Find out the status of your Stimulus Checks

  The IRS has the website up and running to check both your first and 2nd stimulus payments.  This may be particularly helpful when filing your 2020 taxes AND you cannot locate your NOTICE 1444 - the letter signed by Trump.  When filing your 2020 taxes, you will have the opportunity to reconcile the stimulus [...]

2021-01-06T11:27:53-07:00January 6th, 2021|Tax, Tax Season|Comments Off on Find out the status of your Stimulus Checks

Stimulus Checks and Taxes

The IRS published a notice stating the Notice 1444 that was mailed to you showing your Stimulus payment benefits is an important document to keep with your 2020 tax documents.  This will be used to reconcile the amount you received AND especially important if you feel your payment was inaccurate. CLICK HERE to read the [...]

2020-08-31T15:01:05-07:00June 23rd, 2020|Tax|Comments Off on Stimulus Checks and Taxes

Major Revamp of W-4 (withholding form)

2020 brings a change to the form used by employers to withhold your Federal taxes, form W-4.  With the tax law changes of 2018, many found they were not withholding enough tax.  This redesign should help with making sure you are having enough tax taken from your paycheck. Who should be concerned?  For the most [...]

2020-01-22T10:10:00-07:00January 22nd, 2020|Tax|Comments Off on Major Revamp of W-4 (withholding form)

SECURE Act changes Retirement Plan rules January 1, 2020

The SECURE Act is now in place - With Senate's passing and President Trump's signing, certain key law changes MAY IMPACT YOU RETIREMENT starting January 1, 2020. SECURE is an acronym for Setting Every Community Up For Retirement Enhancement.  This is the biggest change to retirement legislation in 13 years.  Those nearing retirement or in [...]

2020-01-07T10:52:28-07:00January 7th, 2020|financial, retirement, Tax|Comments Off on SECURE Act changes Retirement Plan rules January 1, 2020

Capital Gains and your taxes

If you own mutual funds in a taxable account, you probably know about capital gains which get reported on your tax return.  During tax season I always have a few clients that complain about having to pay tax on the capital gains when they didn't even sell the fund AND they lost money during the [...]

2019-10-21T13:48:14-07:00October 21st, 2019|financial, financial news weekly, Tax|Comments Off on Capital Gains and your taxes

IRS gives insight on Education Credits

IRS Tax Tip 2019-145, October 17, 2019 There are two education credits that can help taxpayers with higher education costs: the American opportunity tax credit and the lifetime learning credit. There are several differences and some similarities between them. Taxpayers can claim both benefits on the same return, but not for the same student or same qualified expenses. Here's a [...]

2019-10-17T13:00:06-07:00October 17th, 2019|Tax|Comments Off on IRS gives insight on Education Credits

Why you should check your withholding

All tax payers should do an annual paycheck checkup. By checking your withholding you are being proactive in assuring you are paying enough into the IRS. It is important to do your checkup as early as possible in the year. It is also important to do a checkup when any major life events happen, such [...]

2019-06-10T12:48:45-07:00June 10th, 2019|Tax, Uncategorized|Comments Off on Why you should check your withholding

Taking Care of Business

Small business owners should keep good records. This applies to all businesses, whether they have a couple dozen employees or just a few. Whether they install software or make soft-serve. Whether they cut hair or cut lawns. Keeping good records is an important part of running a successful business. Here are some questions and answers [...]

2019-05-09T09:26:57-07:00May 9th, 2019|Tax, Uncategorized|Comments Off on Taking Care of Business

Here’s the scoop on the new child tax credit rules

IRS Tax Tip 2018-182  discusses the new child tax credit rules.  Bottom line is that more people should get the full $2,000 credit per child as the income threshhold has increased to $200,000 single and $400,000 married filing jointly.  There is a dependent credit of $500 per person that does not fall under the "child" [...]

2018-12-11T09:56:32-07:00December 11th, 2018|Tax|Comments Off on Here’s the scoop on the new child tax credit rules

Grandparents may qualify for earned income tax credit

IRS PUBLICATION: Issue Number:    Tax Tip 2018-10 Inside This Issue    Grandparents Caring for Grandchildren Should Check Their Eligibility for EITC Grandparents who work and are also raising grandchildren might benefit from the earned income tax credit. The IRS encourages these grandparents to find out, not guess, if they qualify for this credit. This is important because grandparents [...]

2018-04-03T16:02:56-07:00January 23rd, 2018|Tax, Tax Season|Comments Off on Grandparents may qualify for earned income tax credit

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