Finance

Learn how to prevent becoming the victim of fraud during the holidays and year-round. As we welcome in the holiday season, scammers are working overtime. More shopping for gifts, more deliveries, and more donating at this time of year means more opportunities for fraudsters to take advantage of you. The good news is that there…

Government data shows that record inflation from the last few years started to slow down throughout 2023, but much of the damage has already been done. Every bill we pay and purchase we make costs more now, from insurance to clothing, and groceries to household supplies. Here are some tips to spend less to help…

Thankfully it’s not too late to try and minimize your taxes for 2023. If you haven’t scheduled a tax planning session, now is a great time to do so. Here’s how a tax planning session can potentially help your situation: It can make a difference. This is especially true if you have a major event that…

Think twice about automatically paying the amount due on a notice Here are several quotes from actual IRS correspondence that serves as evidence that our national tax collection agency is not always right: – Thank you for your correspondence. We currently do not have a copy of the correspondence we sent to you regarding your…

Here’s a roundup of several recent tax court cases and what they mean for you. Blogging for Taxes (Thomas v. Commissioner of IRS, 160 T.C. No. 4) The innocent spouse relief rule allows one spouse to avoid paying taxes caused by the other spouse due to their actions on a joint return. The spouse seeking…

Many clients like to keep their federal tax withholdings as low as possible to avoid the IRS having their funds interest-free throughout the year. Other taxpayers, especially those with non-payroll income, must make quarterly payments to the IRS. As long as these quarterly payments are made timely and the amount of the payments is sufficient…

If you contribute too much money into your IRA during the year, how do you correct the problem without facing a tax penalty? Here are some tips. Remember the annual limits 2023 Annual IRA contribution limits $6,500 per individual $7,500 per individual if age 50 or older ($1,000 catch-up provision) This limit applies to the…

The tax code uses jargon that can be confusing for the unwary. One of them that impacts most of us is the term unearned income. Unearned income is often defined as anything that is not earned income. If you find this kind of definition a little too vague, here is some clarity. Tax code definition Before…

A silver lining to continued interest rate hikes by the Federal Reserve is being able to earn more interest on cash stashed in your savings accounts. How much interest, exactly, you can earn depends on where you do your banking. Consider these tips to earn as much interest as you can, even if it means…

There are many tax benefits built into home ownership. Here is a review of the most common. The home gain exclusion. When you sell an asset for a profit, it creates a taxable event. If the asset, though, is your primary residence, you can exclude up to $250,000 ($500,000 if married filing jointly) of these gains….

Companies want to make it easy to buy their big-ticket items, especially at times of economic uncertainty. A popular technique is to offer 0% financing when you buy furniture, electronics and other household items. You can also take matters into your own hands with a credit card that offers 0% APR on purchases, balances transferred…

While the maximum capital gain tax rate can be as high as 23.8%, most taxpayers pay 15%. But there is the possibility to have your capital gains go tax-free…yes, 0%! In fact, this tax break has been around for more than a decade and comes into play more often than you may think. Here is…

The IRS recently announced a major policy change that it will end most unannounced revenue officer visits to taxpayers. This announcement is being picked up by all the major news outlets, but as is usually the case, it lacks context. Here is what you need to know. Background The IRS has revenue agents, revenue officers,…

Getting a bill for an unexpected expense can put a dent in your business’s cash flow. Here are some tips your business can use to handle these unforeseen bumps in the road. Stick to a reconciliation schedule. Know how much cash you have in your bank account at any given time. This is done by sticking…

Financial experts are bracing for more interest-rate hikes by the Federal Reserve over the remainder of 2023. Any interest-rate revision — either increasing or decreasing — can cause a ripple effect throughout the economy. Accordingly, the Federal Reserve’s actions will probably exert at least a moderate influence over financial choices you may make at home and…