Navigating the tax system can be challenging for everyone. Managing taxes begins with understanding what can be taxed. Here are some key points to help you better understand the basics of our tax system. Different types of taxes Income tax is often the first to come...
Negotiating to decrease or zero out a credit card bill or other loan balance can help relieve a tough financial situation, but it can also give way to an unexpected tax bill. Here's a quick review of various debt cancellation situations and how they impact your taxes....
Tax scammers continue to become more sophisticated, which means it’s more important than ever to pay attention to any person or message asking you to provide confidential information. Here are several of the more prevalent scams to be on the lookout for, according to...
Responding to a letter from the IRS or a tx audit by yourself is not the same as fixing a leaky faucet or changing your oil. Here are reasons to partner with a tax professional as soon as you receive a letter from the IRS: IRS auditors do this for a living – you...
Events that might cause changes requiring a tax planning session. Situations in your life can change your taxes with little to no warning. Here are several events where you may need to schedule a tax planning session: Getting Married or Divorced? You could get hit...
The IRS always seems to have a surprise for the unsuspecting taxpayer. As the 2023 tax season comes to an end, here's a True or False quiz to test your knowledge of what's taxable. Scholarships are never taxable. False. If you get scholarship money to cover tuition,...
With tax season officially underway, below are a number of tips to make filing your return as stress-free as possible: Gather your tax information for filing. Items you'll need include W-2s, 1099s, K-1s and other forms you receive from your business, employers,...
