So far in 2025, the Federal Emergency Management Agency (FEMA) has issued 12 major disaster declarations in nine states impacted by winter storms, flooding, tornadoes, wildfires, landslides and mudslides. With tax season over and peak periods for disasters approaching, now is a good time to think about protecting important tax and financial information as part
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If you missed the April 15 filing deadline, you should submit your tax return as soon as possible. And if you missed the deadline to file but owe taxes, you should file your tax return as quickly as possible in order to avoid penalties and interest. Requesting an extension allows for additional time to file
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The deadline for individuals to file their income tax return is April 15, 2025. If you have not yet made an appointment with our office to file your tax return, please contact us as soon as possible. At this late date it may not be possible to file your tax return by April 15, but
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In most cases, retirees who turned 73 in 2024 must begin receiving payments from Individual Retirement Arrangements (IRAs), 401(k)s and similar workplace retirement plans by Tuesday, April 1, 2025. Required minimum distributions (RMDs) are payments typically made by year end. However, if you turned 73 in 2024 you can delay your first RMD until April
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Mistakes can happen when preparing a tax return — and that can cause delays or even rejected returns. Knowing what to lookout for can help you help your tax preparer to avoid errors. Common errors Here are some common errors you should look out for: Missing or inaccurate Social Security numbers: Each Social Security number
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Your tax filing status generally depends on being married or unmarried on the last day of the year – which means that your marital status as of December 31, 2024, determines your tax filing options for all of 2024. For filing purposes, the IRS generally considers you as married if you are separated but not
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The IRS has announced that the optional standard mileage rate for automobiles driven for business will increase by 3 cents in 2025, while the mileage rates for vehicles used for other purposes will remain unchanged from 2024. Optional standard mileage rates are used to calculate the deductible costs of operating vehicles for business, charitable and
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IRS officials have warned taxpayers to avoid promoters of fraudulent tax schemes involving donations of ownership interests in closely held businesses, sometimes marketed as “Charitable LLCs.” These promotions often target higher-income filers and are considered abusive transactions by the IRS. While taxpayers can properly deduct donations of closely held business interests, unscrupulous promoters sometimes lure
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Low- and moderate-income taxpayers can save for retirement now and possibly earn a tax credit in 2025 and future years thanks to the Retirement Savings Contributions Credit, also known as the Saver’s Credit. This credit can help offset a portion of the first $2,000 ($4,000 if married filing jointly) you voluntarily contribute to Individual Retirement
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If you’d like to avoid surprises next year at tax time, consider doing an end-of-summer tax update and make any tax withholding or payment updates that are necessary. While most people get a refund after filing their taxes, many also find they unexpectedly owe taxes. This is often due to a life or job change
-> Continue reading Your End-of-Summer Tax Checkup