Tax documents can accumulate quickly. While clearing out old files can feel productive, it’s important not to discard anything until you’ve reviewed some record-retention guidelines.
Before You Shred: Know Which Tax Records to Keep
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Archived Posts: Tax Return
Tax Tips for March 2025
Click on the links below to jump to each section in this article: File Your FBAR on Time to Avoid Penalties Options for Paying Your Tax Bill Stay Ahead of Business Cybercrime File Your FBAR on Time to Avoid Penalties Any U.S. person with a financial interest in or authority over foreign financial accounts may be required to file a Report of Foreign Bank and Financial Accounts (FBAR). An FBAR is required if the aggregate value of the accounts exceeds $10,000 at any time during the...
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...
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...
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...
One-Time Thing: IRA to HSA transfer
Did you know that you can transfer funds directly from your IRA to a Health Savings Account (HSA) without taxes or penalties? Under current law, you’re permitted to make one such “qualified HSA funding distribution” during your lifetime.
Is Disability Income Taxable?
If you may be eligible for disability income should you become disabled, it’s important to know whether that income will be taxable. As is often the case with tax questions, the answer is “it depends.”
How To Be Ready To Secure a Business Bad Debt Deduction on Your 2023 Tax Return
Is your business having trouble collecting payments from clients or vendors? You might be able to claim a bad debt deduction on your tax return. But if you hope to take the deduction on your 2023 return, you’ll have to get busy, because you must be able to show that you’ve made a “reasonable” effort to collect the debt. Requirements:
Deducting Casualty Losses on a Tax Return
Every year, hurricanes, tornadoes, floods, wildfires, and other natural disasters affect US citizens. The bad news is that recovery efforts after natural disasters can be costly. For instance, when hurricanes strike, they not only cause wind damage but can cause widespread flooding.
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.
