Money Saving Tax Tips

When managing your finances and planning for the future, understanding the various investment and savings options available to you is crucial. Two terms often come up in discussions about financial planning are “tax-free” and “tax-deferred.” While these terms may sound similar, they refer to distinct investment strategies that can significantly impact your long-term financial goals....Continue reading→

As we approach the new tax year, it’s important to stay informed about key tax changes that could impact your financial planning. The IRS has announced several updates for the 2025 tax season. Below are some of the most significant changes: Adjustments to Tax Brackets and Standard Deductions The IRS has made inflation-related adjustments to...Continue reading→

Please note that beneficial ownership information reporting requirements have been affected by a recent federal court order. The Department of the Treasury is appealing that order. In the meantime, business owners are not currently required to file a BOIR and are not subject to liability if they fail to do so while the applicable order...Continue reading→

As the year draws to a close, now is the perfect time to ensure your financial house is in order and to take advantage of tax-saving opportunities. With a little planning, you can reduce your tax liability for 2024 and set yourself up for a strong financial start in 2025. Here are some key strategies...Continue reading→

Setting and achieving financial goals can feel overwhelming, but breaking them down by decade can make the process more manageable. Here is a guide to what you should be aiming for as you progress through each stage of life. 20s: Building a Strong Financial Foundation In your 20s, your primary goal is to establish a...Continue reading→

As a follow-up to our previous communication regarding the Beneficial Ownership Information (BOI) Reporting, we wanted to send a reminder about the approaching deadline of January 1, 2025 and the importance of ensuring your compliance with the regulations. As mentioned in our earlier article, the BOI reporting requirement is part of the recent regulatory changes...Continue reading→

Divorce is a challenging and emotional process that can significantly impact various aspects of your life, including your finances. While the financial implications of divorce are far-reaching, it’s crucial to understand how it can affect your taxes. In this article, we’ll explore how a divorce can impact your tax situation and provide some essential considerations...Continue reading→

Summer wedding season has arrived, and newlyweds can make their tax filing easier by doing a few things now. A taxpayer’s marital status as of December 31 determines their tax filing options for the entire year, but that’s not all newlyweds need to know. Report a name change Report any name changes to the Social...Continue reading→

The Internal Revenue Service (IRS) imposes a variety of penalties on taxpayers to encourage compliance with tax laws and regulations. In 2023, several changes and updates to IRS penalties have taken effect, impacting both individual taxpayers and businesses. The IRS imposed a whopping $7 billion in tax penalties in 2023, a record-high that marks a...Continue reading→

What to Do If You Get an IRS Letter Tax season is over, and you’ve filed your return. Now you can sit back and relax, right? Well, not always. Sometimes, even after filing, the IRS might send you a letter or notice. Don’t panic! Getting mail from the IRS doesn’t automatically mean there’s a big...Continue reading→