There’s a reason that there are so many bridal shows at the beginning of the year. Retailers know that many couples get engaged during the holiday season; so future brides seeking to get married in the summer are already looking for wedding dresses. For those...
Finding Real Life Solutions To Your Tax Problem
Income Taxes
Personal events that may have tax implications this year
The great thing about January (and the beginning of a new year) is the optimism that people share. Optimism helps people take calculated risks and try to better themselves for the future. This is also the time of year when some people plan significant life events...
Tips for making charitable donations
In our last post, we highlighted a few of the new tax wrinkles that will apply during this year’s tax season. Even with those changes, the goal for many taxpayers is still the same: to reduce their taxable income as far as legally possible so that they can limit...
Changes expected for this year’s tax season
For most people, the holiday season is officially over. This means it’s time to take down the tree, take Christmas cards off the mantle and face the reality of overspending. It also means that tax season is poised to begin. For some people it means that a refund...
Will deductions reduce your taxable income?
During the holiday season it is not very common to think about one’s tax return. Indeed, in our prior post we warned against the seduction of tax refund anticipation loans, but that’s arguably the only way taxpayers are thinking about their returns. But...
What voluntary tax compliance means for you
While many people are focusing on preparing for the holiday season, it is worth noting that tax season is just around the corner. It is fairly common for employers to begin sending w-2 notices so that taxpayers can begin filing their income taxes. Indeed, employers...
Would you prefer a larger paycheck or a bigger tax refund?
At the end of October, it is not very common to talk about tax refunds. Let’s face it, more people are concerned about what their kids are going to wear to go trick-or-treating. This apathy about taxes must frustrate financial advisors around this time of...
Olympic medalists won’t be taxed on cash prizes
Earlier this summer we highlighted the taxes that U.S. Olympic medalists could be subject to because of the U.S. Tax Code. Under federal law, the cash prizes that come with each medal ($25,000 for gold, $15,000 for silver and $10,000 for bronze) would be taxed as they...
Be wary of notices from your tax attorney
There’s a common misconception that taxpayers have about tax professionals (i.e. accountants and tax attorneys) outside of tax season. The assumption is that many tax professionals do not have much to do. Indeed, they may not be insanely busy in September and October...
Can graduate students deduct moving expenses?
As we noted in our prior post, few people really think about their future tax bill in September. After all, there are more than six months before next year’s federal income tax filing deadline. Nevertheless, time doesn’t stop when it comes to finding and...