Understanding Your Tax Filing Status

For most, determining your tax filing status probably does not create a lot of question or confusion. But for others, it might not be so cut and dry. For most, whether you are married or unmarried at the end of the year is the determining factor.…

Advanced Child Tax Credit

There are likely to be many questions related to the advanced child tax credit and the stimulus payments from January 2021. Following are some important details you’ll need as you get your tax return ready. Advance CTC letter 6419: In late…

19 Ways To Save On Your Taxes - Part Two

And we’re back. If you missed part one of 19 Ways to Save on Your Taxes, be sure to check it out here because that one is full of gripping details on how to save taxes. If you’re already up to speed, hold on to your hat but it’s about…

19 Ways To Save On Your Taxes - Part One

After writing this title I was reminded of the seven-minute ab bit from There’s Something About Mary. Admittedly I chuckled and had an internal argument about not being able to get a good tax break with only 18 ways to save, and nobody has…

When Should You Hire A Tax Pro?

Right now… Seriously though, modern tax software is very good, and many of them are reasonably priced, if not free. Most ask you all the right questions to fill in the blanks, get your tax return complete, filed, and a refund in your account,…

When Are Taxes Due?

Most of us are familiar with April 15th as the annual tax filing deadline.  But there are some nuances.  Last year, in response to Covid, the customary April 15th deadline was pushed back a month to May 17th.  While the IRS could always…

How Do Taxes Work?

The U.S. uses a system called “progressive tax.”  That means that the IRS has tax “brackets” with associated tax “rates.”  These brackets correspond to various income levels.  The higher your income, the higher your tax bracket,…

2022 Tax Rates

Federal tax rates are not increasing in 2022, although many in Congress would like to enact several tax hikes.  In fact, one could argue taxes are decreasing, since the amount of your income taxed at lower rates is increasing for 2022. While…

Are There Tax Consequences To Refinancing My Mortgage?

In our current low interest rate environment, many people have decided to re-finance their mortgages. While this may be a great way to save some money on their monthly payments, many people worry about the tax consequences of re-financing. The…