Opting to not review your withholding for the year and leaving it the way it is could be a mistake. We had several clients not review their withholding and estimated tax payments for any necessary changes. Even though their income was about the same as the previous year, they ended up owing the IRS instead of getting their usual refund.
There is no shortage of scams targeting both tax professionals and taxpayers. Due to the recent rise in identity theft cases, it’s important to be proactive about protecting yourself from these threats. The information below details some steps you can take to keep your sensitive data safe from identity theft.
Have you heard of a fidget spinner? Essentially, it’s a triangle-shaped toy that’s designed to spin with little effort. Fidget spinners have been around for a long time, but they have gained popularity in recent years as a tool to calm children who are diagnosed with autism, attention deficit disorder (ADD), attention deficit hyperactivity disorder (ADHD), or anxiety. Is that enough to qualify the fidget spinner as a medical expense on your tax return?
Tax time always seems to come around sooner each year, and if you’re like most people, you make a vow to be better prepared for next year. Well next year is here and it’s time to gather together all those tax records you’ve been saving. You can help your preparer by sorting through your papers and separating them between income and expenses.