Tax Tips for Older Americans

Tax Tips for Older Americans Everyone wants to save money on their taxes, and older Americans are no exception. If you’re age 50 or older, here are six tax tips that could help you do just that. 1. Standard Deduction for Seniors. If you and/or your spouse are 65 years old or older and you do…

The Tax Consequences of Losing your Job

The Tax Consequences of Losing your Job If you’ve lost your job you may have questions surrounding unemployment compensation, severance, and other issues that could affect your tax situation. Here are some answers: Q: What if I receive unemployment compensation? A: Unemployment compensation you receive under the unemployment compensation laws of the United States or of…

Year in Review: Tax Changes for Individuals

The Tax Cuts and Jobs Act of 2017 (TCJA) eliminated or modified numerous tax provisions starting in 2018. Here’s what individuals and families need to know as they get ready for tax season. Personal Exemptions Personal exemptions are eliminated for tax years 2018 through 2025. Standard Deductions The standard deduction for married couples filing a…

Avoid these Five Common Budgeting Errors

When it comes to creating a budget, it’s essential to estimate your spending as realistically as possible. Here are five budget-related errors commonly made by small businesses and some tips for avoiding them. Not Setting Goals. It’s almost impossible to set spending priorities without clear goals for the coming year. It’s important to identify, in…

Eight Tax Breaks for Parents

If you have children, you may be able to reduce your tax bill using these tax credits and deductions. Child Tax Credit: You may be able to take this credit on your tax return for each of your children under age 17. Qualifying dependents must have a valid Social Security Number. This credit is refundable,…