How Long Should I Keep Tax Records and Bank Statements?
Ever wonder how long you should hold onto your tax records and bank statements? In this article, I’m going to tell you what you need to know. Which documents should I keep? Any documents that have to do with your tax return you should keep. That includes the tax return, the workpapers, and depreciation schedules […]
Depression Coming? 5 Must Read Books
We all feel like something is off. They tell us the economy is doing great, but everyone knows better. Credit card debt is at an all-time high, inflation has run-a-muck, wars are going on all over the world. People are expecting some kind of shoe to drop but aren’t sure what. During recessions & depressions […]
Huge Tax Increases Proposed by President Biden
This week the Department of Treasury released Biden’s Fiscal Budget for 2025. In the budget was a series of tax increases aimed at entrepreneurs and wealthy taxpayers. It covers Capital Gains tax, Medicare Tax, Billionaire Tax, Corporate Tax and the most controversial is an unrealized capital gains tax. Stay Informed Even though these new tax […]
How To Pay Your Taxes
In case you’re wondering how to pay your taxes, here are the different ways you may pay them. Pay the IRS online IRS.gov The most common way for people to pay the IRS nowadays is through the IRS’ website, https://www.irs.gov/payments. If you don’t have an account, you can set one up pretty easily. They will […]
5 Forget Me Nots
It’s tax time again. The one time of year that most everyone dreads, because – let’s be honest – who loves paperwork? Other than bureaucrats, nobody! You get anxious about missing stuff and messing up your taxes. Don’t worry, even though Valentines’ Day is over, here are 5 forget me nots about your taxes for […]
5 Ways to Make More Money
Ways to Make More Money This is the third article in my series about Americans going broke, and what to do about it. In my last two articles I wrote about different ways you could cut spending and paying down your debt. Now it’s time for me to give you suggestions on how to put […]
What is the Child Tax Credit?
If you have kids, you already know how expensive they are. Clothes, new clothes, newer clothes, medical expenses, diapers/toys/video games depending on age, school supplies, and, of course, birthday, Christmas and more presents. And that’s just barely getting started. But what you may not know is that, when it comes to the IRS, kids can […]
IRS Is Waiving $1 Billion in Penalties. Do You Qualify?
IRS is waiving over $1 Billion in penalties First things first, the background story: during 2020 and 2021 the IRS suspended mailing automated reminder letters for overdue taxes from 2020 and 2021. Even though they suspended mailing letters, penalties continued to accrue for American taxpayers. The IRS came out yesterday giving a special one-time penalty […]
Pay off Your Debt, the Right Way
Pay Off Your Debt, the Right Way This is the 2nd article in my series about how Americans are going broke. The first article, Americans Are Going Broke, But Don’t Know It Yet, I wrote about how America is going through strange economic times. I suggested different things you could do that will financially help […]
Tax Planning for Individuals
One of the most important times of the year to save on your taxes is right before the end of the year. This is when “The Rich” gets together with their CPAs and financial advisors to figure out the best way to save money. The Rich looks at taxes as an expense that you never […]