Archived Posts: Tax Return

Tax Tips for February 2025

Tax Tips for February 2025

Click on the links below to jump to each section in this article: Tips for Pain-Free Tax Filing Deduction vs. Credit Required Withholding for Supplemental Pay   Tips for Pain-Free Tax Filing It’s time again to start thinking about getting your tax return prepared. Here are some quick tips you can use to help speed tax processing and avoid hassles. Gather all documents needed to prepare an accurate return, including W-2s, 1099 forms, statements of interest and dividends, and relevant...

read more
Tax Tips for June 2024

Tax Tips for June 2024

Click on the links below to jump to each section in this article: Help Prevent Financial Scams Aimed at Older People Boost Your Home Improvements with Tax Credits Tax Breaks for Increasing Accessibility   Help Prevent Financial Scams Aimed at Older People In any season, scam artists are seeking new ways to steal financial data and money from vulnerable people. Such fraudulent activities often target older adults. Here are three ways to help prevent elder financial abuse and fraud, whether...

read more
Tax Tips for June 2024

Tax Tips for May 2024

Click on the links below to jump to each section in this article: The “Nanny Tax” Must Be Paid for Nannies and Other Household Employees Discovering a Mistake After Your Tax Return Is Filed What to Do if Your Business’s Data Security Is Breached   The “Nanny Tax” Must Be Paid for Nannies and Other Household Employees If you employ a household worker who isn’t an independent contractor, you may be required to pay employment taxes on the worker’s cash wages. This is commonly referred to as...

read more
Qualified Charitable Distributions From IRAs

Qualified Charitable Distributions From IRAs

If you’re a retiree aged 70 1/2 or older, consider taking advantage of legislation that allows you to reduce or eliminate the amount of income tax on IRA withdrawals transferred directly to a qualified charitable organization. You can use this tactic even though minimum distributions are no longer required until age 72. Referred to as Qualified Charitable Distributions (QCDs), they can also be used to satisfy all or part of your required minimum distribution.

read more
Deducting Business-related Car Expenses

Deducting Business-related Car Expenses

If you're self-employed and use your car for business, you can deduct certain business-related car expenses. The first thing small business owners need to know is that there are two options for claiming deductions: Actual Expenses. To use the actual expense method, you need to figure out the actual costs of operating the car for business use. You are allowed to deduct the business-related portion of costs related to gas, oil, repairs, tires, insurance, registration fees, licenses, and...

read more