IRS, Tax Tips Casualty Loss Deduction, disaster, Location
One of the best ways to manage the aftermath of a natural disaster is to plan ahead. If you live in a natural disaster high-risk area, you can take steps to alleviate tax and financial issues post-disaster by following these tips: Check your homeowners or renters insurance for natural disaster coverage. Create an inventory of […]
Credit, Tax Tips Beneficiaries, children, Estate Planning, Financial, Guardians, Minor, Retirement
While many people find estate planning important, those with small children may find it especially critical. An estate plan can be a helpful planning tool to ensure your children are protected in the event that something happens to you. You may use your estate plan to appoint guardians for your minor children, as well as […]
Credit, Credits, Health Insurance, Insurance, IRS, Tax Break, Tax Tips expenses, IRS, Medical, Medical Bills, Tax, tax law
Medical expenses pile up fast. But there are ways to make paying them more manageable and cost-effective. If you have a high deductible health plan, you can open a health savings account (HSA) account to pay your medical bills. Check to see what your health insurance deductible is. If it’s $1,350 ($2,700 for family) or […]
IRS, Tax Break, Tax Law Build, Home Equity, SALT, Tax, tax deduction, tax law
Even if you received a tax refund in 2017, there are plenty of things that can cause your taxes to rise. Consider the following big tax law changes that could affect what you owe this year: Removal of the personal exemption Capping of the state and local tax deduction (SALT) at $10,000 Removal of the […]
Tax Law, Tax Planning, Tax Tips IRS, Paycheck, tax changes
Paycheck withholdings were adjusted by the IRS earlier this year as a result of major tax changes. While the IRS strives to make withholdings accurate, it’s difficult to account for every situation. You can avoid an unfortunate tax surprise if you assess your withholdings now instead of waiting until the end of the year. Doing […]
Audit, Individual Taxes, IRS, IRS Rules, Refunds Amend, audit, Paperwork, Tax
Before you decide to amend your tax return, ask yourself if it’s necessary, especially if amending an error only saves you a few dollars. If you decide to amend your return, consider that if the IRS disagrees with the changes in the amendment, you may be audited. It also restarts the three-year clock the IRS […]
Money Management, Tax Planning, Tax Tips Charitable, child, deduction, Donation, School
Do you help out at your child’s school? If you donate your time at school functions, donate books to the school library, or help assist the teaching staff, you may be able to save come tax time. Track your out-of-pocket expenses and your mileage throughout the year if you’d like to take advantage of a […]
IRS, Tax Tips Alimony, child, money, Spouse, Support
The trouble with alimony is the differing tax treatment depending on whether you are paying it or receiving it. Throw in the tax treatment of Child Support and the complex calculation of changes in alimony over time and you can quickly have a tax mess on your hands. Here are some tips to help keep […]
Credit, Individual Taxes, Tax Break, Tax Tips Disasters, Federal disasters, Gain, homes, insurance, IRS, loss, refund, Tax deadline
Disaster Losses When natural disasters occur, they often leave many people with severely damaged or destroyed homes and businesses. Some lose everything they own. If you are affected by a disaster that is declared by the President to qualify for federal assistance, there are several provisions in the tax law that may provide relief. Extended […]
Insurance Accountant, Auto, business, CPA, Disability, Falls Church, Health, Liability, Life, money, Personal Property, Premium, Travel, Virginia
Financial basics: Buy the right insurance Insurance needs To keep your insurance costs down, don’t buy insurance to pay for every small medical bill, auto repair, or financial loss. Build a savings account to handle life’s small financial inconveniences. Think of insurance as protection against catastrophes. You can lower your insurance premiums significantly by taking […]
