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Individual Tax

Last-Minute Steps for a Stress-Free Tax Season

April 13, 2025 by admin

Last-Minute Steps for a Stress-Free Tax Season

As the tax deadline looms, many taxpayers find themselves scrambling to finalize their returns. If you’re one of them, don’t panic. With a few strategic last-minute steps, you can ensure a smooth and accurate filing process. Here’s what you need to do before the tax deadline hits: 1. Gather All Necessary Documents Before you start […]

Filed Under: Individual Tax

Is Your Favorite Pastime Turning Into a Small Business? The IRS Wants to Know.

March 11, 2025 by admin

Is Your Favorite Pastime Turning Into a Small Business? The IRS Wants to Know.

If you’re making $400 or more on your hobby, it’s time to start declaring it on your income taxes. We take on hobbies because we enjoy them. But at some point, we sometimes get enough people wanting the woven towels or the birdhouses or the Christmas ornaments we make that it’s time to start charging […]

Filed Under: Individual Tax

Tax Credit Opportunities

February 11, 2025 by admin

Tax Credit Opportunities

Tax deductions aren’t the only things to consider when looking for ways to reduce your tax bill. There are a number of tax credits that you may be able to claim. A tax credit reduces your tax liability dollar for dollar (and, in some instances, may be fully or partially “refundable” to the extent of […]

Filed Under: Individual Tax

Filing Taxes as a Single Parent

May 7, 2024 by admin

Filing Taxes as a Single Parent

Filing taxes can be a daunting task for anyone, but for single parents, it often comes with added complexities. As a single parent, you may be eligible for various tax benefits and credits designed to alleviate some of the financial burdens of raising children on your own. To ensure you’re maximizing your tax return while […]

Filed Under: Individual Tax

Help Your Working Teen Get a Jump-Start on Saving

February 21, 2024 by admin

Help Your Working Teen Get a Jump-Start on Saving

You may have a teen in your family who holds down a part-time job or works full-time during the summer. You can help your child lay the groundwork for future retirement security early on by encouraging your child to open an individual retirement account (IRA). You may, or may not, get some resistance, especially if […]

Filed Under: Individual Tax

Rules for Borrowing From Your IRA

January 18, 2024 by admin

Rules for Borrowing From Your IRA

Individual Retirement Accounts (IRAs) are designed to help you save for retirement, and they come with a set of rules and regulations to encourage long-term savings. While it’s generally not recommended to dip into your IRA before retirement, there are certain circumstances where you can borrow from your IRA without incurring penalties or taxes. However, […]

Filed Under: Individual Tax

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