Report Name Changes before Filing Taxes
All of the names on a taxpayer’s tax return must match Social Security Administration records because a name mismatch can delay a tax refund. Here’s what you should do if anyone listed on their tax return changed their name: 1. Reporting Taxpayer’s Name Change. Taxpayers who should notify the SSA of a name change include […]
Pros and Cons of Filing a Tax Extension
Obtaining a 6-month extension to file is relatively easy and there are legitimate reasons for doing so; however, there are also a few downsides. If you need more time to file your tax return this year, here’s what you need to know about filing an extension. What is an Extension of Time to File? An […]
Four Tax Deductions that Disappeared in 2018
Tax reform eliminated a number of deductions that many taxpayers counted on to reduce their taxable income. Here are four that could affect you. 1. Personal Exemptions Personal exemptions enabled individual taxpayers to reduce taxable their income in addition to the standard deduction, but were repealed for tax years 2018 through 2025. While the standard […]
Avoiding the Penalty on Early Distributions
Many people use IRAs, SEP Plans, SIMPLE IRA plans, and employee-sponsored retirement savings plans such as the 401(k) to save money for their retirement years, but what if you need to tap that money before age 59 1/2? The bad news is that you generally have to pay a 10 percent penalty for early withdrawal […]
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 not itemize your deductions, […]
