Tax Tips

Year-End Tax Tips

Now that 2017 is coming to an end, here are some things to consider: If you qualify to have a Health Savings Account you need to OPEN it by the end of the tax year. Make charitable contributions and have the necessary proof. If you bunch your itemized deductions every other year: Make sure you […]

Continue Reading

Are You Thinking You Need to Amend Your Return?

Mistakes happen and tax returns are no exception. Filing an amended tax return corrects information that changes tax calculations. This includes making changes to filing status and dependents, or correcting income credits or deductions. Don’t file an amended return to fix math errors because the IRS will correct those. The IRS offers tips on how […]

Continue Reading

Applying for College Financial Aid FAFSA

You can fill out your FAFSA for the 2018-2019 school year at this time.  File asap to get the most grant,  scholarship and work study money as possible. Fill it out HERE on the FAFSA website. First thing…if you don’t already have one from a prior year then you AND your child each need a FSA […]

Continue Reading

Worried About Owing the IRS?

  If so, consider updating the amount your employer withholds for federal income tax. The IRS is encouraging taxpayers to consider checking the amount of federal income tax that is being withheld to help avoid or reduce the amount of tax due at filing or reduce the amount over-withheld over the course of the year. […]

Continue Reading

Planning to work after you start receiving Social Security?

You are able to work after starting to receive social security benefits. However, if you have not reached the full retirement age when you start receiving social security, there is a limit on the amount you can earn without affecting your social security benefits.   If you are under full retirement age for the entire year, […]

Continue Reading

Divorce & Taxes

Here are some key issues that may affect you if dealing with divorce or separation: Alimony received must be included as taxable income Alimony paid is a deduction for the person paying it Child support is not a taxable event Let the IRS know about your address change on Form 8822 Report any name change When […]

Continue Reading

Start Saving Those College Receipts!

Now that school is back in session for the fall, it is a good time think about possible education credits.  It is important to compile receipts for qualified education expenses in order to potentially qualify for education credits. There are two education credits available: the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC). These credits may […]

Continue Reading

Tax Relief for Hurricane Victims

The IRS is offering some help to victims of Hurricanes Harvey and Irma. Read more about it here: Harvey Irma   Reconstructing records after a disaster: to recreate inventories business owners can get copies of invoices from supplies get copies of prior year tax returns: sales tax, payroll returns, business licenses, federal, state and city […]

Continue Reading

Applying for Federal Student Loans

Yes, you can fill out your FAFSA for the 2018-2019 school year starting October 1st. Yep! In less than a month you could be looking up asset values and tax information from 2016 and possibly pulling your hair out in frustration. Woohoo! Fill it out HERE on the FAFSA website. First thing….and you can do this […]

Continue Reading

Tax breaks for HSAs

IF you qualify to have an HSA, then you have until December 31st to open it.  Some employers have an HSA as an element of the benefit package but don’t despair if that isn’t the case for you…. YOU TOO MAY BE ABLE TO HAVE AN HSA!   Yay! First the bad news (let’s get that […]

Continue Reading