Financial Resources & News
Conservation easements: what they are and why the IRS is watching
Conservation easements have a legitimate place in tax and estate planning, but for years promoters have been packaging them into abusive investment schemes that have drawn IRS enforcement. If you’ve been approached with one of these arrangements, or if you’ve already participated in a prior year, the consequences of getting this wrong include disallowed deductions, steep penalties, and in serious cases, criminal prosecution. This article breaks down how legitimate easements work, what the abusive versions look like, and what steps to take if you have questions about your situation.
Newly married this year? The tax changes couples miss
Getting married triggers significant tax changes that catch many couples off guard, from a new filing status that takes effect the moment you say “I do,” to withholding gaps that can result in an unexpected tax bill in April. Beyond filing and withholding, newlyweds also need to address name and address updates, healthcare coverage decisions, HSA eligibility changes, and dependent-related credits before year-end. Tackling these adjustments proactively, rather than waiting until tax season, helps couples avoid penalties, protect their refunds, and start their financial life together on solid footing.
The retirement deduction mistake self-employed business owners keep making
If you are self-employed and contributing to a SEP IRA, SIMPLE IRA, or solo 401(k), you may be deducting your retirement contributions in the wrong place on your tax return without even knowing it. This common mistake doesn’t just misplace a number; it can distort your self-employment tax calculation, throw off your allowable contribution amount, and cost you money. Read on to learn where the deduction actually belongs, why the distinction matters more than most people realize, and how choosing the right plan could potentially double your tax-sheltered savings.
Filed an extension? How to use the time between now and October 15th
Filing a tax extension buys you time, but only if you use it wisely. From revisiting your April payment estimate to gathering missing documents and staying on top of current-year obligations, the months between now and October 15th are a valuable planning window. Read on to learn how to make the most of your extension and avoid a costly repeat of the same tax challenges next year.
The USPS postmark change you need to know about before you mail anything tax-related
A USPS rule change means that the postmark on your tax-related mail may no longer reflect the day you actually dropped it off, and the IRS still uses that postmark to determine whether you filed on time. For taxpayers in rural areas especially, this gap could be the difference between a timely filing and a costly late penalty. Read on to understand exactly what changed, why it matters, and the simple steps you can take to protect yourself.
Which retirement plan is best for a self-employed owner: SEP, SIMPLE, or Solo 401(k)?
A practical guide to using a SEP IRA, SIMPLE IRA, or solo 401(k) strategically, covering contribution limits, deadlines, employee rules, tax planning, and when each plan makes the most sense.
Spring cleaning your finances: eliminating subscription and asset drift
Financial clutter, from forgotten subscriptions to dormant accounts, can quietly drain your cash flow and complicate your financial picture. A periodic review of your recurring charges, overlooked assets, and automated systems can uncover savings and restore clarity. Learn simple steps to ensure your money and financial systems are working as efficiently as possible.
Your HSA isn’t a debit card: building a tax efficient healthcare reserve
Most people use their HSA like a medical debit card, but the account is capable of much more. With a rare triple tax advantage and flexible reimbursement rules, the HSA can serve as a powerful long-term healthcare reserve. Read on to learn how to make the most of it.
Behind the humor: the tax misunderstandings that cost real money
Laugh at the most relatable tax misunderstandings – then learn the real rules on service animals, business travel, multi-state filing, and how the IRS actually detects discrepancies.