News

The tax rules for legal awards and settlements: What recipients should know

If you’ve recently received a settlement or award from a lawsuit, or you’re expecting one, you may be wondering how the IRS views this money. Will you need to pay taxes on it? The short answer: It depends on the type of damages you received….

Still have tax questions? You’re not alone

Even after your 2024 federal return is submitted, a few nagging questions often remain. Below are quick answers to five of the most common questions we hear each spring. 1.When will my refund show up? Use the IRS’s “Where’s My Refund?” tracker at IRS.gov. Have these…

The “wash sale” rule: Don’t let losses circle the drain

Stock, mutual fund and ETF prices have bounced around lately. If you make what turns out to be an ill-fated investment in a taxable brokerage firm account, the good news is that you may be able to harvest a tax-saving capital loss by selling the…

Explore SEP and SIMPLE retirement plans for your small business

Suppose you’re thinking about setting up a retirement plan for yourself and your employees. However, you’re concerned about the financial commitment and administrative burdens involved. There are a couple of options to consider. Let’s take a look at a Simplified Employee Pension (SEP) and a…

What tax documents can you safely shred? And which ones should you keep?

Once your 2024 tax return is in the hands of the IRS, you may be tempted to clear out file cabinets and delete digital folders. But before reaching for the shredder or delete button, remember that some paperwork still has two important purposes: Protecting you…

What Losses Can You Deduct if You Live in a Federally Declared Disaster Area?

Have you experienced any losses caused by severe storms, floods, hurricanes, or other disasters? If you have, you may be able to deduct those losses on your tax return if you live in a federally declared disaster area. Federal Disaster Areas When a state or…

An essential tax deadline is coming up — and it’s unrelated to your 2024 return filing

Tuesday, April 15 is the deadline for filing your 2024 tax return. But another tax deadline is coming up the same day, and it’s essential for certain taxpayers. It’s the deadline for making the first quarterly estimated tax payment for 2025 if you’re required to…

How Buying a New Car Could Reduce Your Tax Liability

Overview of the Inflation Reduction Act of 2022 and the Clean Vehicle Credit The Inflation Reduction Act of 2022 is a 10-year plan that introduced new tax regulations and provided additional funding to the IRS. The funds were intended to improve the services and technology…

Discover if you qualify for “head of household” tax filing status

When we prepare your tax return, we’ll check one of the following filing statuses: single, married filing jointly, married filing separately, head of household or qualifying widow(er). Only some people are eligible to file a return as a head of household. But if you’re one…

Looking to Adopt? Learn More About the Tax Credits You Can Receive…

Adopting is a very fulfilling and is a great way to grow your family and can be a wonderful experience but a costly one and the IRS understands this. This article will provide you with a brief, not all-inclusive, explanation on the adoption tax credit,…