Tax Tips & More
HSA Secrets for Seniors: Contributions Beyond Age 65
Do you have a health savings account (HSA)? If so, you have one of the best tax-advantaged accounts. There is only one thing wrong with HSAs: you cannot make contributions after you enroll in Medicare. Or can you?
Beware of Tax Refund Offsets
If your tax return shows a refund, you probably expect the IRS will pay that total amount when it processes your tax return. Unfortunately, this is not always the case.
Got IRS Penalties? Know the Rules, Pay Nothing
The IRS often imposes steep penalties for filing tax returns late, failing to pay taxes on time, or not depositing employment taxes correctly. However, several strategies can help you get those penalties removed—and in some cases, even refunded if you have already paid them.
3 Possible Ways to Deduct Your Dog or Cat
Dogs, cats, and other household pets are expensive. Owners spend an average of $1,270 to $2,800 to own a dog. Can you ever deduct these costs from your taxes?
BOI Updates for Dissolved and Disregarded Entities
The clock continues to tick. Here are the upcoming deadlines for filing your Business Ownership Information (BOI) reports with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN).
Tax Deductions for Dues and Expenses of Being a Mason or a Lion
Based on IRS regulations, club dues are generally not deductible if the organization’s principal purpose is to conduct entertainment activities for its members. However, there are exceptions for civic and public service organizations.
December 2024 Tax Due Dates
December 10: Tips for November 2024 Reported to Employer (Form 4070)
December 31: Contribution to employer-sponsored retirement plan for 2024 (401(k), 403(b), 457 or federal thrift savings plans)
December 31: Required minimum distribution (RMD) by individuals who are 74 or older at the end of 2024
January 2025 Tax Due Dates
January 10: Tips for December 2024 reported to employer
January 16: Estimated tax payment for 4th quarter of 2024
January 16: Farmers and fishermen pay estimated tax for 2024
January 31: Deadline to file and pay 2024 taxes in full if not making an estimated tax payment in January
February 2025 Tax Due Dates
February 10: Tips for January 2025 reported to employer
February 18: File Form W-4 to reclaim exemption from withholding for 2025