Though the 2020-21 school year has just begun, it is never too early to start thinking about college plans. If you or someone you know is planning to start college for the year of 2021-22, preparations to get federal student aid through the FAFSA program can begin as soon as October 1st. The FAFSA program […]
If games of chance such as poker, horse racing, or playing the lottery are among your recreational hobbies, the new gambling tax law brings some minor changes. In this article, we will explore the two biggest impacts of the new tax law. The change that affects the most gamblers is how losses can be deducted.
Finding the right person or firm to prepare your taxes is an important choice. You want someone who will do the research to get you the best possible refund for your situation. Of course, you need someone who is ethical and responsible. You also do not want to pay more than necessary or wait forever
Saving for retirement is getting just a little bit easier in 2019. As the cost of living increases, the IRS has announced higher contribution limits to 401Ks and IRAs. These changes attempt to mirror the rise in cost of living expenses. Technical guidelines are many and can be found in Notice 2018-83. The major highlights
Last week in, Getting Married and Your Taxes, we explored what to do with your taxes as you tie the knot. But what do we need to consider when saying, “I Don’t”? Among the changes seen with the December 2017 passing of the Tax Cut and Jobs Act (TCJA) are impacts to couples who divorce
Child and Dependent Care credit may cover more than you think come tax season. If your child enjoys summer day camps, from arts and crafts to water polo, those expenses generally count as allowable expenses. The credit was created as a way to help working parents. It serves to reduce the amount of federal income
If you tied the knot there are several things you can do now, to make tax season a lot easier. Before you file your return, be sure to report name changes to the Social Security Administration. This can be done with a Form SS-5 Application for a Social Security Card. You will also want to
A question we receive regularly from clients is whether they should file as an independent contractor or an employee at tax time. Employers likewise ask the same question when looking at their staff. It is a topic covered with great frequency and popularity, so if it’s something you wondered – you are not alone! The
These days we are fortunate to live in a world much less reliant on paperwork. Almost everything can be found online and file cabinets are becoming bare. As much as we live in the digital era, there are still some tax papers imperative to keep on hand. There are several important reasons to retain tax
529 plans, also known as Qualified Tuition Plans, are not a new thing but they have certainly evolved since their introduction in 1996. These savings plans for higher education are attractive for many reasons and they have a number of tax benefits. Earnings grow federal tax-free and are not taxed when withdrawn for educational expenses.