Are You Challenged To Unwind?

As we enter August, have you taken time away from your profession this summer – or I will give you – this calendar year?  Do you find it hard to unwind, to disconnect?  In our world today, it is a temptation to be continuously connected to email, texts, to our phones.  Let’s forget the pandemic […]

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Income Tax Return for a Deceased Taxpayer

Are you aware that a final Form 1040 should be filed for a deceased taxpayer?  Usually, the surviving spouse or the estate representative files a final individual income tax return for the deceased taxpayer.  If there is a surviving spouse, the return is filed with the same filing status as prior returns were filed.  The […]

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Year-Round Tax Planning

Tax season is pretty much history unless your returns are on extension.  For most people, once our tax returns are filed, we tend to not give them another thought until the beginning of the next year.  To minimize your tax liability, you need to think about taxes all year round.  Thinking about deductions and credits […]

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An Overview of the IRS’s 2022 Dirty Dozen Tax Scams

(Straight from the IRS) Compiled annually, the Dirty Dozen lists a variety of common scams that taxpayers can encounter anytime. The IRS warns taxpayers, tax professionals and financial institutions to beware of these scams. This year’s list is divided into five groups. Here’s an overview of the top twelve tax scams of 2022. Potentially abusive […]

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Your Child Reaches the Age of 18 – They Are an Adult Now

The Fourth of July is behind us and the start of a new school year will be here before we know it.  If you are a parent with children going to school – including those headed off to college – you are probably already starting your “school” shopping.  If you have a child headed for […]

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Owe Money to the IRS?  Reduce Your Debt for Pennies on the Dollar

Who hasn’t seen these ads on television claiming that if you owe taxes, the advertiser can settle your debt for pennies on the dollar. Do you believe these ads to be valid? Every year, the IRS publishes their DIRTY DOZEN list which is basically a list of the top 12 scams with regard to taxes.  […]

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Individual Income Tax Return Processing To Be Completed

Are you one of those taxpayers who is waiting for a refund on your 2020 income tax return?  Well, if so, the IRS has just alerted that the processing of 2020 income tax returns is expected to be completed by week’s end.  The backlog was just another part of life that was affected by COVID.  […]

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Were You The Beneficiary Of An IRA Owned By A Decedent?

If you are/were the beneficiary of an IRA or a qualified defined contribution plan participant that was owned by someone that has died, there are new rules and regulations that must be kept in mind.  Gone are the days that you could stretch out the distribution for an extended period of time – now, the […]

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“Where’s My Refund?” Online Tool Has Been Enhanced

Still looking for a refund to your returns filed?  Unlike in previous years, you can now track refunds for the past two years.  The IRS recently enhanced the “Where’s My Refund?” online tool and introduced a new feature that allows you to check the status for the current tax year and two previous years.  This […]

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Some Reminders If You Are Selling Your Home

Summertime and the moving trucks are busy.  If you are selling your home, here are some important reminders: Some or all of your gain may be excludable from income tax.  Have you owned your home as your primary residence for five years?  Have you lived there for at least two years?  If the answer is […]

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