Our Financial Blog

Elections. Elections. Elections.

Tax Savings can be found in the elections you make! Every year is an election year when it comes to making decisions on your annual income tax return. Here are four common examples that can create tax savings opportunities if you elect the correct option. 1. Tax...

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GREAT NEW OPTION TO REDUCE STUDENT LOAN DEBT

Newly passed tax laws could benefit many! Deep inside legislation passed in late 2019, is a provision that broadens the acceptable use of 529 college savings plan funds. Background 529 savings plans are available to set aside after-tax funds to pay for college and K...

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2020 Mileage Rates

Mileage rates for travel are now set for 2020. The standard business mileage rate decreases by 0.5 cents to 57.5 cents per mile. The medical and moving mileage rates also decreases by 3 cents to 17 cents per mile. Charitable mileage rates remain unchanged at 14 cents...

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Are you Missing a Tax Form? Not an excuse!

If you don’t receive a W-2 or 1099, is this a defense to protect yourself from not reporting the income during an audit? In short, the answer is no. You are required to report your income whether your employer or customer filed the correct form or not. So what can you...

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RECEIVE COPIES OF FRAUDULENT TAX RETURN?

WHAT DID THIEVES TRY TO STEAL? Tax identification theft is becoming all too common. Victims know how frustrating the experience can be. Thankfully, the IRS is willing to help. The frustration If you are a victim of IRS identity theft, your first instinct is to find...

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LAST MINUTE TAX-SAVINGS IDEAS

Actions you can take before time runs out! Here are five tax saving ideas that can be used by most taxpayers. But act soon, there's not much time left until our tax year comes to an end. 1. Make late-year charitable donations. Consider making donations with...

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IRS Expands ID Protection Program

The IRS is expanding a pilot program that uses Identity Protection Personal Information Numbers (IP PINs) to provide an extra layer of security for taxpayers. The program can be used by residents of the District of Columbia, Florida, Georgia, California, Delaware,...

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Tax Breaks for Adult Students

These Benefits are not just for kids! Kids aren’t the only ones heading back to school this fall. Many adults are also taking courses to pursue a new career or improve their current job skills. Fortunately, there are several tax breaks for adult students. Here are...

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How To Maximize Deductions for Assisted Living

It's possible that someone in your family will need assisted living care at some point in their life. This care can be at an assisted living facility, a nursing home, or in their own home. Often, assisted living care is expensive and not fully reimbursable by typical...

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A Smarter College Housing Option

Does your child, grandchild, or someone else you know need a place to live while attending college? Instead of renting a dorm or apartment, buying a condo or small house might make more sense. This can save money and provide tax breaks, but you need to do the math and...

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