The Tax Handlers

08/30/2024

Taxes and the amount you pay is not all up to chance. Here are a dozen reasons to sit down with a professional to review your situation.

08/23/2024

Avoid the mismatch tax headache. Here are some tips.

One of the most common types of audits is a correspondence audit caused by reporting inconsistencies with information supplied to the IRS. Here is a tip to keep this from happening to you.

08/21/2024

IRS reminder for schoolteachers: Up to $300 in classroom expenses deductible for 2024

WASHINGTON – As educators gear up for the new school year, the IRS reminds schoolteachers that the maximum deduction for classroom expenses in 2024 remains at $300.

This deduction allows educators to offset the cost of supplies, materials and other classroom essentials, providing some financial relief for those who spend their own money to improve their students' learning experience.

Under federal law, this $300 cap is unchanged from 2023, continuing the adjustment for inflation that began in 2022 when the limit was raised from $250.

08/16/2024

Standard deduction limits remain high through 2025. But there are exceptions. Check out these opportunities.

If you own a home you probably itemize your deductions on your tax return. But what if you do not itemize? Can someone using the standard deduction still get a tax break?

08/09/2024

Basis. A tax term that can be anything but obvious. Here is what you need to know.

This commonly used tax term is anything but common to most of us. Knowing the basics of basis can serve to lower your tax obligation when you sell property.

08/02/2024

Most workers ignore Social Security benefits until they are ready to retire. Bad idea. This is how it works.

When you're young, Social Security is often the last thing you think about. But it's NEVER too early to understand how it works. It can make a large difference in the amount of the checks you will eventually be receiving.

07/31/2024

Another successful day at the IRS Tax Form 2 down 1 more to go

07/30/2024

Day 1 of 3 at the . Still awake and still alert !! Bring on the tax law !!

07/26/2024

Is your personal information secure? It should be, per the federal government. Here is what you need to know.

Personally Identifiable Information, or (PII), is in the spotlight at the IRS and FTC. You should know what it means and how it applies to you and the protection of your tax information. Here are some thoughts.

07/19/2024

Keeping a good record keeping system is essential to your audit defense plan. Start now to avoid having to track down old receipts during an audit.

Separating truth from fiction about IRS audits is an important exercise for everyone. Here are 5 audit myths that, if believed, can cost you.

07/12/2024

Is your activity a hobby or a business? You might be surprised by the tax savings in your future if you get this one right.

Turning your hobby into a business can get you a big tax benefit if you do it right - or a big tax headache if you do it wrong.

07/05/2024

Selling stock at a loss? Know the wash sale rule before you do.

If selling a stock or mutual fund to book a loss for your tax return, the wash sale rules are worth knowing. For the unaware, this rule could cost you a loss deduction.

07/03/2024

Learn why you should partner with a tax expert if the IRS comes knocking. Also, how retiring early is catching on FIRE, tips to avoid the summertime tax blues, and ideas to tame summer energy costs.

Responding to a letter from the IRS isn’t a weekend do-it-yourself project that you should attempt to tackle on your own. In this month’s newsletter, learn why you should partner with a tax expert if you receive either a notification saying the IRS will be auditing you, or a notice that...

06/28/2024

Make these common tax mistakes and you will pay more in taxes. Read to learn more.

Every year thousands of taxpayers go through a gotcha with the IRS thanks to large, unexpected tax bills. Here are five common causes of tax surprises, ranging from lost refunds to retirement plan mistakes.

06/21/2024

Traits of scams can help you discover them before becoming a victim.

There are scams everywhere and unfortunately the IRS is one of the biggest tools to put on a scam. Here are some clues a scam is about to be done to you.

06/14/2024

Summer activities for the kids can be deductible, but only if you follow the rules.

The Child and Dependent Care Credit can be used to offset summer time care expenses for your qualifying dependents. These expenses don't just include sending your kids to daycare while you work. Here is what you need to know.

06/07/2024

Reminder: Second quarter estimated taxes are due Thursday, June 15th.

If you have not already done so, please plan to make your second quarter estimated tax payment. The due date is Thursday, June 15th.

06/05/2024

A tax planning session might help to lower your taxes if you find yourself in one of these situations. Also read about ideas to unplug this summer, and preparing financially to buy your next vehicle.

No matter what season of life you find yourself in, the IRS will probably find a way to tax it. In this month’s newsletter, read through several situations where a tax planning session might make sense to help you try and cut your 2024 tax bill. Also learn how to prepare yourself financially w...

05/31/2024

Tax rates are scheduled to go up in 2026. Now might be a cost-effective way to use a Roth IRA or Roth 401(k).

Roth IRA or Traditional IRA? The answer is never easy, but perhaps asking the right questions can make your decision easier. Here are some thoughts.

05/24/2024

Commonly overlooked tax deductions that everyone should know.

The tax code is about 75,000 pages long, so it's not surprising there are many overlooked money-saving deductions hidden within it. Check out these great ideas to lower your tax.

05/17/2024

Vast tax laws are ending at the end of 2025. This provides tax planning opportunities. Here is what you should know.

Vast changes in tax code are currently scheduled for the end of 2025. Here are tips to to save in taxes before the expiration of the laws.

05/10/2024

Thinking of selling your home? Before you do, review the tax rules to ensure you get the greatest possible deduction.

The popular capital gain exclusion on home sales is a wonderful tax benefit for most of us. However, there are many times when a review can save you thousands in potential tax. Here is what you need to know.

05/03/2024

Getting a refund. Get the most out of it with these ideas.

With over 2/3 of taxpayers anticipating a refund, here are some great uses to stretch the value of the refund. Both with actual savings as will as making positive decisions regarding the use of the funds.

05/01/2024

The best way to keep as much of your hard-earned money away from Uncle Sam as possible is by having a strategy that you revisit throughout the year. Here are some tax planning ideas to consider.

Having a low tax bill doesn’t happen by accident. The best way to keep as much of your hard-earned money away from Uncle Sam as possible is by having a tax planning strategy that you revisit throughout the year. In this month’s newsletter, we’ve got some tax planning ideas to consi...

04/26/2024

What to see where the IRS is focusing its attention? Read on.

If you face an audit, it's worth reviewing the IRS's Audit Techniques Guides published on the IRS website. These are guides that instruct auditors how to handle tax issues for many different business fields,

04/19/2024

Thinking about retiring early? Here are things to consider.

In an effort to assist in planning for retirement, there are a number of provisions in the tax code that benefit those who wish to retire early. Here are a number of tips.

04/15/2024

If you are my client all extensions filed today no need to call . We got you !

04/12/2024

Time to make an estimated quarterly tax payment!

Reminder: Tax returns AND first quarter estimated taxes are due by Monday, April 15th.

04/05/2024

IRS notices are raining down into mailboxes on April 1. It is causing lots of concern. Here is what you need to know.

When the IRS turned on mailing notices after a long hiatus, it appears little to no review was undertaken. This is causing alarming results for many taxpayers.

04/03/2024

Text your tax knowledge with this fun quiz about what is - and is not - taxable. Also read about tips to keep your plethora of passwords under control.

If it seems like our tax code is complicated and confusing, well, it’s sort of true. And Congress keeps adding to this complexity with what seems like an ever-growing list of what is and is not taxable. With the April filing deadline right around the corner, this month’s newsletter has a...