Using your 401(k) plan to save this year and next You can reduce taxes and save for retirement by contributing to a tax-advantaged retirement plan. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a taxwise way to build a nest egg. If you’re not already contributing the maximum allowed, […]
Individual Tax Advice
What is your taxpayer filing status?
What is your taxpayer filing status? For tax purposes, December 31 means more than New Year’s Eve celebrations. It affects the filing status box that will be checked on your tax return for the year. When you file your return, you do so with one of five filing statuses, which depend in part on whether […]
Medical expenses: What it takes to qualify for a tax deduction
Medical expenses: What it takes to qualify for a tax deduction As we all know, medical services and prescription drugs are expensive. You may be able to deduct some of your expenses on your tax return but the rules make it difficult for many people to qualify. However, with proper planning, you may be able […]
3 last-minute tips that may help trim your tax bill
3 last-minute tips that may help trim your tax bill If you’re starting to fret about your 2019 tax bill, there’s good news — you may still have time to reduce your liability. Three strategies are available that may help you cut your taxes before year-end, including: 1. Accelerate deductions/defer income. Certain tax deductions are claimed […]
Adopting a child? Bring home tax savings with your bundle of joy
Adopting a child? Bring home tax savings with your bundle of joy If you’re adopting a child, or you adopted one this year, there may be significant tax benefits available to offset the expenses. For 2019, adoptive parents may be able to claim a nonrefundable credit against their federal tax for up to $14,080 of […]
Do you have a side gig? Make sure you understand your tax obligations
Do you have a side gig? Make sure you understand your tax obligations The number of people engaged in the “gig” or sharing economy has grown in recent years, according to a 2019 IRS report. And there are tax consequences for the people who perform these jobs, such as providing car rides, renting spare bedrooms, […]