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It’s Natural Disaster Season: Safeguarding Tax Records

Aug 4, 2023 | Tax Tips

With hurricane season in the East and South, wildfire season in the West, and severe weather season in the middle of the county, now is a good time to create or review emergency preparedness plans for surviving natural disasters. Here are three steps taxpayers can...

A Tax Checklist for Newly Married Couple

Aug 4, 2023 | Tax Tips

Summer is the wedding season and newlyweds should understand how tying the knot can affect their tax situation. Here’s are three things newly married couples should know: 1. Name and address changes Name. When a name changes through marriage, it is important to...

Tips on the Tax Treatment of Gifts

Aug 4, 2023 | Tax Tips

Gift tax returns generally do not need to be filed unless you give someone, other than your spouse (if he or she is a U.S. citizen), money or property worth more than the gift tax annual exclusion for that year. Here are four more tips regarding the tax treatment of...

Tips for Taxpayers With Hobby Income

Jul 3, 2023 | Tax Tips

Hobby activities are a source of income for many taxpayers. As a reminder, this income must be reported on tax returns. But the reporting rules are different than for income from a for-profit business. For one thing, hobbyists can’t deduct their hobby expenses....

Filing a Final Tax Return for a Deceased Person

Jul 3, 2023 | Tax Tips

When someone dies, their surviving spouse or representative must file a final tax return for the deceased person. Usually, the representative is named in the person’s will or appointed by a court. Sometimes when there isn’t a surviving spouse or appointed...

Kids’ Day Camp Expenses May Qualify for a Tax Credit

Jul 3, 2023 | Tax Tips

Day camps are common during school vacations and the summer months. And their cost may count towards the child and dependent care credit. Here are five things parents should know: 1. Care for Qualifying Persons. You may qualify for the credit whether you pay for care...