You own some stock that has increased in value. To avoid a possible taxable gain by selling the stock, you wish to give it directly to a child or grandchild. This simple idea has some interesting tax consequences to consider….

New state tax laws are making more and more taxpayers tax cheats without them realizing it is happening. Think it can’t happen to you? Here are some examples. Your small business registers for sales tax in Texas and you receive…

With the dramatic increase in identity theft, what can be done to protect your Social Security number (SSN) from these would-be thieves? Here are some ideas. Do not carry your Social Security card with you. Your parents were encouraged to do…

Withdrawing funds from your retirement accounts must be done carefully to avoid a potential 10% early withdrawal penalty. Unfortunately, each retirement account type has different rules. Here are some tips for Roth IRAs. Roth IRA basics Roth IRA accounts differ…

You may be considering booking stock losses due to recent market drops in order to save on your bill from Uncle Sam. Selling losers can be a great strategy when these losses can offset stock gains and up to $3,000…

You’ve got it all planned out. Your retirement savings accounts are full, you have started receiving Social Security benefits and your pension is ready to go. Everything is planned. What could go wrong? Here are five surprises that can turn…

If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The 1st AND 2nd quarter due date is now here. Due Date: Wednesday, July 15, 2020…

The kids are out of school and summer is well underway. Make sure you understand the rules regarding the tax deductibility of summer activities and related daycare expenses through the use of the Child and Dependent Care Credit. Collecting those…

Wouldn’t it be nice to check out of the workforce early and not have to worry about having enough money for retirement? While good financial planning can help you get there, leveraging the tax code as part of your retirement…

Signed into law June 5th, the Paycheck Protection Program Flexibility Act modifies the original PPP loan provisions of CARES Act. Among other items, the law addresses some of the concerns borrowers have regarding loan forgiveness. Loan Forgiveness Provisions: • The…

With the tax filing extension giving you until July 15th to file your return, it is easy to overlook ways to avoid receiving a letter from the IRS. Here are some of the most common tax filing mistakes: Forgetting a…

The IRS has allowed tax payments with credit cards for the past few years. Is it a good payment method for you? Here is how it works. Your tax bill is now due and you may be considering paying the…