Archive for the ‘Tax – Individual/Family’ Category

When was the last time you evaluated your retirement savings? If you can’t answer this question, then the best time to review your retirement savings is now. 

Now is a good time to review and evaluate your retirement savings. The tax code provides significant incentives for individuals to make contributions to retirement savings and plans, including traditional and Roth IRA’s, as well as to employer sponsored qualified and non-qualified plans, including qualified 401(k) plans. A saver’s credit also may be available for […]

If you receive an audit notice from the IRS, do not panic.  Just breathe! Read the letter in its entirety to see what they are auditing.  In many cases, it’s a great idea to hire a tax representation professional to deal with the audit, especially if it’s a field audit (described below).

With year-end approaching, now’s the time to take steps to cut your 2019 tax bill. Here are some year-end tax planning strategies to consider, assuming next year’s general election doesn’t result in retroactive tax changes that could affect your 2020 tax year.

The term “marriage penalty” in taxes refers to the situation that two people with the same income would pay more tax if they married and filed a joint return (MFJ) than if they stay single and file separately as single taxpayers.