It is a really bad idea to file taxes at the last minute. The decision ahead will make the process faster. It is best to plan and take specific actions before tax filing. For example,...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 02/22/2023
When it comes to tax time, homeowners are always looking for ways to reduce their tax burden. Luckily, many tax deductions available for homeowners can result in significant savings.Before...
Posted by Rosovich & Associates, Inc. on 02/22/2023
A defined benefit plan, more commonly known as a pension plan, provides guaranteed retirement benefits to employees. Defined benefit plans are primarily funded by the employer, with...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 01/26/2023
One of the things most people do not look forward to is the tax period and it is not surprising as filing taxes is complex with a series of forms, and mistakes could be costly. As...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 12/27/2022
Student loan interest deduction talks about an income tax deduction that gives borrowers the capacity to remove up to $2500 on the interest they paid on a student loan that qualifies...
Posted by Rosovich & Associates, Inc. on 12/27/2021
With section 179, businesses can deduct the entire cost of significant assets such as business equipment and furniture immediately instead of depreciating them over time. Principle...
Posted by Rosovich & Associates, Inc. on 09/09/2021
Military personnel are some of the people who make the largest sacrifice. Such a line of job comes with severe hardships, so Uncle Sam offers some compensation in a bid to cushion...
Posted by Rosovich & Associates, Inc. on 08/30/2021
You open an individual retirement account known as an inherited IRA on inheriting a tax-advantaged retirement plan like an IRA or 401(k). The heir needs to transfer such assets from...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 07/24/2021
In 2001, the IRS was mandated to offer free tax preparation service alongside filing service to taxpayers that qualify. This led to the creation of the free filing alliance in 2003...
Posted by Rosovich & Associates, Inc. on 07/23/2021
