While most people tune into taxes in March and April due to the annual deadline, tax planning is most effective when it is a year-round endeavor. Here are 20 of our CPA’s best tips to use throughout the year, to make the most of your tax return come tax time. Gift Tax Exclusion Currently,
Count on Summer Camp Tax Credits
School is out and that means it’s time for summer camp for the kids. Although summer camps can be expensive, whether it’s band, theatre, computer, or sports camp, the Child And Dependent Care Credit provides a welcome tax break for many parents! If you are working and responsible for the cost of childcare, you qualify
Thinking About a Vacation Home? Think Twice About Taxes
Are you stressed about whether it is a good financial move to buy a vacation home? With today’s housing prices, it can be scary. However, there are a number of ways that you can lessen this financial impact. Here are a few things our TFG CPAs recommend to help make it work for your pocketbook.
Beware SETC Tax Scams!
The IRS is constantly notifying taxpayers about scams that are circulating, in addition to releasing its annual “Dirty Dozen” list of tax scams. Recently, there has been an increase in the amount of bad tax advice going around on social media. Everyone needs to be careful about what they read on social media, but especially
When in Doubt, Scan and Save Tax Records
Here is the answer you‘ve been waiting for to one of the most common questions asked of CPAs post-tax season. Which tax documents and financial papers out of the seemingly endless piles of information, do folks need to keep? Generally, keep records that support an item of income, a deduction, or a credit shown on
Tax Breaks for Taking Care of Mom and Dad
Since Mother’s Day is almost here and Father’s Day is right around the corner, we wanted to remind clients about the tax benefits which exist for adult children taking care of their elderly parents. The Bureau of Labor says that over 37 million people in the U.S.A. are involved in eldercare. According to AARP, 78%
Ten Tax Tips to Make That Dream House Your Own
Buying a home can be difficult and expensive. Thankfully, there are tax breaks that can help you in your quest to become a homeowner, and also assist you with the mortgage and maintenance. Our tax experts have put together a list which can provide great savings for those who qualify. Using 401(k) or IRA funds
Does Your Child or Teen Need to Pay Taxes?
You may be surprised to learn that your child is a separate taxpayer, even as a minor. If your kids recently started working, or otherwise earning income, they may need to file a tax return this year. How much does your child have to make? Don’t panic, if they only had earned income from wages,
Tax Tips for the Self-Employed and Solo-Entrepreneurs
Like being your own Boss? There are a lot of positives, and one is that you have a lot more options regarding tax deductions. The good news is, when you are self-employed, there are many strategies you can take advantage of, which create big opportunities for tax savings. The bad news is that you have
IRS 2024 Dirty Dozen
Let your 2024 New Year’s Resolution be to avoid the IRS Dirty Dozen! Every year the IRS releases a list of the most recent tax scams and identity fraud schemes and they call them the Dirty Dozen. As we are now entering tax season, our CPAs and Accountants want to warn you to steer clear
