Tax Deduction Basics

What Is a Tax Deduction? Unlike a tax credit, which reduces the amount of tax owed, a tax deduction reduces the amount of income subject to taxation before taxes owed are calculated. Tax deductions typically fall into three main categories: The standard deduction Itemized deductions Schedule 1 deductions (also known as above-the-line deductions).  Standard Vs.

Tax Deduction Basics Read More »

Stimulus Check Breakdown

So far, three sets of Economic Impact Payments (also known as “stimulus checks”) have been issued to eligible recipients as part of the pandemic relief from the federal government. . Each set of payments has been slightly different and is outlined below for your Federal return.   Round of Payment Legislation Projected Date Projected Payment

Stimulus Check Breakdown Read More »

Tax Savings & Retirement Plans

“Tax Now” means you pay taxes on this item now, but you don’t have to pay the taxes on the accumulated amount when you retire. “Tax Later” means you save taxes now, but you have to pay the taxes on the accumulated amount when you retire.  IRA stands for Individual Retirement Account.                                                  NAME

Tax Savings & Retirement Plans Read More »

Foreign Reporting Quick Guide

Foreign Reporting Quick Guide Our firm supports many international clients as well as clients with international activity. The guide below outlines the different form types and purposes behind each. Name Filing Form Description Deadline Foreign Bank and Financial Accounts (FBAR) 114 A United States person that has a financial interest in or signature authority over

Foreign Reporting Quick Guide Read More »