The 1099-C, also known as the “Cancellation of Debt” form, is an essential document for both taxpayers and the Internal Revenue Service (IRS). It is issued by lenders to report the cancellation of a debt of $600 or more. This can occur in various situations, such as foreclosure on a property, the cancellation of a… Read More
Divorce can be a complex and emotional process, and it comes with a host of financial implications, including how you file your taxes. Understanding your tax filing options after divorce is crucial to ensuring that you maximize your benefits and fulfill your obligations. Here’s a detailed look at the various tax filing options available to… Read More
Tax season often brings with it a mix of anticipation and anxiety. For many, the prospect of receiving a big tax refund can spark feelings of excitement, akin to winning a small lottery. However, while it may seem like a windfall, a large tax refund is not necessarily a sign of financial savvy. In fact,… Read More
Receiving a letter from the Internal Revenue Service (IRS) can be a daunting experience for anyone. It can cause anxiety and uncertainty, especially if you’re unsure how to handle the situation. Knowing what to do and who to contact is essential in solving the issue. In this blog post, we’ll go through the fundamentals of… Read More
When it comes to retirement savings, we all want as many tax advantages as possible. For those who make too much money to contribute directly to a Roth IRA, a backdoor Roth may be the answer. This strategy allows high earners to still take advantage of the benefits of a Roth IRA, but it does… Read More
If you are a self-employed individual or business owner who operates from the comfort of your home, you might qualify for the home office deduction. It is a tax deduction designed to reduce your tax liability by allowing you to deduct a portion of the expenses incurred while running your business from home. However, many… Read More
Are you looking to save money on your taxes this year? Have you ever wondered what the difference is between the standard deduction and itemized deductions? The IRS provides both options, but which one best suits your individual needs? In this blog post, we’ll explain the differences between a standard deduction and an itemized deduction… Read More
Raising a child can be expensive, a recent US News and World Report article estimates $310,000 to age 18 but there are tax credits available to help reduce the burden. The child tax credit is a credit that reduces the amount of tax owed by the taxpayer by up to $2,000 per qualifying child. With… Read More
When it comes to retirement savings, we all want as many tax advantages as possible. For those who make too much money to contribute directly to a Roth IRA, a backdoor Roth may be the answer. This strategy allows high earners to still take advantage of the benefits of a Roth IRA, but it does… Read More
Tax planning is an important part of financial management. It involves understanding the laws and regulations that govern taxation, as well as making smart decisions to minimize tax liabilities. By taking advantage of available deductions, credits, exemptions, and other tax breaks, individuals can significantly reduce their overall tax burden while ensuring they remain compliant with… Read More