

One of the basics when considering how to fund your retirement is to be as tax efficient with your income as possible. In 2022, income tax rates range from 0 to 37 percent, plus a potential 3.8 percent net investment tax. Understanding how these progressive tax rates apply to ordinary income creates a tremendous [...]

IRS Announces NEW 2022 Mileage Rates

2022-07-21T01:05:22-04:00July 1st, 2022|Taxes|

In a recent announcement, the IRS raised the standard mileage rates for travel beginning in July, 2022. Use the previously announced mileage rates for qualified travel in the first half of the year. Use the revised rates for travel in the second half of 2022. NEW Mileage rates for JULY through DECEMBER 2022 2022 [...]

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