Personal Financial Advice from a former Certified Financial Planner
Every so often, tax loss harvesting seems to show up in various marketing literature like it was just invented. The funny part is that tax loss harvesting has been around for a long time. In fact, it’s less important today than it was before Bush the Second cut long-term capital …
As June 2024 comes to a close Americans everywhere have stopped thinking about taxes, but the real key to paying less in taxes like the rich do is year-round tax planning. So, let’s do a quick overview of tax law in 2024 and how that will affect filing 2024 taxes …
What is the standard deduction amount for 2023 and 2024? The IRS updated the number and it’s a little bit higher this year. When filing income taxes, taxpayers can choose to either itemize tax deductions, or take the standard tax deduction amount. The IRS adjusts how much the standard deduction …
When you file your 2024 taxes in 2025, you may get a tax credit for each child. The Child Tax Credit for 2024 is $2,000 for each qualifying child. However, the Child Tax Credit phases out for higher incomes. You can claim the Child Tax Credit in addition to the …
The tax tables for 2023, which determine the tax brackets for 2023, used by most people in Spring of 2024, while filing their 2023 taxes, have been set by the IRS. As always, there are seven different tax brackets based upon the taxpayer’s filing status. The different brackets are the …
Remote work is changing every aspect of the modern professional’s life. No more long commutes. No more monthly parking expenses. Maybe even no more car. How remote work taxes occur is the next frontier. Taxes for Remote Work The evolution of the workplace has seen a significant shift towards remote …
Small business tax deductions are important in order to offset high business taxes levied against small business owners and entrepreneurs. This is especially true for work from home entrepreneurs who file as sole proprietors, or as a Limited Liability Company aka LLC, with sole proprietor tax status. Small business owners …
It’s Federal Income Tax Time, here in America. The due date for filing your income taxes, and the dreaded Form 1040 is, as usual, April 15th. (No extra days to file taxes in 2023. Those pesky Washington D.C. holidays have moved on to other days..) But, before you can file …
Colorado Delays Acceptance of 2022 Online Taxes A majority of Coloradoans file their income taxes for free, or via a paid tax program like TurboTax, using Colorado’s online tax forms. Once you know how to file Colorado income tax, the rest is easy. The Colorado Department of Revenue will not …
If you have fairly simple taxes, that is ones that do not include several complicated schedules or worksheets that have to be filed, then you might not want to pay for TurboTax or TaxCut or other tax preparation software. But you still don’t really want to go it alone without …