Mar. 2020

Child tax credit by the numbers Taxpayers may be able to claim the child tax credit if they have a qualifying child under the age of 17. Part of this credit can be refundable, so it may give a taxpayer a refund even if they don’t owe any tax. The taxpayer’s qualifying...

Feb. 2020

Contribute to retirement accounts If you haven’t already funded your retirement account for 2019, do so by April 15, 2020. That’s the deadline for contributions to a traditional IRA, deductible or not, and to a Roth IRA. If you have a Keogh or SEP and you get a filing...

Jan. 2020

A small business owner often wears many different hats. They might have to wear their boss hat one day, and the employee hat the next. When tax season comes around, it might be their tax hat. They may think of doing their taxes as just another item to quickly cross...

Dec. 2019

There are steps you can take now to make sure your tax filing experience goes smoothly next year! Check your withholding and make any adjustments soon Since most employees typically only have a few pay dates left this year, checking their withholding soon is...

Nov. 2019

With school back in session, parents and students should look into tax credits that can help with the cost of higher education. They do this by reducing the amount of tax someone owes on their tax return. If the credit reduces tax to less than zero, the taxpayer may...

Oct. 2019

The impact of tax reform is still playing out. A few more changes are in store for your next tax return — in addition to the usual inflation adjustments. We’re already nearly two-third of the way through tax year 2019 — the one for which your return is due by April...

Sep. 2019

Adjusted Gross Income A taxpayer’s adjusted gross income is one factor that determines how much tax they owe. Taxpayers who plan today can lower their AGI (Adjusted Gross Income) Here are a couple things taxpayers can do now to lower their AGI: Know how adjusted gross...

Aug. 2019

Tax credits and deductions can mean more money in a taxpayer’s pocket. Most people only think about this when they file their tax return. However, thinking about it now can help make filing easier next year. Taxpayers should be prepared to claim tax credits and...

July 2019

With this year’s average tax refund around $2,700, the Internal Revenue Service reminds taxpayers they have options to control the amount of their take-home pay and the size of their tax refund by adjusting their tax withholding. A Paycheck Checkup using the IRS...

June 2019

Small business owners may qualify for a home office deduction that will help them save money on their taxes, and benefit their bottom line. Taxpayers can take this deduction if they use a portion of their home exclusively, and on a regular basis, for any of the...