Tax Planning

For the most part, our tax situation remains consistent year after year. However, every now and then there are certain life transitions that can dramatically change how you file your taxes, even if just for that year. Here are some of the […]

Generally, student loan debt cancellation is considered taxable income. If you are one of the 43 million borrowers who will benefit from President Biden’s student loan forgiveness plan, you might be wondering how it will affect you. Here’s a quick overview of […]

The 2023 tax filing season will be different than the past few years. That said, getting prepared early can help make the process much easier. Some of the changes expected in 2023 could affect tax bills, which in turn could affect tax […]

Whether you’re a frequent or seasonal giver, you should know how giving affects taxes. Giving can affect taxes in several ways, primarily through deductions and credits. Here are some frequently asked questions on how to maximize tax benefits of gifts. What is […]

Every year, the IRS makes inflation adjustments. With consistently high inflation in 2022, some experts are predicting larger adjustments than normal that can affect tax brackets in 2023.   What is Inflation?  Put simply, inflation is the overall increase in prices of goods […]

As the cost of living continues to rise, it is becoming increasingly difficult for single individuals to live comfortably. Without the safety net of a second income, the need to manage finances as a single individual is more important than ever. The process […]

With the rise of gas prices and the decline of the housing market, it’s no secret that the United States is experiencing inflation. Inflation doesn’t stop at gas and housing, though, as the state of the economy also impacts your taxes. The […]

There are instances where income will not be taxed, whether or not you report it during tax season. Understanding which earnings are taxable versus non-taxable could save you a lot of time and trouble when you file your tax returns. Non-taxable earnings […]

You’ve always filed your income tax returns electronically in the past. Your returns were less vulnerable to calculation errors and you received your tax refund much quicker than you did filing paper returns. But this year, when you attempted to e-file your […]

Senate recently passed President Joe Biden’s infrastructure bill, which includes a pilot program for vehicle mileage tax. This tax would charge drivers based on how many miles they drive in a year. The vehicle mileage fee will likely bring in revenue for […]