Filing your individual tax return, no matter how complex or relatively simple, can be very time consuming. Applying for an extension from the Internal Revenue Service is a way to give yourself an additional six months to get all of your paperwork in order. Do keep in mind, however, that if you owe the IRS[…]
While you might think managing your taxes is just another part of your financial responsibilities, such as paying bills and monitoring your bank accounts, think again. Accounting, tracking and filing taxes swallow up a lot of your valuable time that could better be spent enhancing your business. Small business owners, who use a certified public[…]
For years, taxpayers, and in particular, wealthy taxpayers, have sought to reduce their tax burden by establishing residency in states with lower tax rates. Florida is a favorite destination because it has no state income tax. Financial experts warn that the process is more challenging than it appears, however. While you can have more than[…]
Although the cost of higher education continues to mount, the tuition and fees deduction for college students and their parents has been eliminated, beginning this year. However, there are other avenues taxpayers can explore to look for deductions and savings. While the tuition deductions are no longer available on your 2019 return (filing for 2018[…]
The IRS recently released a draft version of a new tax return for senior citizens. Designed to be easier to read and navigate, the new form was mandated by the Bipartisan Budget Act of 2018. While based off the regular 1040, the 1040-SR, has a larger font size and the shading in boxes has been[…]
Seniors and those with disabilities who receive rebates through the Property Tax/Rent Rebate Program should be aware of a scam that is specifically targeting them, says the Pennsylvania Department of Revenue. While the Department of Revenue says it does send automated calls to confirm that information from an application has been received and approved, it[…]
How the state of New Jersey and the federal government tax Individual Retirement Accounts can be confusing for many taxpayers. Tax professionals strongly advise people to not only keep track of their personal contributions, but to also keep good records each year, as they receive a statement. For NJ taxpayers, the only amount in your[…]
What you need to know about estate planning
By diamondcpas Estate Planning, Personal Taxes Apr 18, 2019
Estate planning is a valuable tool that offers people of all ages and incomes an effective means to determine who will receive their assets and who will make critical decisions in the event of death or incapacitating illness. While often thought of as a concern for the wealthy and, typically, older adults, financial planning experts[…]
Thinking of booking a room or an entire home for a vacation or business travel in Pennsylvania this year? Be prepared for a bump in the cost. As of January 22, 2019, the state has closed a tax loophole that previously allowed online home-sharing sites such as HomeAway, VRBO (Vacation Rental By Owner) and Expedia[…]
Owing taxes to the IRS is no laughing matter. Failure to pay, or making arrangements to pay, can lead to severe consequences, including liens or seizure of property, wage attachments and other actions that can impact one’s employment, credit score and ability to secure a mortgage, for many years. However, being aware of how the[…]