Are Your Parents Safe from Scams?

Scam artists often seem to target older adults because they’re generalized as being more trusting and more easily confused than others. Whether or not that’s true, you can help protect your parents and the other older adults in your life by following a few simple steps:

Health Savings Accounts Pay Medical Costs and Cut Taxes

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.

Some Unemployment Income Is Now Tax Free for 2020

A surprise tax break for 2020 was passed into law last month. It may impact your situation if you received unemployment income this past year. This will mean filing amended tax returns for some and a delay in preparing your tax return for others.

Avoid Common Tax Filing Mistakes

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:

What’s New in Taxes in 2021

In addition to the planning changes in tax benefit phaseouts and other cost of living (COLA) adjustments, here are changes to the tax code for 2021. For Individuals Tuition and Fees Deduction eliminated. This oft-expired tax break is now permanently closed. Lifetime Learning Credit phaseouts increase dramatically. To help reduce the impact of the elimination […]

Tax tips for Investors

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 […]

Why do I need a tax professional when I can buy tax prep software?

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 […]