January 2022

Tips to avoid a surprise tax-time bill and possible penalties Every year, there are taxpayers that underpay their taxes. It just happens. But if you do that, no matter how innocent your underpayment might have been, you can be subject to penalties. The IRS issued a statement to help those who underpay to avoid penalties.…

After years of saving and planning for their golden years, many people nearing retirement fail to consider the tax burden they may face on income they receive after they stop working. While you will likely see a reduction in the amount of taxes you owe after the age of 65, you still need to plan…

In a given year, relatively few Americans take advantage of the federal income tax deduction for unreimbursed medical expenses. But if an illness or hospitalization in the family has led to an abrupt rise in your out-of-pocket health care expenses, you may find you qualify for some relief at tax time. Beyond the usual remittances…

Bracket Creep accounts for a real tax increase in about half of the 50 states We’ve all heard the saying that inflation is a hidden tax. But depending on which state you live in, it should simply be called a tax – because that’s what it is. If you live in a state that fails…