Tax Tips

Tax Filing Deadline for Overseas filers is June 17, 2019

Gentle reminder that  If you are a U.S Citizen living abroad or a Green Card Holder living abroad or in active military service and have not filed your taxes yet, the deadline is coming up on June 17th, 2019. The extension is for the date to file, not to pay. Any interest on the taxes […]

Tax Tip for Education

A big tax benefit of the 2017 Tax Cuts and Jobs Act (TCJA) was to expanded eligibility for 529 savings plans. The 529 education savings plan was previously limited to only post-secondary education (i.e., college). However, the TCJA expanded it so that it can now be used for Kindergarten through Grade 12 education (public, private, […]

Introduction to selecting a Business Entity

If you are very good at what you do and know the business area for your set of skills then one of the most effective ways to create wealth is to start and operate your own business. When you operate your own business there are significantly less limits on your income than the alternative of […]

Investment Tip Part 2

Before I get back to tax related topics I wanted to provide one more blog on investing tips.   Previously I encouraged you to invest a good percent of your tax refund to create wealth for you in the future rather than spending it all now. I gave you several statistics showed that most millionaires […]

Tip on How to Invest that Tax Refund

In my last blog I encouraged you to invest your tax refund to create wealth for you in the future rather than spend it all now. I gave you several statistics from the book “Everyday Millionaires” by Chris Hogan that showed that most millionaires were normal folks that had no special privileges and that did […]

Invest Your Refund rather than Spend it

If you get a tax refund this year here is some motivation to help you invest your refund to create wealth for you in the future rather than spend it all now.   It is often stated by those that study the wealthy that one of the significant differences between the wealthy and those that […]

Tips for Tax Refunds

If get a tax refund and the amount is different than what is stated on the filed tax return, part or all of your refund may have been used to pay off (offset) past-due federal tax, student loans, state income tax or other past-due debts. You’ll receive a notice from the IRS if such an […]

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 […]