Category Archives: General

A Roth conversion can be advantageous for retirees looking to manage tax burdens, control RMDs, and create a more flexible income source in retirement. The key advantages include: Reduced Future Tax Burden: By converting to a Roth IRA, retirees can pay taxes on their retirement savings at today’s rates instead of potentially higher future tax […]

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Once you reach the age of 73, you are obligated to take annual Required Minimum Distributions (RMDs) from your retirement accounts. The calculation of your RMD involves dividing the value of each Traditional IRA by a life expectancy factor set by the IRS. It is necessary to compute the RMD for each individual IRA, but […]

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The fundamental principle governing the taxability of funds received from the resolution of legal disputes, including lawsuits, adheres to Internal Revenue Code (IRC) Section 61. This section stipulates that all income is subject to taxation unless specifically exempted by another section of the code. IRC Section 104 provides an exemption from taxable income concerning lawsuits, […]

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Tax matters can be as intricate as a spider’s web, with various threads entangling unsuspecting individuals. Among the intricacies lie two distinct concepts that are often misunderstood or confused – the Injured Spouse and Innocent Spouse provisions. In this blog post, we’ll shed light on these terms, explore their differences, and clarify when each may […]

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In 2024, the Internal Revenue Service (IRS) is set to launch a no-cost tax filing initiative, which will be piloted in 13 states during the upcoming filing season. This move toward free online tax filing has the potential to reshape the tax-filing process for millions of Americans. Four states, namely Arizona, California, Massachusetts, and New […]

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Owe taxes to the IRS?

April 5, 2023

If you owe taxes to the IRS and you are unable to pay, it can be a stressful and overwhelming situation. However, it’s important to understand that there are options available to you. File Your Tax Return on Time First and foremost, it’s important to file your tax return on time, even if you can’t […]

Categories: General

Need more time to prepare your federal tax return? Complete and mail a federal form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return (downloads as a PDF). Please be aware that: An extension of time to file your return does not grant you any extension of time to pay your taxes. You […]

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Reasons for Refund Delays

February 5, 2020

Some tax refunds take longer than expected. The IRS may delay refunds for several reasons, including the following: • Errors in Direct Deposit information (refunds then sent by check); • Financial institution refusals of Direct Deposits (refunds then sent by check) or delays in crediting the Direct Deposit to the taxpayer’s account; • Claims of […]

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Estimated Taxes

February 17, 2019

You may be required to make estimated tax payments in certain circumstances, such as not having taxes withheld from your wages or paying too little each paycheck. Self-employed people generally pay taxes through estimated payments at the same time. If you are confused about the process of making estimated tax payments, these four tips can […]

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Record Retention

December 24, 2018

Your taxes have been deposited. Your repayment was deposited. You’re planning deductions and expenses for another year. So what should you do with the tax documents for this year? You may need to use the tax documents of your previous year as a reference or as evidence if you are audited. You should save your […]

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