It’s hard enough to navigate taxes when you’re on your own, but once you get married, everything becomes more complicated. Married couples face a unique set of challenges and opportunities. As a married couple, you have some flexibility to maximize your financial benefits and minimize your tax liabilities. From optimizing filing status to leveraging deductions […]
Category: Tax Tips
4 Reasons to Extend Your Taxes in 2023
Tax extensions are a controversial subject, and there’s lots of bad information swirling around the internet. Truthfully, six-month extensions have become commonplace among businesses and individual tax payers, and there are virtually no downsides associated with filing one. In fact, filing a tax extensions can provide several valuable benefits, and we’re going to cover some […]
Can I Deduct Moving Expenses in 2023?
The average cost for an in-town move is about $2,000, while moving across the country can approach $30,000. Because moving is often related to a new job, many people wonder if these considerable expenses are deductible. First, we’ll take a look at the current and previous rules regarding how to deduct moving expenses. Can I […]
Estimated Tax Payments for 1099 Independent Contractors
Find everything you need to know to correctly estimate and pay your quarterly taxes in this complete guide. […]
What’s the IRS Standard Mileage Rate for 2023?
Transportation expenses can be among the biggest expenses for employees and business owners. The IRS allows you to take either the actual expenses for your travel costs or a standard mileage rate. Knowing which one to take can mean significant tax savings. We’ll look at the current standard mileage rates, their use, and the alternative […]
Do I Need a CPA? Probably Not…
Many taxpayers turn to Certified Public Accountants (CPAs) for their expertise and guidance. However, hiring a CPA can come with substantial costs. In this article, we’ll answer the question, “do I need a CPA?,” and we’ll explain what to consider when deciding on the answer for yourself. What is a Certified Public Accountant (CPA)? CPAs […]
Roth IRA Conversion: Explained by Experts
Roth IRAs offer substantial benefits for retirement savers, but there are limits on annual contributions. However, you can bypass the limits by converting a regular IRA to a Roth account. A Roth IRA conversion is a powerful tax planning tool, but it comes with some potentially severe tax implications. This blog post will explain everything […]
How to Use Tax Loss Harvesting to Save on Taxes
No one wants to take a loss on an investment, but it happens to the best. Fortunately, the government may allow you to deduct your losses on your tax return. Some taxpayers use strategically this write-off to lower their taxable income with a technique called tax loss harvesting. With tax laws constantly changing, it’s important […]
How Does the EV Tax Credit Work for 2023?
Buying a new vehicle is a large investment that requires careful consideration. Luckily, many electric vehicle buyers can earn an EV tax credit of up to $7,500 on their purchase starting in 2023, thanks to the recently-passed Inflation Reduction Act. The US government offers a federal electric vehicle tax credit to encourage individuals to purchase […]
Capital Loss Tax Deductions for Real Estate
Real estate looks like an attractive investment in today’s high inflation environment, but it comes with risks. If your investment property loses value, you end up with a capital loss. Nobody wants to lose money, but capital losses can provide valuable tax relief when you need it most. However, capital loss benefits have limitations, and […]