by Admin | Jun 16, 2022 | Individual Taxes, Retirement, Tax Planning
When Congress enacts tax laws, many times whether the law applies is based on the age of the taxpayer or a taxpayer’s dependent. Reaching a certain age sometimes provides a tax benefit, while in other cases there’s a tax “penalty” – meaning that a specific type of...
by Admin | Jun 14, 2022 | Individual Taxes, Tax Planning
Taxpayers often question how long records must be kept and the amount of time IRS has to audit a return after it is filed. It all depends on the circumstances! In many cases, the federal statute of limitations can be used to help you determine how long to keep...
by Admin | Jun 13, 2022 | Individual Taxes, Tax Planning
When discussing taxes, reading tax-related articles or trying to decipher tax form instructions, one needs to understand the lingo and acronyms used by tax professionals and authors to be able to grasp what they are saying. It can be difficult to understand tax...
by Admin | Jun 8, 2022 | Business Taxes, Individual Taxes
Second Quarter June 15 Deadline Approaches for Those Who Pay Estimated Taxes Taxpayers who pay estimated taxes: the due date to pay your second quarter tax liability is June 15. Taxes are pay-as-you-goTaxpayers need to pay most of the tax they expect to owe during the...
by Admin | Jun 7, 2022 | Individual Taxes, Retirement, Tax Planning
Are you familiar with 401(k) retirement funds? More and more employers are offering 401(k) plans as an employee benefit, and if you have the option and are not currently taking advantage of it, it may be time to rethink your savings strategy. Not only do these popular...
by Admin | Jun 6, 2022 | Business Taxes, Individual Taxes, Tax Planning
An audit conducted by TIGTA has found that the IRS intentionally destroyed an estimated 30 million paper-filed tax return documents in March 2021. However, the tax collection agency says no taxpayers were negatively affected by the destruction of these documents. The...
