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Tax Tips for March 2025

Tax Tips for March 2025

by | Mar 25, 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 calendar year. FBARs are due April 15 of the following calendar year, though an automatic extension is allowed. For purposes of FBAR requirements, here are the definitions of some key terms: U.S. person. This includes U.S. individuals (adults or children), resident aliens, and specific entities, such as...

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It May Not Be Too Late to Reduce Your 2024 Taxes

It May Not Be Too Late to Reduce Your 2024 Taxes

by | Mar 18, 2025 |

If you’re preparing to file your 2024 federal income tax return and your tax bill is higher than you’d expected or your tax refund is smaller than you’d hoped, there might still be an opportunity to change it. If you qualify, you can make a deductible contribution to a traditional IRA until the filing date of April 15, 2025, and benefit from the tax savings on your 2024 return.

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Tax Tips for March 2025

Tax Tips for February 2025

by | Feb 3, 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 receipts. Failure to provide certain information could mean an incomplete return, which may require additional processing and delay any refund due. Check names, Social Security numbers and amounts for accuracy and correct spelling. Also, if you supply a bank account number, double-check it. Don’t wait to...

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4 Key Tax Questions About 2025 Taxes

4 Key Tax Questions About 2025 Taxes

by | Jan 21, 2025 |

Right now, you may be more focused on what you’ll owe (or receive as a refund) when you file your 2024 tax return in April than on tax planning for the new year. However, as you work through your annual tax filing, you should familiarize yourself with amounts that may have changed for 2025 due to inflation adjustments.

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