Mid-Year Money Checkup

It's well past the middle of 2019, so giving yourself a mid-year financial checkup is well overdue. It doesn't require a lot of time, maybe 30-60 minutes, but it is well-worth your time. Here are the steps you should take: Review Your Goals - Whether it's beefing up your savings, paying off some debt, or saving [...]

Estimated Taxes Form and Publication Can Help People Pay the Right Amount in 2019

The following article was published by the IRS. The Internal Revenue Service is reminding self-employed individuals, retirees, investors and others who pay their taxes quarterly that the first estimated tax payment for tax year 2019 was due Monday, April 15, 2019, for most taxpayers. A 2018 tax return and 2019 Form 1040-ES, Estimated Tax for Individuals, [...]

Contribute to an IRA by April 15 to Claim It on 2018 Tax Returns

The following article was published by the IRS. It’s not too late to contribute to an Individual Retirement Arrangement (IRA) and still claim it on a 2018 tax return. Anyone with a traditional IRA may be eligible for a tax credit or deduction on their 2018 tax return if they make contributions by April 15, 2019. [...]

There are Six New Schedules Some Taxpayers will File with the New Form 1040

The following article was published by the IRS. The 2018 Form 1040 replaces prior year Forms 1040, 1040A and 1040EZ. The 2018 Form 1040 uses a building-block approach that allows individuals to file only the schedules they need with their federal tax return. Many people will only need to file Form 1040 and no schedules. Electronic [...]

Safekeeping Tax Records Helps for Future Filing, Amended Returns, Audits

The following article was published by the IRS. The IRS generally recommends keeping copies of tax returns and supporting documents at least three years. Employment tax records should be kept at least four years after the date that the tax becomes due or paid, whichever is later. Tax records should be kept at least seven years [...]