Day: January 15, 2025

Most people will never face a tax audit, but that doesn’t mean it can’t happen. The IRS audits a small percentage of returns every year. This is often based on red flags like mismatched records or unusually high deductions. Even ...

Selling a high-value asset like real estate can come with a similarly high tax bill. Fortunately, there’s a strategy that can help ease that burden: the installment sale. When structured correctly, an installment sale lets you spread out income and ...

When tax season rolls around and you’re short on cash, it can be tempting to pull out the credit card to pay your balance. The same goes for whether you’re looking at this year’s bill or planning ahead with your ...

Whether you itemize deductions or just want to make sure your contribution has the greatest impact, taking time to investigate a charitable organization can help you make sure your money is used wisely. Here’s what to consider before writing that ...

Many people see a big tax refund as a win. But it’s important to realize that the extra cash isn’t exactly a gift from the IRS. In fact, it usually means you’ve been handing over too much of your paycheck ...

Vacations and relaxation are definitely the highlights of summer. But it can also be the perfect season to get ahead on your tax strategy. With a few proactive steps, you can streamline your future tax burden. It’s all about making ...

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 ...

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 ...

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 ...