One of the biggest tax benefits available today is the exclusion of gains when you sell your qualified home. Here is what you need to know. The tax benefit explained: For those who qualify, a married couple can exclude up…

While this week’s topic won’t apply to most people, you may need this information, or know someone who does, and considering the times, I wanted to make sure everyone is informed. As I’m sure you’re aware, one of the main…

More on Stimulus Payments Economic Impact Payments, more commonly referred to as “Stimulus Payments” began arriving in taxpayers bank accounts around April 15th. We’ve fielded several telephone calls and emails (and at least one actual letter) with questions about these…

Keeping You Up To Date For April 15th We wanted to send out an update on the tax filing situation as we know it now. We have been advising everyone we speak with over the past few weeks that this…

TAX UPDATE We hope that you are keeping yourself, your loved ones, and your community safe from COVID-19 (commonly referred to as the Coronavirus). I really don’t think taxes are on everyone’s mind this week, but economic survival is, so…

Stimulus Checks Let me start out this week by saying we all hope that you, your family, your friends, and your co-workers all stay safe and healthy in these unprecedented times. We all hope and pray that our leaders continue…

SELF‐EMPLOYED I bet you can guess the one question I get asked the most – “How can I save on my taxes?” Well, maybe not the most asked but certainly one of the most frequently asked, especially at tax time….

SECURE Act I am going to take a pause from taxes this week and talk about saving for retirement and the changes that might impact you because of the Setting Every Community Up for Retirement Enhancement (SECURE) Act, which was…

ADJUST YOUR WITHHOLDING If you were like a lot of taxpayers last year, you were surprised when you filed your tax return because you didn’t get that refund you expected, you owed with your 2018 return. In many cases, your…

That’s Taxable? I must admit that it can be an uncomfortable conversation when a tax professional must explain that something the client believes is not subject to income tax in fact is taxable. It’s more uncomfortable though if that conversation…

COMMON TAX MISTAKES As we start tax filing season 2020 I thought it might be a good idea to go over some mistakes that are easy to make when filing your return. All won’t apply to you but one might…

Above The Line Last week I talked about some common mistakes, and I mentioned that the Standard Deduction was essentially doubled with the passage of the tax bill of 2017. For single taxpayers the Standard Deduction is $12,200 and $24,400…