If you haven’t already heard, there is a tax break that can come with that expensive college education! It’s called the American Opportunity Tax Credit (AOTC). It can be applied to qualified education expenses for the traditional first four years of college with a maximum of $2,500 credit annually for each eligible student you have.

No one wants to think about this unless they have to, but if you are facing a divorce there are some very important things you want to think about regarding your financial planning and responsibilities. Taxes are already stressful and divorce even more so – combine the two and sometimes people would rather avoid the whole conversation.

The rule is to pay as you go, not all at the end of the year. Waiting until the end can cost you extra in the form of penalties and possibly interest. That’s why your employer withholds taxes throughout the year. For those that are self-employed, or if you have additional, substantial income, not through an employer, you’re required to pay the IRS quarterly.

Just when you thought tax season was over… you get another form in the mail. If this happens – don’t panic! Many people are unaware of Form 5498 and when it comes in the mail, they immediately think they did something wrong on their taxes.

There’s a lot of misinformation about tax filing extensions regarding who they are for, how to get one, why to get one and what does it actually even mean. Let’s be honest, the IRS doesn’t have a reputation for leniency or handing out favors. So, what’s the deal with extensions?

Tax filing season is in full swing and we are finding that people are feeling, well, a little cheated. When Trump passed the Tax Cuts and Jobs Act back in December of 2017, we all expected to pay less in taxes. But, the majority of people are finding they are getting smaller than normal tax returns – so what’s the deal?

As you start thinking about pulling together your taxes do you instantly get nervous like you did something wrong before you even get started? The reality is the IRS isn’t looking over your shoulder and they aren’t coming to knock on your door.

Whether this is your first time working with an accountant to prepare your tax return or you’ve done it year over year, it’s hard to remember all the information and documents you need. Some forms come in the mail, others you get online, and it’s possible some pieces of information might not even be on your radar.