Day: July 1, 2024

Different ages, different taxes

How Different Ages Impact Your Taxes

The tax code isn’t just complicated, it also shifts depending on your age or the age of your dependents. From credits that benefit parents of young children, to penalties or perks for retirees, your age can have a surprising impact ...

Tax Records

General Advice for Keeping Your Tax Records

If your tax return ever comes up for an audit or review through the IRS or your state’s revenue department, you’ll need to be ready. That means having accurate, well-organized records at your fingertips. Most people assume they’ll never be ...

overwhelm women

Don’t Let These Overlooked Taxable Events Catch You Off Guard

When most people think about taxable income, they picture their paychecks and maybe investment earnings. But the reality is that the IRS keeps tabs on far more than just your regular income. Certain transactions and life events can trigger unexpected ...

tax reporting and the tax gap

How Does the Tax Gap Work? 

Tax collection in the United States is fundamentally based on a system of voluntary compliance. This means that individuals and businesses are expected to report their income and pay their taxes as outlined in the tax code, and to adhere ...

worried woman

7 Ways to Stay Safe from Tax Scams This Season

Tax season isn’t just a time to gather documents and file returns—it’s also a prime opportunity for scammers looking to steal personal and financial information. To keep your information safe and avoid falling victim to these schemes, it’s essential to ...

contractor confused about their obligations

Tax Form Confusion for Employees vs Contractors

As tax season approaches and informational forms start arriving, it’s important to carefully review them for accuracy. One key detail to verify is whether you’re sending and receiving the correct forms. Whether you’re an employer sending information to employees or ...

Child Dependent Care professional teaching pre-kindergarten children

Are You Maximizing the Child & Dependent Care Credit?

The Child & Dependent Care Credit is a critical part of many people’s tax returns. It gives you a reduction in taxes to help pay for the cost of daycare while you work. Here’s how it works! What Do You ...

Hands on a laptop covered by a credit card on a hook with a phishing scam targeting personal information

Avoid the Phishing Scams This Tax Year

The IRS reports on dozens of tax scams it comes across every given year. The phishing scam is all too common, so it pays to get a refresher on what it’s all about—and how to keep clear of it! How ...

Couple at a desk looking over ways to reduce their tax bill

Taxable Income Reduction Ideas to Consider

Tax professionals often recommend shifting your tax burden from one year to the next—but what exactly does it mean? Putting this into practice requires careful planning and a clear understanding of your financial situation. By understanding the rules and leveraging ...