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Five Tax Tips for Older Americans
Everyone wants to save money on their taxes, and older Americans are no exception. If you’re age 50 or older, here are five tax tips that could help you do just that.
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The COVID-related Tax Relief Act of 2020
The Consolidated Appropriations Act, 2021, H.R. 133 included funding for the government, extensions for expiring tax extenders, tax relief under the COVID-related Tax Relief Act of 2020, and many more items. Passed by both the House and Senate...
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Working Remotely Could Affect Your Taxes
When COVID-19 struck last March, employers quickly switched to a work-from-home model for their employees, many of whom began working in a state other than the one in which their office was located. While some workers have returned to their...
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Small Business: Deductions for Charitable Giving
Tax breaks for charitable giving aren’t limited to individuals, your small business can benefit as well. If you own a small to medium-size business and are committed to giving back to the community through charitable giving, here’s...
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It’s Never Too Early to Check Tax Withholding
While it probably seems like tax season just ended, it is never too early to do a “Paycheck Checkup” to make sure the right amount of tax is withheld from earnings – and avoid a tax surprise next year when filing your 2020 tax...
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Taxpayers with high incomes, complex returns: Check withholding soon
WASHINGTON — The Internal Revenue Service today urged high-income taxpayers and those with complex tax returns to check their withholding soon to avoid an unexpected tax bill or penalty when they file their 2018 federal income tax return in 2019...
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Officer Compensation: “Non-Wage” Distributions
A recent Tax Court case outlined a situation we see quite often with our clients. In this case, the taxpayer was the sole shareholder of a professional association (taxed as a corporation) which performed medical services. He, himself was a...
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Property Tax Assessments: Reducing High Taxes
Many real estate tax assessments are made erroneously, and many homeowners who challenge their real estate tax assessments succeed in reducing their property taxes. Basically, property tax bills are generated by taking the assessed value of a...
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Abating Tax Penalties: Dealing With Those IRS Notices
IRS penalties. At some point in almost everyone’s life, it seems, we will receive greetings from the IRS which includes a penalty. The penalty could result from filing or paying your taxes late or misstating your income or deductions on your...
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