So, it’s that time of year. No, actually, it’s kind of late. But, if you are quick- you can still find some great ways to cut your tax bill.
Continue reading Only 5 days to find ways to cut your tax bill
A perfect day. Today is Thanksgiving, and most of you are going to overdose on turkey. And, mellow out the rest of the day. Or, maybe vegetate watching football on tv. (Shame on you!)
Continue reading Happy Thanksgiving (if you so indulge)
So, is this a promise being kept or a follow-up to a threat?
The IRS now plans- in 2024, to offer a “Direct File” program that really is a direct file. With a test base of 13 states, the IRS will invite taxpayers to file their taxes using software provided by the IRS. The software will be in English and Spanish, working on computers and mobile phones.
Continue reading It’s really happening!
So, if your income tax preparation involves a few W-2 (salaried income), 1099s for interest and dividends and capital gains, even a 1099B for stock transactions (NOT Crypto, nothing more than 5 transactions), then you should be doing your own taxes. Because a professional is going to have charge way more than you want to pay to prepare your taxes. And, the professional won’t be able to come up with a lower tax bill than you could by yourself.
Continue reading Do Your Own- or Get Help?
I hope most of you have not been bamboozled by the GOP claims that the new funds we (that means the budget) have provided the IRS have only on purpose. And that was purported to be to hound the general (read lower half or 60%) population taxpayer. Sorry, folks, nothing could be further from the truth.
Continue reading The IRS makes it easier to respond!
Since the passage of the Tax Cut and Jobs Act (December 2017), it has become more difficult to discern how to prepare payroll withholding to ensure there is no balance due when failing taxes. (You do know it’s not a great idea to over withhold, since the IRS does not provide interest on your money that they will return later. Sure you get it in one big pile, but you can probable do better investing the extra funds during the year.)
Continue reading Getting the Right Amount of Withholdings
In a nutshell? Expiring provisions of the tax code.
Continue reading What happened to my Tax Refund
Here’s something else that was in that tax bill. One I kind of glossed over.
And, I can guarantee that this provision- which is only a feasibility determination- if the IRS elects to proceed, there will be a LOT of screaming and yelling. Not from me- I’m all for it. But, Intuit (aka Turbotax), Jackson Hewitt, H&R Block and a slew of other tax preparers are clearly not in favor of this idea at all.
Continue reading Pipe Dream- or First Step?
So, you’ve been procrastinating.
Even though the Feds gave you three more days. Because Friday was a holiday, they extended the deadline to file (yet again).
Continue reading Today’s the day!
