tax tips

2020 Year End Tax Planning – $300 Charitable Contribution Deductions

Back in 2017, Congress passed the Tax Cuts & Jobs Act. Part of this Act doubled the standardized deduction. Since then, many people who used to itemize their deductions are now opting to take the Standard Deduction instead of itemizing their deduction. One draw back is that charitable contributions are included in the itemized deductions. […]

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IRS waives some penalties on withholding and estimated tax payments

The IRS released information today that should come as a relief to taxpayers and tax preparers as we start work on our 2018 tax returns.  The IRS will be waiving the estimated tax penalty for taxpayers on their 2018 tax return who didn’t have enough withholding and estimated tax payments to cover their tax liabilities.

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3 Financial Tips & 1 Tax Tip for College Students

The start of a new school year is always an optimistic time for me. I remember being excited about the new classes and overly motivated to organize and be prepared. That motivation usually lapsed by October, but you get the drift. Use this initial motivation to get financially organized before you get too busy.

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