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Essentials for Your Year-End Tax Planning

Setting aside a little time for reflection at the end of the year is great for our mental, emotional, and even financial wellbeing. Running the numbers now and getting a few items in order can help put yourself ahead ...

4 Ways to Lower Your Tax Obligation—Before the New Year

Knocking a few items off your to-do list at the end of the year may save you a good chunk of money once spring rolls around. There are a handful of strategies that can help lower your tax obligation, ...

Has Your Family Reviewed the “Nanny Tax” Code?

Not all aspects of the tax code will apply to your family. However, there are certain areas that you want to be aware of in advance. The Nanny Tax is just one example of something that can easily get ...

4 Ways to Reduce Medical Expenses and Save Tax Dollars

Recent reports have estimated that the average family of four will spend roughly $30,000 on healthcare—even when on an employer-sponsored plan in 2022. This is nearly a $5,000 increase on the 2020 healthcare expense numbers, and these rising costs ...

What Does the Effective Tax Rate Actually Mean?

Having a consistent number year over year for what you’ll owe on your taxes would certainly be convenient. Yet fluctuations with the tax code and the ever-changing circumstances within our own lives tend to put that dream out of ...

Contemporaneous Records to Support Your Tax Return

Some parts of the tax code almost read like another language. The terminology isn’t always familiar, and that can be a real challenge if the IRS has contacted you with any questions about your tax return.

In those ...

Business vs Hobby in the Eyes of the IRS

We should all be so lucky as to work in a field that we love. Yet sometimes this can become a gray area in the eyes of the IRS. In order to claim actual business deductions on your tax ...

Tax Reduction Ideas to Consider in Advance

There are plenty of money-saving deductions within the tax code—you just need to know where to look! Even if you don’t itemize, you still have options. Unfortunately, a lot of people aren’t aware of the strategies available to them. ...

Don’t Miss These Back to School Tax Deductions

Budgeting for school expenses is a normal part of the autumn season for most families. But what a lot of people forget is that some of those costs and school donations can actually go toward some deductions on your ...