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$75 Receipt Rule
Published on September 26, 2022 Did you ever hear about $75 rule for receipts? Under the $75 rule, you are not required to keep receipts for overnight travel, gifts, and vehicle expenses IF the expense is under $75. But should be taking advantage of the $75 rule? Even if you do not need to have receipts for travel, gift, and […]
Student Debt Forgiveness May Be Taxed
Published on September 19, 2022 While the billions of dollars in student loan debt forgiveness are exempt from federal taxation, in many states it may be taxed on a state level. Taxpayers could see $500-$1,100 in state taxes depleted from their loan forgiveness, according to Jared Walczak, vice president of state projects at the Tax Foundation. [1] The American Rescue […]
COVID Tax Relief: IRS Tax Penalty Forgiveness – Only Before 9/30/22!
Published on September 02, 2022 Have you filed your IRS Taxes? If not, you have racked up your failure to file penalty – but there is outstanding news for you! If you file your IRS 2019 and 2020 taxes before September 30th, all penalties will be forgiven automatically![1] If you already paid those penalties and filed your taxes before September […]
Moving to a Lower Tax State
Published on July 19, 2021 Are You Thinking about Moving to a Different State? Is Your State Tax Part of Your Decision-Making? If your intent is to relocate to a lower-tax state, it may seem like a no-brainer to move to one that has no personal income tax. No! To avoid an expensive misstep, you must consider all taxes that […]
SEP vs Solo 401(k): What Plan is a Better Choice
Published on July 13, 2021 Working for yourself doesn’t mean you have to miss out on the tax benefits that regular employees get from standard workplace retirement plans. If you’re self-employed and looking for a retirement plan, you may be trying to decide between a solo 401(k) and a SEP IRA. With both retirement plans, your investment in your tax-favored […]
