by somichcpa | May 14, 2020 | Individual Taxes, Tax Tips
Who would ever have foreseen a time when petroleum companies would pay you to take their oil? This phenomenon underscores the concept that within every problem there is an opportunity. Here are some tax strategies to think about during the COVID-19 pandemic. Look into...
by somichcpa | May 4, 2020 | Individual Taxes, Tax Tips
COVID-19 uncertainty abounds. Thankfully, by monitoring tax changes on your behalf, we can work together to navigate the right path for you and your family. Here is a round-up of tax-related laws and information to help with tax planning for 2020. Early distribution...
by somichcpa | Mar 10, 2020 | Individual Taxes, Tax Tips
Your kids are getting older. Before you know it they’ll be dating, driving and entering college (if they aren’t already!). Tax breaks drop dramatically as your children grow up, but you may be able to offset the losses with some timely tax planning. Consider the...
by somichcpa | Feb 21, 2020 | Tax Tips
The savings limits for the ever-popular health savings accounts (HSA) are now set for 2020. The new limits are outlined here with current year amounts noted for comparison. What is an HSA? An HSA is a tax-advantaged savings account whose funds can be used to pay...
by somichcpa | Feb 3, 2020 | Individual Taxes, Tax Tips
The IRS primer every voter should know Every year the IRS publishes instructions to prepare your Form 1040, individual tax return. The publication for 2019 is a whopping 108 pages! On page 103 of the IRS booklet is a summary of collections (income) and spending...
by somichcpa | Jan 28, 2020 | Individual Taxes, Tax Tips
Tax filing season has officially begun and now is the time to start getting your tax records organized. If any of the following situations pertain to you, consider filing your taxes as soon as possible. You’re worried about tax identity fraud. One of the most popular...
