Personal Taxes

What Is A Tax Deduction?

A tax deduction is a reduction in taxable income that is allowed by the government for certain expenses, such as charitable donations, mortgage interest, or medical expenses.

Is It Better to Itemize My Deductions Or Claim the Standard Deduction?

You’ll want to choose whichever produces the bigger write-off, but the only way to know for sure is to add up your itemized deductions and compare the result with your standard deduction. Therefore, it’s always helpful to keep your receipt because you’ll need them to calculate whether you’re better off itemizing your deductions or claiming... [Read More]

5 Steps To Take Before You Prepare Your Taxes

Tax Planning and Prep Work Can Save You Time And Money Gather all the annual tax documents you’ve received that record your taxable income and deductible expenses, most of which will arrive by the end of January. Collect all your receipts and organize them by category if you itemize your deductions. Ask your tax preparers... [Read More]

What Are 3 Basic Tax Planning Strategies?

There are a number of ways you can go about tax planning, but it primarily involves three basic methods: reducing your overall income increasing your number of tax deductions throughout the year taking advantage of certain tax credits Read FAQs on Business Taxes – Read FAQs on Personal Taxes.

What Are Some Strategies I Can Use To Prepare To File My Taxes Early Each Year?

These are some strategies you can use to prepare to file taxes early each year Talk to your accountant about a tax checkup for year 2023 – Learn if you’re on track and may uncover ways to save over the next months. Gather and organize your tax records – Organized tax records make preparing a... [Read More]

Can I Claim My Stimulus Check On My Tax Return?

Can I claim my stimulus check on my tax return? Yes! If you did not receive your stimulus check you can claim the Recovery Rebate Credit on your 2020 tax return.

Are Taxes Being Delayed in 2022?

As of February 23, 2023, the tax due dates have not changes.

If I Receive An Unemployment Benefit, Do I Have to Include It In My Taxes?

If I receive an Unemployment benefit, do I have to include it in my taxes? Yes, report your unemployment benefits on your tax return. You should receive a document from the state in which you received the unemployment benefits.

What Is the Deadline for Filing 2022 Taxes?

What is the deadline for filing 2022 taxes? For individual taxpayers, the deadline to file is April 18, 2023. You can request an automatic 6 month extension on Form 4868.

What Happens If I Did Not Receive My W2 From My Employer?

What happens if I did not receive my W2 from my employer? Employers are required by law to issue your W2 by January 31 each year. If you haven’t received yours by February 14th here’s what you need to do… Contact your employer – your employer may be able to provide a copy of your... [Read More]