What Basic Documents Do I Need to Do My Taxes?

women organizing tax forms on the floor

If you have several avenues of income or lots of opportunities for deductions, gathering the right tax forms and documents can seem overwhelming. Here are the basics to help guide you. Key takeaways Documents and records you’ll need for your taxes: Income tax forms (W-2, 1099s, etc.) Investment income and retirement information Tax forms for…

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Drive Down Your Taxes with These Vehicle Deductions

business vehicle

Car and truck expenses can be confusing on your tax return. What are considered eligible expenses? And what are the current limits and mileage rates? Key takeaways: An individual who owns a business or is self-employed can deduct vehicle expenses  Automobile costs based on mileage or actual expenses are eligible Mileage rates have changed between…

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Beware the “Dirty Dozen:” Common Tax Scams to Avoid

Beware the “Dirty Dozen:” Common Tax Scams to Avoid

In 2020, the IRS released a “Dirty Dozen” of prevalent tax scams. Here’s what to watch out for! The IRS regularly compiles a list of the “Dirty Dozen,” or the 12 most common scams that target taxpayers. This list is always changing and evolving, and some risks have been heightened because of the COVID-19 pandemic.…

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Is There a “Right” Tax-Advantaged Retirement Plan?

Tax-Advantaged Retirement Plan

There’s no one perfect way to approach retirement that is the best for everyone. Choosing the right plan for you starts with understanding your options and the tax implications of each one. There are several different approaches you can take to your retirement savings strategy. Each avenue has its own set of tax implications and…

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How to Make the Most of Medical Benefits on Taxes

Medical Benefits on Taxes

It’s always wise to optimize the tax efficiency of medical benefits. But it’s even more crucial during a pandemic. Here’s how to keep your returns as healthy as possible. The year 2020 may mean that more people have high medical expenses, with millions of Americans having tested positive for the coronavirus. On top of those…

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