The IRS is reporting that it will be comparing filed 1099-Ks against income reported on business tax returns
Retaining copies of your federal tax return is important. Not only will you need the return in case of an audit, but the tax return is often used to secure student aid, obtain loans, purchase a home or business, plus much more. What can you do if you cannot find a copy of your tax return?
Looking for ways to cut your taxes? Check out some of these strategies:
Health savings accounts can be used to build tax-sheltered nest eggs that can pay out-of-pocket medical expenses with tax-free dollars.
Intended to be used in conjunction with high-deductible insurance plans, health savings accounts (HSAs) are designed to help pay your medical expenses until your insurance policy begins picking up expenses.
The American Rescue Plan was recently signed into law and includes a third round of stimulus payments and many tax-related provisions. Here are some of the more prominent sections of the new legislation.
With the backlog of tax return filing due to late changing tax laws, want to ensure your refund gets to you in the shortest amount of time? More importantly, how can you avoid receiving a letter from the IRS? Here are some of the most common tax filing mistakes:
Are you planning to use your vacation home soon? If you’re not going to use it, have you considered renting it? Or are you thinking of buying a vacation home? Vacation homes, with proper tax planning, can help create tax benefits.
Don’t get shocked by a high tax bill! Be prepared for these pandemic-related tax surprises when you file your 2020 tax return.
Don’t ignore the impact of taxes on your investments. While taxes should not drive your investment strategy, understanding how taxes affect your earnings will help you minimize taxes and maximize your return. Some things to consider: 1. Capital gains carry a special favored tax status. The tax rates on long-term capital gains are lower than […]
As tax professionals, we often are asked “Why do I need a tax professional when I can buy tax preparation software?” Let us explain… Tax software producers claim their products can prepare complex returns, but you may want to think twice before relying on software for all your tax and financial guidance. Although software may […]