“The only real mistake is the one from which we learn nothing.” – Henry Ford You finally sent off your tax return via e-file (or perhaps the not-yet-totally-retired paper method). Phew. What a weight off your chest. And then it hits you… You forgot to include income from a special one-off contracting project....
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What the 2025 IRS Layoffs Mean for You
Thinking will not overcome fear but action will.” – W. Clement Stone If you’ve seen the recent headlines about massive IRS layoffs, you probably had a moment of… “Wait … what does that mean for my taxes?” “Do I still need to file?” “Will my refund get lost in...
Last-Minute Tax Filing Tips For Maximizing Your Savings
“If it weren’t for the last minute, nothing would get done.” – Rita Mae Brown There are two types of IRS penalties: failure to file, and failure to pay. Of the two, failure to file is the worst. It’s 5%”of what you owe, up to 25% for the first 5 months. That...
Nanny Taxes: The Overlooked Rules To Stay Out of IRS Trouble
“Our most basic instinct is not for survival but for family.” – Paul Pearsall It might seem insignificant how you pay your nanny, but there are actually big risks if you don’t pay attention to the IRS’s rules. Because you cannot just pay your nanny under the table. Unless you want...
Social Security is NOT a “Ponzi Scheme”
We are hearing a lot from some very prominent people about Social Security. Social Security is insurance for which we pay premiums. If you are receiving Social Security, it doesn’t matter if you are a Democrat or a Republican. It should arrive, like clockwork, regardless of whom you voted...
Refundable vs. Nonrefundable Credits: How Knowing the Difference Means More Tax Savings
“Wealth is the ability to fully experience life.” – Henry David Thoreau If you’re like a lot of taxpayers, you probably hear “tax credits” and think, free money! And you would be right… at least mostly. But tax credits are really much more nuanced than that. And understanding those nuances could...
7 Ways to Make the Most of Your Personal Budgeting Template
“Managing your money effectively doesn’t always mean following conventional wisdom.” – Ray Charles Howard Time for a check-in: How’s your 2025 budget going so far? We’re now three months into the year – that’s enough time for a decent go of the budget you set for yourself in January. The...
3 Ways Using AI For Taxes Could Cost You
“It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change.” – Charles Darwin Well, AI has invaded the realm of tax filing. It was only a matter of time, I suppose. Companies like TurboTax, H&R Block, and QuickBooks have their...
What Happens If You Can’t Pay Your Taxes or You File Late?
With the tax deadline less than two months away, it’s easy to think, “I’ll handle it later.” But the longer you wait, the worse it gets. Not to mention that the recent IRS layoffs mid-tax season mean slower processing and longer wait times. This is when it pays to have a pro in...
Tax Deadlines For Natural Disaster Victims: What You Need to Know
2025 has been a hard year already, and it’s only mid-February. There’s one portion of that I want to address today. But first, did you catch any of SNL’s 50-year anniversary special last weekend? I was a nerd in high school without a date or a party to go...