The 2021 tax season is in full swing, and like last year, the IRS has decided to extended the tax filing deadline again this year. Taxpayers will have until May 17 to file their federal taxes for tax year 2020. For taxpayers requesting a filing extension, the filing deadline is October 15, but keep in mind 2020 taxes owed […]
The United States of America and the world at large are still grappling with the health and economic effects of the COVID-19 pandemic, and while the health ramifications of the pandemic shouldn’t be understated, the economic consequences have also been severe. As 2020 draws to a close, here are a handful of useful tips that could help individuals lessen their tax burden this year.
With the start of a new year and the 2020 tax season, let’s revisit some tax-saving strategies that can help you save on your taxes this year. Below are some tax tips that will be useful whether you are trying to maximize your refund or minimize what you owe.
In an effort to encourage workers to save for retirement, the United States government allows individuals to save part of their income tax-deferred into retirement accounts. Workers do not have to pay taxes on these funds or on the investment gains until the money is withdrawn from the account as income, usually during retirement.
The 2019 tax filing season is here, and as millions of Americans prepare to file their 2018 returns, the Internal Revenue Service (IRS) is reminding consumers to protect themselves against the many tax scams thieves often employ in an attempt to steal money and personal information from unsuspecting victims.
With the start of a new year, we look forward to the arrival of spring and sunnier days, but January also marks the beginning of the often dreaded tax season. While some of us get excited for a long-awaited tax refund, many stress over getting their taxes filed correctly and paid on time. The December […]
Nothing is certain except death and taxes, Benjamin Franklin once wrote. However, life insurance policies can afford us a brighter outlook by providing strategies to reduce taxes. Making the choice to purchase life insurance is a decision to protect your loved ones and help them maintain their quality of life. When establishing this legacy for […]
Knowing your IRS tax rate and rules that apply to 2016 are crucial. They can have a major impact not only on your income tax returns but on your retirement and estate planning. The positive news is that many of the key rates have not changed. We have prepared a useful and convenient chart here […]