The kids are out of school, which means now is a great time to review the rules to deduct eligible summer activities on your tax return. Tax deductible related daycare expenses through the use of the Child and Dependent Care Credit can be a great opportunity to reduce your child care expenses this summer.
Taxpayers who owe taxes might get a call from a private collection agency working on behalf of the IRS. This article explains how to know when it's a legitimate IRS authorized private collection agency calling and not a scammer. Private collection of tax debts. Under Code Sec. 6306 , the IRS must hire private
For most taxpayers, you have until April 15th of the following year to contribute up to $7,000 ($8,000 if age 50 or over) into a Traditional IRA or a Roth IRA. Is an IRA an option worth considering for you? If so, which is better? Traditional IRA A Traditional IRA is an individual savings
The tax code is about 75,000 pages long, so it’s not surprising there are many overlooked money-saving deductions hidden within it. And with the much higher standard deduction amounts, those who do not itemize think there are no longer ways to reduce your taxes. Since mid-year is a good time to review great tax
Unless Congress takes action, a number of temporary tax laws are going to expire at the end of 2025. This means you have this year and next to take advantage of the current rules. That doesn’t mean Congress won't extend the current laws, but why take the chance? Here are some of the larger
Three of every four Americans got a refund check last year according to IRS statistics. With a little planning, you can maximize the benefit of your refund. Here are some ideas: Pay off debt If you have debt, a great spending priority can be to reduce or eliminate it. This is especially true if
Wouldn’t it be nice to check out of the workforce early and not need 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 plan is also a good idea. Here are some tax tips that could help
Beginning In April a number of IRS notices began hitting mailboxes. Unfortunately, the notices are coming in cold, as the IRS is turning on mailing their notices after a long time of being turned off. Their process is creating a lot of undue alarm. Example: A small business, current in their tax payments, receives a
One of the more popular provisions in the tax code is the $250,000 capital gain exclusion ($500,000 for a married couple) of any profit made when selling your home. As long as you follow the rules, most home sales transactions are not a taxable event. But what if the tax law changes? What if
If a user wants their iCloud data to be accessible to designated beneficiaries after their death, they can set up Legacy Contacts on their account. A Legacy Contact beneficiary gains access to all of the decedent’s iCloud data, including almost all end-to-end encrypted data but excluding iCloud Keychain data like account passwords. The technology