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8 Financial New Year’s Resolutions for 2022

During the last two years, businesses have faced many struggles and were often forced to cut corners wherever they could just to stay afloat. However, business never sleeps, and you always need to be a few steps ahead of your competition. Besides looking ahead, you...
How to Handle a Past-Due Tax Return

How to Handle a Past-Due Tax Return

If you’re reading this, it means you’ve realized that you need to take care of a past-due tax return. Don’t worry – it’s not too late! The IRS has systems in place to help people file their taxes late. Here are the steps you need to take: Gather your paperwork....
How To Keep Track Of Your Car Expenses for Tax Purposes

How To Keep Track Of Your Car Expenses for Tax Purposes

When it comes to car expenses and tax deductions, there are two main methods you can use: the standard mileage method or the actual expenses method. Let’s take a closer look at each of them. The standard mileage method allows you to deduct a certain amount per...
The Mutual Fund Tax Trap—and How to Avoid it!

The Mutual Fund Tax Trap—and How to Avoid it!

At year-end, when mutual funds owned by individuals make distributions, taxpayers frequently get unpleasant tax surprises. This might happen for a variety of causes, but one frequent reason is that the fund sells some of its assets at a profit. When this happens, the...
Tax Time Warning for Kids: Don’t File Your Own Return!

Tax Time Warning for Kids: Don’t File Your Own Return!

Filing your taxes can be a daunting task, especially if you’re doing it for the first time. There are many things to consider, like what tax bracket you fall in and what deductions you’re eligible for. For kids who want to file their own return, it’s...
What’s new for Social Security in 2022

What’s new for Social Security in 2022

The Social Security Administration announced a 5.9 percent boost to monthly Social Security and Supplemental Security Income (SSI) benefits for 2022. The increase is based on the rise in the Consumer Price Index over the past 12 months ending in September 2021. For...
How to Defend Your Deductions

How to Defend Your Deductions

Helping make the IRS auditor say yes When faced with questions on your tax return deductions, it is getting all too common for tax authorities to deny everything and then make you prove that your deductions are valid. Do not let this happen to you. Here are some...
7 Tips to Boost Your Retirement Savings

7 Tips to Boost Your Retirement Savings

In today’s uncertain times, it is challenging to predict what awaits us next year – let alone five to ten years from now, or even a more extended period of time. That is why it is always good to think about things in advance and prepare for when we can no...
The Mutual Fund Tax Trap—and How to Avoid it!

Tax Tips for 2022 Deductions and Exemptions

Standard Deduction1Deduction Single: $12,950 Joint returns & surviving spouses: $25,900 Married filing separately: $12,950 Head of household: $19,400 The standard deduction increases by $1,400 for a married taxpayer aged 65 or older or blind ($2,800 if both 65 and...