Teachers can deduct out-of-pocket expenses
As the new school year kicks off, it’s worth noting that there is a federal tax deduction for teachers and other education professionals who incur out-of-pocket classroom expenses. The deduction is for up to $300 in 2023, the same amount as in 2022. In the future, the...
Lower your tax bill by hiring family members
If you’re a small business owner, there are some tax advantages you might be unaware of that can lower the overall tax bill for your family, if you decide to employ family members in the business. It’s commonplace for multiple family members to work in a small...
Maximize your retirement savings with an IRA
A lot of people are not putting enough away for retirement. Numerous studies bear this out. For example, 55% of Americans are behind on saving for their golden years, according to reporting from CNBC. A National Institutes of Health paper says research suggests...
Make sure you’re having the right amount of taxes withheld
Now that tax season has come and gone (unless you filed an extension), it’s a good time to assess the amount of income tax withheld from your paycheck. In fact, any time there is a major change in your overall tax situation, withholding amounts should be examined. For...
Donor Advised Funds are a great tool for giving to charities
Many Americans give to charitable causes, but very few know about or take advantage of a powerful giving tool called a donor advised fund (DAF). DAFs offer several tax benefits that you should be aware of. Let’s start with the basics: A DAF is a tax-deductible...
Lessons for your small business from the recent bank failures
Don’t be passive about your accounts over $250K The collapse of Silicon Valley Bank (SVB), followed closely by Signature Bank, earlier this month has a lot of small businesses and startups doing some self-reflecting on the way they manage their finances. Many...
Earn up to $2,000 back from Uncle Sam through the Saver’s Tax Credit
Middle and lower-income workers can earn free money through a little-known tax credit called the Retirement Savings Contributions Credit, the Saver’s Credit for short. This is a great way for you, or maybe for your adult children, to save for retirement, and get some...
If you were pregnant in 2022, you may be eligible for a big tax deduction
In our last issue, we mentioned several commonly overlooked deductions that could save you money on your tax bill. But there is a new tax deduction for Georgia taxpayers that you may be unaware of: the unborn child deduction. Any unborn child with a detectable human...
Get more money back on your taxes with these commonly overlooked deductions
Tax season is upon us, and we all want to save money on our tax bills. But tax laws are so complicated that it’s tough. There are a lot of deductible expenses you might be able to take advantage of which perhaps you haven’t considered, so we’ll mention just a few...