A Tip to Avoid Late Payment Penalties

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 sufficient […]

5 ways to get smart when giving

You probably participated in many charity events and fundraisers during the holiday season. If you plan to give again during 2019, here are a handful of charitable donation strategies to consider if you want to boost your deductions: Audit-proof your claims. The IRS imposes strict substantiation rules for charitable donations. In fact, you’re required to […]

Minimize Your Tax Bill with Your Charitable Work

If you do volunteer work for a charitable organization and have not kept track of your out-of-pocket expenses, you might be passing up an excellent opportunity to lower your tax bill. How to get a tax break To qualify, your unreimbursed expenses must relate directly to the charity, and you must itemize your deductions on […]

Make sure you’ve got a plan for your RMDs

After all the advice you’ve received about saving for retirement, taking money out of your traditional IRAs and other qualified retirement plans may feel strange. Yet once you reach 70½, the required minimum distribution (RMD) rules say you have to do just that. Under these rules, you must withdraw at least a minimum amount from […]