by Bill Houston | Feb 16, 2025 | General Tax Info, Reduce Your Taxes
These strategies and a few little-known elections can save you money on your 2024 tax returns and/or in future years Make a deductible IRA contribution of up to $7000 per person ($8000 if over age 49) by April 15th, 2025 for 2024 and deduct it on your 2024 tax return....
by Bill Houston | Feb 7, 2023 | General Tax Info
Now you can do something with the college savings plan money that wasn’t spent on education. Maybe your child or grandchild didn’t choose college. Or maybe they received a scholarship. There’s an opportunity here to put that money back into your own...
by Bill Houston | Feb 7, 2023 | General Tax Info
It is not uncommon for debts to pile up beyond someone’s ability to pay, and may be even more common if we enter into a recession. Lenders will sometimes cancel (forgive) debts owed by down-on-their-luck borrowers. While the cancelled debt may be incredibly helpful in...
by Bill Houston | Aug 25, 2022 | General Tax Info
This is going to be a huge benefit to many filers. For those taxpayers, including individual 1040 returns, partnership (1065) returns and S Corporation (1120S) that: Filed late and paid a penalty or owe a penalty for late filing for the 2019 and/or 2020 tax year,...
by Bill Houston | Jul 27, 2022 | General Tax Info
We typically see Congress extend these kinds of things but in the current environment, that may not happen. So, here are a few of the tax rules that have expired: The 1 year increase in the child tax credit expired at the end of 2021. The credit will...
by Bill Houston | Jan 22, 2022 | General Tax Info
When you file your taxes at the end of the year, you can file a sole proprietorship on a Schedule C, a C Corporation on a Form 1120, an S Corporation on a Form 1120S or a partnership on a Form 1065. There is no tax form for an LLC. If your business is registered...
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