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
Do’s and don’ts for taxpayers who get a letter or notice from the IRS The IRS mails letters or notices to taxpayers for a variety of reasons including if: They have a balance due. They are due a larger or smaller refund. The agency has a question about their tax return. They need to verify… Read More
FEDERAL INCOME TAX DEADLINE EXTENDED The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days. Individual taxpayers can… 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