There are few things as frustrating as not being paid what is owed to you. If it becomes clear the debt is not going to be paid, you might be able to recoup some of the lost money via a tax deduction. The IRS has two classifications for bad debt: business and non-business, each with its own deductibility rules.
Most income you receive is taxable income that is reported to you and to the federal/state tax authorities. However, renting out your home or vacation property on a short-term basis can be done tax-free if you follow the rules.
One of the best ways to manage the aftermath of a natural disaster is to plan ahead. If you live in a natural disaster high-risk area, you can take steps to alleviate tax and financial issues post-disaster by following these tips:
Not sure how to talk to your kids about the importance of well-managed money? No problem. Try this guideline of topics to discuss as they grow.
Even if you received a tax refund in 2017, there are plenty of things that can cause your taxes to rise. Consider the following big tax law changes that could affect what you owe this year:
There are multiple situations where you need to find out what the IRS knows about you. It could be for the purpose of obtaining a loan, refinancing your house, or continuing your citizenship status. Possibly you are a few years behind on filing tax returns and need to know where to start. Or maybe you lost a return and simply need a copy for your personal records. Here are three items that will help you see what the IRS has on file for you:
September 2018
This month:
Paycheck withholdings were adjusted by the IRS earlier this year as a result of major tax changes. While the IRS strives to make withholdings accurate, it's difficult to account for every situation.
While many people find estate planning important, those with small children may find it especially critical.
With all the major tax changes, it's more important than ever to make sure you're keeping the right records for tax purposes. Here are some tips.
If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The third quarter due date is now here.
Before you decide to amend your tax return, ask yourself if it's necessary, especially if amending an error only saves you a few dollars.
Do you help out at your child's school? If you donate your time at school functions, donate books to the school library, or help assist the teaching staff, you may be able to save come tax time.
The time to organize your tax records is now. Waiting until the end of the year or, even worse, waiting until you are audited can lead to headaches. Here are some tips to get on top of your tax records.
Medical expenses are on the rise. According to the Milliman Medical Index, the average family of four on an employer-sponsored plan will spend $28,000 on healthcare in 2018 – a $1,000 increase from 2017. Below are some ways you can save tax dollars when paying those medical bills:
August 2018
In this issue:
This Month:
Summer is in full swing and the air conditioners are working overtime. Hopefully you are finding ways to stay cool while enjoying your outdoor activities. Included in this newsletter are articles about a new tax trap created by student loan forgiveness, tips to improve your financial situation and ideas to ensure that you are not sharing too much online. For your business, there are articles explaining "economic nexus" for sales tax and best practices for setting up your accounting system. Lastly, there are tips to help you manage your capital gains taxes.
Summer is coming to a close and the back-to-school advertising blitz is underway. Hidden in some of those school expenses are tax deductions you can take advantage of. Here are some ways you can save:
As our students prepare to head back to school, many families face the difficult decision to save for retirement or use those funds to pay for their children’s college education. If you are facing that dilemma, here are some thoughts:
