We have had many clients contact us regarding letters from the IRS requesting “identity verification.” Scammers often use stolen Social Security numbers to file fraudulent tax returns and collect refunds. To prevent this, the IRS scans every tax return for signs of fraud. If a suspicious tax return is found, the IRS reviews the return
Annual Tax Planning for Individuals and Business Owners
Getting an early start on tax planning instead of waiting until year-end gives you more time to meet with your TFG tax and wealth advisors and make the financial moves that can reduce your tax burden. And, the faster you file your return, the faster the IRS can process your return (and any potential refund).
2024 Federal Income Tax Brackets and Rates
It’s never too early to start planning ahead to save money on taxes. The new inflation adjustments just announced are for tax year 2024, for which taxpayers will file tax returns in early 2025. With the brackets rising, some clients may get larger paychecks after taxes in 2024 as their effective rates go down for
Partners May Separate to Different States But the Tax Burden Stays
A partnership consists of two or more individuals who form a business relationship. As with any relationship, partners expect to encounter situations along the way that cause disagreements and disputes. Usually those disputes are resolved and the partners move forward. Sometimes, a partner will decide to work remotely, or stay invested but move to another
Six Tax Saving Strategies Designed for Fall
Revisit your tax plan NOW to minimize your tax burden in the Spring of 2024 and save more of your money. These 6 ideas will help you switch from a reactive to a proactive plan when it comes to minimizing taxes. Double-check your withholding amounts. Income tax brackets and marginal tax rates usually change from
Beware Taxes on Bonuses
The IRS considers bonuses a form of wages, and as such, they’re subject to federal taxes, just like your normal pay. However, it’s not just federal tax you have to consider. You might be subject to Medicare and Social Security tax, and unemployment tax. Depending on where you live, you may also have to pay
Electric Vehicle Tax Credit For Charging Stations And Equipment Is Back!
The EV charger federal tax credit for electric vehicle charging stations and equipment that had expired is back, albeit with some changes. If you install a home EV charging station, the tax credit is 30% of the cost of hardware and installation, up to $1,000. Businesses that install new EV chargers or EV charger equipment
IS A 1031 Exchange Right For You?
What is a 1031 Exchange? It is a way to leverage your gains. It allows sellers of investment or business-use real estate to defer paying capital gains, and depreciation recapture taxes, when they use the proceeds of the sale to purchase one or more additional pieces of investment or business-use real estate. IRS Code 1031
IRS Alerts Taxpayers of Suspected Identity Theft
GOT MAIL? Scammers often use stolen Social Security numbers to file fraudulent tax returns and collect refunds. To prevent this, the IRS scans every tax return for signs of fraud. If a suspicious tax return is found, the IRS reviews the return and sends a letter to the taxpayer letting them know about the potential
TAX PLANNING MAY MEAN YOU KEEP MORE OF WHAT YOU MAKE
Making more money does not always have to mean paying more taxes, but you do need a plan, and more than just a prediction. Whether you are an individual or a business owner, don’t wait till yearend like most folks, when it is generally too late to do much, focus on what you can do
