Posted on November 16, 2022

Grandparents, foster parents, and those caring for siblings or other relatives should check their eligibility to receive the 2021 child tax credit. Those who claim at least one child as their dependent may not realize they could be eligible to benefit from the child tax credit. That’s because eligible taxpayers who received advance child tax credit payments last […]

Posted on November 8, 2022

Unexpected financial hits can occur – even with the best planning. To cover these costs, its tempting to withdraw funds early from your retirement savings. While this may seem like an easy way to get cash quick, early withdrawals generally come with heavy penalties and costly tax consequences. Here’s what to know before you dip […]

Posted on November 2, 2022

With so much national attention on inflation, here’s what you should know about annual inflation adjustments (which generally apply to tax returns filed in 2024): The standard deduction for married couples filing jointly for tax year 2023 rises to $27,700 up $1,800 from the prior year. For single taxpayers and married individuals filing separately, the […]

Posted on October 25, 2022

Being on the alert for identity scams is as important as ever, in large part because the types of thefts constantly shift. That’s one reason the IRS is warning taxpayers of a recent sharp uptick in IRS-themed texting scams – all aimed at stealing personal and financial information. Be on alert for smishing. Yep, that’s a real […]

Posted on October 18, 2022

When working with the IRS, knowing the rules is paramount. Here’s what our CPAs know about representing taxpayers when negotiating tax penalties and/or working out agreements. First, know that taxpayers always have the right to represent themselves. Secondly, taxpayers can choose a third-party agent to represent them, like a tax professional, CPA, attorney, or family […]

Posted on October 11, 2022

Family-owned and run businesses are many across the U.S. Many people work for a family member, whether it’s a child helping out at a parent’s shop or spouses running a business together. No matter what the business, when someone is employed by a family member, the tax implications depend on the relationship and the type […]

Posted on October 5, 2022

How you can view your tax info anytime Want to check 2021 taxable income against this year’s? Or make sure you know which children to claim this year, if you share custody with an ex? Taxpayers who want to check their account information can log into their IRS online account any time. It’s a simple and […]

Posted on September 26, 2022

As kids head back to school each fall, parents are asked to purchase lots of items on their kids’ the school supply lists. It’s good for your bottom line to know that you can boost your back-to-school budget by making sure you aren’t missing out on any 2022 refunds or tax credits. For instance, if […]

Posted on September 19, 2022

Crowdfunding has become a fairly popular way to raise money online. But no matter what you may be crowdfunding for, it’s important to know that money raised through crowdfunding may be taxable. How do you know what funds are taxable? Under federal tax law, gross income includes all income from any source, unless it’s excluded […]