Generally, each year you can contribute up to the annual limit to a traditional or Roth IRA (or a combination of the two). But once the contribution deadline has passed,…
Medicare health insurance premiums can add up to big bucks — especially if you’re upper-income, married, and you and your spouse both pay premiums. Read on to understand how taxes…
When you think about tax deductions for vehicle-related expenses, business driving may come to mind. However, businesses aren’t the only taxpayers that can deduct driving expenses on their returns. Individuals…
Let’s say you have an unincorporated sideline activity that you consider a business. Perhaps you offer photography services, create custom artwork or sell handmade items online. Will the IRS agree…
Factor in taxes if you’re relocating to another state in retirement Are you considering a move to another state when you retire? Perhaps you want to relocate to an area…
Planning for year-end gift with the gift tax annual exclusion As we approach the holidays and the end of the year, many people may want to make gifts of cash…
IRS additional guidance addresses COBRA assistance under ARPA In Notice 2021-46, the IRS recently issued additional guidance on the COBRA premium assistance provisions of the American Rescue Plan Act (ARPA).…
Make Sure You Are Ready for an IRS Audit The IRS just released its audit statistics for the 2020 fiscal year. And fewer taxpayers had their returns examined as compared…
Get both tax and nontax benefits for hiring your children. If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other nontax…
Still have questions after you file your tax return? Even after your 2020 tax return has been successfully filed with the IRS, you may still have some questions about the…