5 Midyear Tax Check-Ins to Save BIG in 2021

With summer in full swing, now is the perfect time to take a dip in the pool, fire up the grill, and … review those taxes?  You bet. Although 2020 is well behind us—thank goodness—new tax rules and other financial programs continue to provide incentives that can serve us both personally and professionally. And right now is the perfect time to grab them. As a powerful start, here are 5 midyear tax... Continue reading

10 Ways to Maximize Your Tax Refund This Year

Given the CARES Act and other unique rules that impact your 2020 taxes, we asked CPA Cecilia Leung how to maximize your tax refund this year. Author of Dear Accountant: Stories, Advice and Explorations, Cecilia offered 10 ways to maximize your refund, but she reminded us that the list is far from exhaustive. “There are so many specific deductions,” Cecilia said. “Classroom supplies. Education... Continue reading

7 Lessons for 2021 from Your 2020 Tax Return

It’s always a relief once you've filed your tax return, but don’t be too quick to file it and forget it. The process of gathering your financial information and preparing that return, even if you didn’t prepare it yourself, provides an opportunity for new insights that can serve you well in your financial goals as you move forward into 2021. Here are 7 financial tips for reviewing your 2020 tax... Continue reading

Tax Prep Checklist: 13 Key Forms & Reports You’ll Need

Whether you file your taxes yourself or hire a professional accountant, the first step in your tax prep is gathering all the information you’ll need to complete your tax forms. While not exhaustive for every situation, this tax prep checklist can help you hit the highlights. Essential tax prep info and where to find it 1. Last year’s tax returns In most cases, you won’t technically need your... Continue reading
Simplify Tax

How to Simplify Tax Time with Quicken

The more tax information you track in Quicken, the easier your life can be when tax time rolls around. And you don’t have to wait until your taxes are due to find out where you stand. In fact, you probably won’t want to. This guide shows you how to: Track your tax deductions Find new tax deductions Use the Tax Center Run tax reports Track your paycheck Use the Tax Planner Explore other tax... Continue reading
Quicken Tax Deductions

10 Tax Deductions You Might Not Have Considered

As many accountants will tell you, it’s not how much you make it’s how much you keep that counts. The difference is the taxes you pay. Claiming tax deductions and credits can help reduce your tax bill and keep more money in your pocket. Whether you use tax preparation software or work with an accountant, knowing what you can claim on your taxes can help you plan for the upcoming tax year and... Continue reading
Quicken Charitable

How to Make the Most of Your Charitable Contributions

4 Ways to Maximize Your Charitable Contributions Charitable giving is an altruistic opportunity to help others and receive a tax deduction. Here’s how you can maximize both impacts.  You can approach charitable giving in many ways. Perhaps it’s a monthly obligation, one of your regular budget categories, or an annual tradition. No matter when you give, a strategic approach can help ensure your... Continue reading
6 Smart Ways to Spend Your Tax Refund by Quicken

6 Smart Ways to Spend Your Tax Refund

In 2018, the Internal Revenue Service (IRS) reportedly issued 112 million tax refunds, with a grand total of $324 billion returned to taxpayers.  If you received one of those refunds, it might have been the financial highlight of the year — more money in a lump sum than you could ever expect to receive from another source. Did you spend the money wisely? This year, get rid of that devil on your... Continue reading

From Donations to Deductions: Tracking Your Charitable Donations

With the advent of social giving online, charitable donations such as #GivingTuesday and campaigns in the wake of disasters provide easy ways to support causes close to our hearts. Whether you give at the end of year or throughout, tracking your charitable donations can provide rewards at tax time.   Use Itemized Deductions for Large Donations The IRS offers two ways to deduct expenses to... Continue reading

What Should You Do With your Tax Refund?

A tax refund can give you a sudden influx of unexpected cash that you can use for a variety of purposes. But make sure you have a plan for the money, and don’t be in too much of a hurry to get your money by signing up for a refund anticipation loan or other product. “Generally this is a bad idea,” says Ben Wacek, a certified financial planner and founder of Wacek Financial Planning, LLC. “It's... Continue reading