We are but six weeks away from the tax return filing deadline. Below are six IRS approved tips to make filing your 2024 tax return easier: Gather your information: Locate all documents and information needed to prepare your return. Necessary documents include W-2s, 1099s, 1098s, 1095-A, digital asse...

Tax day is only two weeks away. It is not too late to take steps that may save you money. IRA Contributions: If you qualify for a traditional IRA, you have until April 15 to make a contribution for 2023. You can contribute up to $6,500, or $7,500 if you are over the age of […]...

Tax season is officially here. The IRS began accepting tax returns on January 29 and employers and other payors were required to provide income information by January 31. If you do not have a tax return preparer, and do not want to prepare your own return, now is the time to select a tax preparer. [...

Cryptocurrency, virtual currency, Bitcoin. Are all of these the same thing? Are there tax implications for dealing in these currencies? While there are some differences between these currencies, the simple answer is that virtual currency transactions are taxable in the same manner as other property ...

A new year is here! With the holiday season behind us, it is time to start preparing for tax season. Now is the time to start thinking about who will be preparing your return. If you have decided to hire someone to handle this task, it is important that you take the time needed to […]...

The IRS has issued a notice assuring taxpayers and tax professionals that tax forms and instructions will reflect all changes made by the numerous tax laws enacted as a result of COVID.  Although not all returns are ready, the majority of the forms are and these have been made available to IRS part...

The IRS has announced that it will begin processing 2020 federal income tax returns on February 12. Below are other key dates announced by the IRS. January 15. IRS Free File opened. Taxpayers can file returns through Free File partners. The tax returns will be transmitted to the IRS starting Februar...

Well, 2020 is officially behind us. A new year brings the hope that things will be better for all, but it also brings the beginning of tax season. The IRS is encouraging all taxpayers to start taking steps now so that returns are filed timely and accurately.  What should you be doing? Gather and or...

The IRS released drafts of Form 1040 and Schedules 1 through 3 for 2020 on August 19. These are only drafts of what we can expect in 2021, and are subject to changes. You can take a look at the drafts here: 1040: https://www.irs.gov/pub/irs-dft/f1040–dft.pdf Schedule 1: https://www.irs.gov/pub...