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Tax season is no one’s favorite, but it’s a part of life for all of us. So you’re probably getting ready to file your 2020 income tax returns sometime within the next month or so. But what happens if you don’t receive all of the important documents you need to…
For most workers, Form W-4 (filed with your employer) allows you to claim exemptions and accurately estimate your income tax liability pay period. But sometimes, changes during the year such as marriage, divorce, or a raise can throw off those estimates. If you’re pushed into a higher tax bracket, you…
At the end of December 2020, Congress passed a large spending bill addressing many of the problems we faced in the last year. For taxpayers, one aspect of that bill might hold promise in lowering income tax liability, both now and for many years to come. In response to the…
Over the past year, we’ve all been reminded of the importance of preparing for emergencies. Now, it’s time to put those lessons to work. The following resolutions can help you get your finances in order now, so that you’re better prepared to weather any storm that comes your way in…
If we’ve all learned anything this year, it’s that unexpected events can really throw us for a loop. Throughout 2020, some people have experienced financial hardship, whereas others have enjoyed smooth sailing so far. But we can all learn some important lessons from these turbulent times. Never assume anything and…
As far as tax years go (and in every other sense) this year has been a pretty wild ride. 2020 has roughed us up, and yet we’ve all come together to help each other, perhaps like never before. Those of you who are able to make charitable contributions are truly…
If you enjoy contributing to charitable causes, and appreciate the tax deduction you earn each year, then we have good news for you: This year, the IRS has suspended the limit for charitable contributions. Normally, your charitable contributions only count up to a certain limit – 60 percent of your…
Although 2020 has been a hard year, seeing people come together and help one another has been a beautiful thing. If you’ve been making charitable contributions, or are considering doing so for the holiday season, you might be happy to know that you can also earn a tax deduction for…
Many of us have experienced stress this year, and the economic fallout from the pandemic is at least partly to blame. If money matters are triggering disagreement and disruption with your spouse or other family members, remember that respectful conversation is the key to solving spats. Use these strategies to…
If you receive a notice from the IRS, notifying you that your payment is late and assessing you with a penalty, don’t panic just yet. This situation is common this year, and in many cases does not actually indicate a problem with your return. When the economy shut down in…
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