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Tax Advice: Didn't Contribute to an IRA Last Year? There May Still Be Time

February 27, 2021

Saving now for retirement is one of the best moves you can make to help ensure financial security. If you’re eligible, you still have time to contribute to an IRA or SEP and save on your 2020 tax return.
Tax Advice: There's Still Time to Get Substantiation for 2020 Donations

February 20, 2021

In order to claim a charitable deduction on your tax return of $250 or more, you need a written acknowledgment from the charity. What if you haven’t received one yet for a charitable donation you made in 2020?
Tax Advice: Answers to Your Questions About Limits

February 15, 2021

How much can you contribute to an IRA for 2021? How much is the standard deduction? Here are some Q&As about these and other tax-related amounts for 2021.
Tax Advice: The Power of the Tax Credit for Buying an Electric Vehicle

February 4, 2021

Thinking about buying a new electric vehicle? While you’re considering factors like acceleration and the range of the battery before recharging, check out the federal tax break that may be available.
Tax Advice: Remember to Take Required Min Distributions

February 1, 2021

If you’re required to take distributions from a retirement plan, you may have received a respite in 2020, but you must begin taking them again this year.
For Small Businesses: The Cents-Per-Mile Rate Decreases Again

February 1, 2021

The price of gas is down from a year ago. How does this affect the amount your business can deduct for business driving in 2021?
Tax Advice: Reasons to File Your Tax Return Early

January 26, 2021

Filing your tax return early will get you any refund early and may protect you from tax identity theft. Here’s why.
Tax Advice: Learn About the Revised Tax Benefits for Higher Ed

January 12, 2021

Changes have been made to education tax breaks in the new Consolidated Appropriation Act.
Tax Advice: What's in the COVID-19 Relief Law for You?

January 7, 2021

Can you benefit from the massive new Consolidated Appropriation Act signed into law? Here are some of the tax highlights for individuals.
Tax Advice: Use More Than One Taxpayer Filing Status?

January 7, 2021

As we wind down 2020, be aware that December 31 is an important date when it comes to filing your tax return. Whether you’re married or unmarried on that date will affect how you file. Check out the 5 federal tax filing statuses and who can claim them.
Tax Advice: Next Estimated Tax Deadline on January 15

January 7, 2021

The fourth estimated tax payment deadline for 2020 is coming up. Here are the details of when it is and whether you’re required to make a payment.
Tax Advice: Don't Forget About Your FSA Funds

December 22, 2020

It’s that time of year again: time to spend your unused dollars if you have an FSA.
Tax Advice: Can You Qualify for a Medical Expense Tax Deduction?

December 22, 2020

Medical and dental costs are expensive and it’s hard to get a tax deduction for them. But you may qualify by including every eligible expense allowed. Here’s what it takes to get a deduction and how you might be able to benefit by moving certain expenses into 2020.
Tax Planning 2020

December 8, 2020

Please be aware of these items that have been implemented for the 2020 tax year. We would be happy to review these and any other tax questions or concerns with you - let us know!
Tax Advice: Avoid the Wash Sale Rule if Selling Stock by Year's End

December 3, 2020

If you’re fortunate to have cashed in some investment gains in 2020, you may be looking for unrealized losses in your portfolio to offset your gains. Selling losing stock may reduce your 2020 tax liability. But be aware of the “wash sale” rule.
Tax Advice: How Series EE Savings Bonds Are Taxes

November 19, 2020

Do you own Series EE bonds? Take a look at the issue dates. If the bonds are no longer earning interest, you probably want to redeem them. Here’s more about how the interest on the bonds is taxed.
Tax Advice: On the Taxing of Disability Income

November 13, 2020

If you become disabled and are fortunate enough to receive disability income, you may have to pay federal tax on it. Here are the basic rules.
Tax Advice: Divorcing Couples, Beware These 4 Tax Issues

October 27, 2020

Getting a divorce can be distressing. You don’t want to make matters worse by making decisions that will cost you more in taxes. Here are four issues to consider if you’re in the midst of getting a divorce.
Tax Advice: On Buying & Selling Mutual Fund Shares

October 27, 2020

Planning to buy or sell mutual fund shares? Here are some tax hazards to avoid.
Tax Advice: Implications of Working from Home, Collecting Unemployment

October 12, 2020

Have you lost your job and collecting unemployment? Or are you fortunate to be working from home because of the pandemic? Both of these situations could have tax implications.
Tax Advice: Why to Plan for Income Taxes As Part of Your Estate Plan

October 12, 2020

With the federal estate tax exemption so large, you may not be worried about estate taxes anymore. But it’s a good time to focus on saving income taxes for your heirs.
Tax Advice: Relief from Tax Liability for "Innocent Spouses"

October 12, 2020

In some cases, a married couple files a joint tax return and one spouse doesn’t disclose all of his or her income. The IRS goes after the other spouse for payment. But there may be “innocent spouse” relief.
Tax Advice: On Investors Who Manage Their Own Portfolios

September 23, 2020

Are you an investor or a trader? While trader status is difficult to achieve, if a taxpayer qualifies, he or she can deduct investment-related expenses.
Tax Advice: Can Homebuyers Deduct Seller-Paid Points?

September 14, 2020

In most cases, points a buyer pays in a home sale are a tax deductible interest expense. But what about seller-paid points?
Tax Advice: Back-to-School Tax Breaks on the Books

September 14, 2020

Back to school in the COVID-19 era may mean remote learning for your college student. But parents may be able to take advantage of one of these tax breaks for their education expenses.

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