The tax code is filled with terms we rarely use in everyday conversation. Two of the more common are Marginal Tax Rates and Effective Tax Rates. Knowing what they mean can help you think differently about your potential tax obligation. Definition Marginal Tax Rate: This is the tax...
Medical expenses are on the rise. According to the Milliman Medical Index, the average family of four on an employer-sponsored plan will spend $30,260 on healthcare in 2022 – a $4,699 increase from 2020. Below are some ways you can save tax dollars when paying...
If you have problems getting to sleep at night and you turn to the IRS tax code for help, you might find some vocabulary that is very foreign to you. One of the more uncommon words used by the IRS is the term "contemporaneous." So what does...
The IRS reported audit rates continue to be low...
You’ve loved dogs all your life so you decide to breed them and start a dog training business. Is this a business in the eyes of the IRS or a hobby? Knowing what the IRS is looking for and properly positioning your small business can...
Summer is coming to a close and the back-to-school advertising blitz is underway. Hidden in some of those school expenses are tax deductions you can take advantage of. Here are some ways you can save: Watch for tax deductions on the supply list. Schools often send...
The tax code is about 75,000 pages long, so it’s not surprising there are many overlooked money-saving deductions hidden within it. And with the much higher standard deduction amounts, those who do not itemize think there are no longer ways to reduce your taxes. Since...
One of the basics when considering how to fund your retirement is to be as tax efficient with your income as possible. In 2022, income tax rates range from 0 to 37 percent, plus a potential 3.8 percent net investment tax. Understanding how these progressive...
Here are five common retirement planning ideas and what you can do to take advantage of them. The key is retirement planning starts now, not decades from now when you are reaching retirement age. 1. Having a plan Surprisingly, most do not know how much money is...
Less than 1% of more than 145 million individual tax returns filed during 2021 will be selected for audit. The percentage increases for higher income taxpayers, along with tax returns in areas of specific interest to the IRS. Here's what you should remember if you...
