Right now is the best time to prepare for your 2023 taxes. With the holiday celebrations coming to an end and the New Year just around the corner, it’s a perfect time to take a look at the changes that will impact your 2023 tax return when you file it in 2024. Keeping up with …
Tax Planning
2022 Tax Organizer. The Best Deduction Finder & Problem Solver
Are you ready to receive your 2022 Tax Organizer? We’re busy collating and printing out the newest version of our organizer to send them out to clients the first week of January. These tax organizers help us identify missing tax deductions and get you more organized before your appointment. We update the tax organizer annually …
2022 Tax Organizer. The Best Deduction Finder & Problem SolverRead More
Year End Tax Planning Issues
The holidays are rapidly approaching, and along with celebrations, come year end tax planning opportunities. So before you become distracted with the seasonal celebrations, it may be in your best interest to consider year end tax moves that can benefit you for both 2022 and 2023. Having the Congressional members preoccupied with the November mid-term …
Consider Bunching Deductions To Provide Big Tax Benefits
If your tax deductions normally fall short of itemizing (or if you itemize, but only marginally) consider using the strategy of bunching deductions to provide bigger tax benefits. The tax code allows most taxpayers to either utilize the standard deduction or itemize their deductions – whichever provides a greater benefit. As a rule, most taxpayers …
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Mid-Year September Tax Planning Checklist
We’ve just finished putting together our annual mid-year tax planning checklist for Nissen and Associate clients. All too often, taxpayers wait until December to think about their taxes. But when you wait that long, you’re bound to miss opportunities that could reduce your tax liability. Worse, you miss out on options that you can financially …
Life Changing Events That Can Impact Your Taxes
Throughout your life there will be certain significant life changing events that will significantly impact your taxes. Here are a few of those tax-affecting occasions: Getting Married – The Most Common of Life Changing Events Just got married or are considering getting married? Be aware that once you are married you no longer file returns …
Take Advantage of Tax Planning on a Low Income Year
People generally assume that tax planning only applies to individuals with the big bucks. But think again, as some tax moves benefit lower-income taxpayers and those who are having a lower-than-normal income year. So, if your income will be lower this year than usual, consider the tax planning opportunities listed below. However, implementing some of …
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How to Avoid IRS Gift Tax Issues
Looking to avoid gift tax issues when gifting money or property to others? It is frustrating that the government can even tax gifts if they are large enough. Therefore, it’s best to know the rules before you start gifting. Otherwise, you may end up making a “gift of taxes” to the IRS. Gift Tax Rules …
You May Receive An IRS Form 1099-K This Year
Effective for 2022 and later years, Congress reduced the threshold for the Form 1099-K filing requirement from $20,000 to a mere $600. So, you might ask, what does that have to do with me? This change can impact taxpayers in several ways, some unexpected, so you may find yourself in for a surprise that can …
