Tax News

You may have seen or heard people you know talking about how the new tax law made their refunds smaller than expected last year, or even increased the amount they owed to the IRS. Several common deductions were eliminated by the Tax Cuts and Jobs Act of 2017 and other…

As the end of the financial year approaches, small business owners must turn their attention to year-end tax planning. Effective planning ensures you maximize deductions, reduce liabilities, and set your business up for success in the new year. This guide will delve into the strategies, tips, and benefits of tax…

Most taxpayers don’t intentionally incur tax penalties, but many who are penalized are not aware of the penalties or their potential financial impact. As tax season approaches, you must familiarize yourself with common tax penalties and ways to avoid them. Below are 14 key tax penalties that taxpayers may encounter…

Health insurance premiums have become a significant expense for individuals and families. Fortunately, tax laws provide ways to reduce this burden through deductions, either as an itemized deduction or as an above-the-line deduction for certain self-employed individuals. Understanding these options, along with the limitations and eligibility criteria, can help you…

Benjamin Franklin once remarked, “In this world, nothing can be said to be certain, except death and taxes.” Taxes, as the financial backbone of government operations, are inescapable even during a government shutdown. Whether you’re expecting a refund or owe the Internal Revenue Service (IRS), preparing and filing taxes during…

As tax season approaches, individuals and businesses are turning to tax preparation software to simplify the process. Whether you’re filing for personal taxes or running a small business, tax preparation software helps ensure compliance, maximizes deductions, and avoids costly errors. In 2024, choosing the right software can be the difference…

Planning for retirement is a crucial aspect of financial stability, and Individual Retirement Accounts (IRAs) are a powerful tool in that plan. But what if one spouse isn’t earning income or earns significantly less? That’s where a Spousal IRA comes in. This guide will explore what a Spousal IRA is,…

Article Highlights: What Is a Living Trust? Is a Living Trust Appropriate? Establishing a Living Trust Pros of a Revocable Trust Cons of a Revocable Trust You have probably heard others discussing living trusts but may not understand the reasons for them or whether you should have one. Living trusts…

Article Highlights: How Naming Beneficiaries Impacts Traditional IRA Distributions The Impact of Naming Your Trust as a Beneficiary IRA Beneficiary Taxation Keeping your designated IRA beneficiary current is very important. You may not want your account going to your ex-spouse, and you certainly do not want a deceased individual to…