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  • February 2022
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What’s a 990 form? A charity accounting expert explains

Most tax-exempt nonprofits must file a 990 form with the Internal Revenue Service every year, typically in mid-May. The 990 is purely informational. Nonprofits commit to serve an “approved purpose” – such as fighting bigotry, protecting animal welfare or sheltering the homeless – and meeting other eligibility rules. In exchange, they generally don’t pay taxes…

What to Do If (When) Your Taxes Start Going Up

One variable that is hard to plan for in retirement is taxes. There are steps you can take, though, despite the uncertain tax landscape. We don’t even know what the tax rates will be next year, so how can you plan for 20 years or more in the future? We can’t say whether rates will…

What to Do if You Underpay Your Taxes

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.…

A Look at Tax Planning for Retirement

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…

Claiming the Medical Expenses Tax

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…

Inflation is Not a Hidden Tax – It’s a Very Real Tax

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…

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