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 Tips Articles
IRS Warns – Beware of Scammers Targeting Your Tax Info
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...
The Importance of Partnering with a Tax Expert if the IRS Comes Knocking
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...
Do You Need to Re-Evaluate Your Tax Planning?
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...
Tax Quiz – Is It Taxable?
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,...
Tips for a Smooth 2023 Tax Filing
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,...
Tax Planning: Now More Important Than Ever
It’s not too late to try and minimize your taxes for 2023. If you haven’t scheduled a tax planning session, now is the best 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...