Year-round tax planning is for everyone. An important part of that is recordkeeping. Gathering tax documents throughout the year and having an organized recordkeeping system can make it easier when it comes to filing a tax return or understanding a letter from the IRS. Good records help: Identify sources of income. Taxpayers may receive money or property… Read More

Taxpayers receiving Social Security benefits may have to pay federal income tax on a portion of those benefits. Social Security benefits include monthly retirement, survivor, and disability benefits. They don’t include supplemental security income payments, which aren’t taxable. The portion of benefits that are taxable depends on the taxpayer’s income and filing status. To find… Read More

Filing season reminder: An extension to file is not an extension to pay taxes For most individual taxpayers the tax filing and payment deadline was postponed to May 17, 2021. Those who need more time to file beyond the postponed date, can request an eextension to file. Taxpayers must request an extension to file by… Read More

Tax filing time is an ideal time to review your financial affairs. You have to gather information to prepare your tax return at this time. Why not take one more step and do something positive for your financial well-being? The following suggestions will get you started on your financial review: Hold a discussion with your… Read More

Tax credits are one of the most powerful ways to lower your income taxes. A tax credit reduces your tax bill dollar for dollar. A tax deduction, on the other hand, only reduces your taxable income, so your benefit is determined by your tax bracket. For example, a tax deduction of $1,000 will lower your tax… Read More

The adoption process can be expensive. Fortunately, the adoption tax credit can help offset some those expenses Taxpayers who adopted or started the adoption process in 2020 should review the rules for this credit. Here are some facts to help people understand the credit and if they can claim it when filing their taxes: The… Read More

The Internal Revenue Service, the U.S. Department of the Treasury and the Bureau of the Fiscal Service announced they are disbursing approximately 37 million payments in the second batch of Economic Impact Payments from the American Rescue Plan. This brings the total disbursed payments from the American Rescue Plan to approximately 127 million payments worth… Read More

The IRS started issuing the third round of Economic Impact Payments. No action is needed by most taxpayers. The IRS will issue payments automatically to you by direct deposit and through the mail as a check or debit card. Many people will receive the third payment the same way they received the first and second… Read More

Frequent tax law changes have made the tax code very complicated; only the informed taxpayer can take advantage of tax-cutting opportunities that remain. Here are some suggestions you should consider if you’re interested in cutting your taxes. 1. Reduce your consumer debt. The interest you pay on consumer debt is not deductible. Consider shifting consumer debt… Read More