Frequently Asked Questions for Individuals Archives

April 25, 2022

When (And Why) to Check Your Tax Withholding

From IRS.govFor employees, withholding is the amount of federal income tax withheld from your paycheck. The amount of income tax your employer withholds from your regular […]

December 28, 2021

Tax Benefits When Saving for College Education

A common question among parents is, “How might I save for a child’s post-secondary education in a tax beneficial way?” The answer depends on how much […]

June 18, 2021

Haven’t Received Your Tax Refund Yet?

You are not alone. We have been hearing from clients who are still waiting on refunds from returns filed early in the year. In normal times, […]

June 18, 2021

Tax Breaks for Families with Children and Lower-Income Taxpayers

2021 is the Year of Substantial Tax Breaks for Families with Children and Lower-Income Taxpayers. This is an overview of the several tax benefits that were […]

June 18, 2021

IRS Unveils Online Tool to Register for Monthly Child Tax Credit Payments

As we noted in prior articles, Congress has made substantial changes to the Child Tax Credit (CTC) for 2021. The CTC has been increased to as […]

June 11, 2021

Tax Issues with Vacation Homes

Do you own a second home at the beach, in the mountains, or some other getaway location, or are you thinking about buying one? If so, […]

May 27, 2021

Tax Return Mistake?

My Tax Return for 2020 Has Been Filed – What If I Find Out I Made A Mistake? Generally speaking, tax return mistakes are a lot […]

March 17, 2021

Tax Consequences of Crowdfunding

Raising money through Internet crowdfunding sites prompts questions about the taxability of the money raised. A number of sites host money-raising projects for fees generally ranging […]

March 17, 2021

Tax Deductions Without Itemizing

Most taxpayers think they have to itemize their deductions to claim them on their tax return. However, that is not entirely true. There are certain deductions […]