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A Strategy to Raise Your Medical Expense Deduction

Mar 3, 2024 | Tax Tips

With a little planning, you may be able to boost your itemized medical expense deduction when you file your 2024 tax return next year. Only eligible expenses exceeding 7.5% of your adjusted gross income are deductible. It’s not an easy hurdle to clear, short of a...

Handling Large Cash Transactions

Mar 3, 2024 | Tax Tips

A reminder for businesses: Within 15 days of a $10,000 transaction, you must use IRS Form 8300 to report the transactions. If you file electronically, forms are delivered to the Financial Crimes Enforcement Network. Paper forms are submitted to the IRS. You also...

Erroneous Refund

Mar 3, 2024 | Tax Tips

Mistakes happen. What if you receive a refund from the IRS that you’re not entitled to? Or what if you receive one that’s more than you’re entitled to? How you must handle it depends on the details. A paper check refund should be voided and returned within 21 days of...

There May Still Be Time to Lower Your 2023 Tax Bill

Feb 2, 2024 | Tax Tips

If you’re preparing to file your 2023 tax return, you may still be able to lower your tax bill – or increase your refund. If you qualify, you can make a deductible contribution to a traditional IRA right up until the original filing deadline, April 15,...

Deductions vs. Credits: What’s the Difference?

Feb 2, 2024 | Tax Tips

One of the most common misunderstandings about filing an income tax return is the difference between deductions and credits. Deductions reduce the amount of a taxpayer’s income before tax is calculated. For example, on your individual return, you can either take...

ERC Voluntary Disclosure Program Available for a Limited Time

Feb 2, 2024 | Tax Tips

As part of an ongoing initiative to combat questionable Employee Retention Credit (ERC) claims, the IRS has launched a voluntary disclosure program. It allows eligible businesses to pay back money they received after filing ERC claims in error. The disclosure program...