Understanding Tax Terms: Installment Sales

Jul 29, 2021 | Tax

  Understanding Tax Terms: Installment Sales August 12, 2021   Installment Sale Defined Generally, you create an installment sale when you receive payments for sold property in the tax year of the sale and at least one other tax year. For instance, if you...

Get Your Child Tax Credit Payments Now

Jul 29, 2021 | Tax

  Get Your Child Tax Credit Payments Now August 10, 2021   For the 2021 tax year, an expanded child tax credit reduces your tax bill by $3,600 if you have a qualifying child that’s age 5 or under, or by $3,000 if you have a qualifying child from age 6 to 17....

Ideas to Lower Your 2021 Tax Bill

Jul 1, 2021 | Tax, Uncategorized

  Five Ideas to Lower Your 2021 Tax Bill July 12, 2021   Now is the time to begin tax planning for your 2021 return. Here are some ideas: 1. Contribute to Retirement Accounts Tally up all your 2021 contributions to retirement accounts so far, and estimate...

What a Large Refund Means

Apr 29, 2021 | Tax, Uncategorized

  Yikes! You Have a Large Refund May 7, 2021   Let’s face it, sometimes knowing you get a refund versus a tax bill is less stressful. While that may help your savings account, it is not always a great idea. Here are a few reasons why. You Are Giving...

Income the IRS Can’t Touch

Apr 20, 2021 | Tax, Uncategorized

  Income the IRS Can’t Touch April 20, 2021     1. Tax-free Interest The federal government does not tax municipal bond interest. This includes bonds issued by a state or municipality. The tax-free benefit increases the higher your income, but...