Tax Tips & More
How Long Does the IRS Have to Audit Your Returns?
Nobody wants to spend their whole life looking over their shoulder, wondering if the IRS will audit them. Luckily, there is a statute of limitations on IRS audits and tax assessments.
Young Adults Should Take Advantage of IRAs
As we navigate the complexities of financial planning, one opportunity stands out for young adults: individual retirement accounts (IRAs).
Ouch! The Estimated Tax Penalty is at a 16-Year High
Due to the rise in interest rates, the current penalty rate is 8 percent—the highest in 17 years. And since it’s not deductible, the net cost likely far exceeds 8 percent.
Options for Overfunded 529 College Savings Accounts
What if your designated 529 beneficiary decides not to attend college? What are your options?
Working Overtime? Take Advantage of Tax-Free Supper Money
Tax law often discriminates against company owners, granting them no or fewer fringe benefits. But you, the owner, are not discriminated against when it comes to supper money.
The IRS Dirty Dozen List: More Than Just a Gimmick
For over 20 years, the IRS has issued an annual Dirty Dozen list identifying tax scams and avoidance schemes. This year’s list includes everything from employee retention credit claims to the use of fake charities.
May 2024 Tax Due Dates
May 10: Tips for April 2024 reported to employer (Form 4070)
June 2024 Tax Due Dates
June 10: Tips for May 2024 reported to employer
June 17: Estimated tax payment for 2nd quarter of 2024
June 17: U.S. taxpayers living and working abroad file 2023 tax return
June 17: U.S. taxpayers living and working abroad file form 4868 to request 4-month income tax return filing extension (payment of tax not extended)
June 17: Military personnel on duty outside the U.S. file 2023 tax return
June 17: Military personnel on duty outside the U.S. file Form 4868 to request 4-month income tax return filing extension (payment of tax not extended)
July 2024 Tax Due Dates
July 10: Tips for June 2024 reported to employer