Tax & Financial News

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    IRS Struggles to Process Tax Returns This Year

    The Internal Revenue Service has released a midyear report to Congress that details a significant backlog of tax returns dating back to the end of tax filing season, and many of those returns have yet to be processed. While backlogs are not unusual, this year’s …

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    What Is A Back-Door Roth IRA?

    Many individuals who are saving for retirement favor Roth IRAs over traditional IRAs because the former allows for both accumulation of account earnings and post-retirement distributions to be tax-free. In comparison, contributions to traditional IRAs may be deductible, earnings are tax-deferred, and distributions are generally …

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    Things to Consider When Refinancing Your Home Mortgage

    With home mortgage rates at historic lows, it may be appropriate for you to consider refinancing your current mortgage. However, refinancing may not always be the greatest idea, even though mortgage rates are low, and even when your friends, relatives, and coworkers are bragging about …

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    Pros and Cons of a 401(k) Profit-Sharing Plan

    If you are an employer looking for an attractive employee benefit that lets you plan contributions around your revenues, consider a 401(K) profit-sharing plan. These plans allow you to make pre-tax deposits to your employees’ eligible retirement accounts after the end of each calendar year, …

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    Important Tax Deadlines

    2021 individual quarterly estimated federal tax payments are due June 15, 2021, September 15, 2021, and January 17, 2022 for the remainder of the year. The extended business tax deadline is September 15, 2021 and the extended individual tax deadline is October 15, 2021. In …

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    Options if Taxes are Owed and Payment Can’t be Made by the Due Date

    The vast majority of Americans get a tax refund from the IRS each spring, but what if you are one of those who ends up owing? The IRS encourages you to pay the full amount of your tax liability on time by imposing significant penalties …

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    How You Can Defer Taxes with Installment Sales

    Selling a property one has owned for a long period of time will frequently result in a large capital gain, and reporting all of the gain in one year will generally expose the gain to higher than normal capital gains rates and subject the gain …

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    Start-Up Expenses You Can Write Off For a New Business

    Unfortunately, as a result of the COVID pandemic many small firms have gone out of business. Fortunately, with the help of vaccines, new businesses will be opening as the economy returns to near normal. New business owners, especially those operating small businesses, may be helped …

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