Tax Tips

IRS keeps your refunds if you don’t file within 3 Years of Due Date

If you are owed a refund the only way to get the refund is to file the tax return within 3 years of the due date. Current tax law gives you 3 years to submit a tax return in order claim and receive your refund. If you file your return over 3 years late and […]

Better to File your Your Return and Not Pay than to Not file at all

If you can’t afford to pay your taxes by the filing deadline you are not alone. If you don’t have the money to pay your taxes on time you are far better off to file your return on time and don’t pay the taxes owed or file a request for an extension than not file […]

Last-minute Tax Tips & Key Tax Law Changes

You might be surprised to see you owe taxes this year when you were expecting to pay less taxes due to the tax law changes. Many Americans did pay less compared to 2017 taxes but less tax was taken out of their paycheck and the cumulated effect was they owed more when they filed. Below […]

Reminder that 1st Quarter Estimated Payments are Due April 15th.

If you are making quarterly estimated tax payments to the IRS, this is a gentle reminder that the due date for the January 1 – March 31 quarter of the year is April 15th. For payments made using IRS Direct Pay, you can make payments until 8PM EST, and for payments using a credit or […]

You can make 2018 IRA Retirement Contributions up to 4/15/19

One of the most effective ways to reduce your taxes and fund your retirement is to max out your available retirement accounts. If you haven’t already funded your retirement account for 2018, you may still do so. You have until April 15, 2019 for contributions to a traditional IRA, deductible or not, and to a […]

Option for 6 month Extension on your Federal Taxes

When obstacles get in the way of filing your tax return by the April 15th deadline you can file for a 6-month extension on your federal income tax return. This will give you until Oct 15th, 2019 to file your taxes. However, you are still required to pay any taxes due by April 15th, 2019 […]

Tax Identity Theft

Tax related ID theft is when someone uses your information (name, SSN, etc.) to file a false tax return and then claims a fraudulent refund. The ID theft takes your refund and you don’t find out about it until you try to file your return electronically and are denied. The number one thing you can […]

2nd Home & Vacation Property Owner Tax Tip

If you own a second home or a cabin or a vacation property that you live in only occasionally and rent out at other times, you might be able to deduct expenses you pay to maintain the property from your rental income. In addition, you might be able to classify the home as investment property […]

12 Tax Tips for Seniors (Part 4 of 4)

This is the final part of a series of blogs on 12 Tax Tips for Retirees and the Elderly.  Retirement can be a huge shock when retirees must pay a significant tax due to retirement withdrawals and social security.  Other than Roth IRAs, the money you withdraw from your retirement savings is most likely subject to […]

12 Tax Tips for Seniors (Part 3 of 4)

This is part 3 of a series of blogs on tax tips for the retirees and the elderly. Retirement can be a huge shock when retirees have to pay a significant tax due to retirement withdrawals and social security.  Other than Roth IRAs, the money you withdraw from your retirement savings is most likely subject […]