Between 30 percent and 60 percent of taxable property has an inflated assessment, which may lead to higher property tax bills. Moreover, typically fewer than 5 percent of taxpayers dispute their assessment.1 For homeowners who think their local government may have assessed their property’s value too high, there are ways to appeal and potentially win […] READ MORE
Maintaining good records is important to help meet your tax and legal obligations. The right record keeping system not only helps satisfy these obligations, but it may save you money and time. Here’s what to consider for your record-keeping system. What Records Do You Need to Keep? The first step is identifying the records you […] READ MORE
Share the Wealth of Knowledge! Please share this with family, friends, or colleagues. We love being introduced! The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax […] READ MORE
Taxpayers and businesses spend an estimated 6.5 billion hours a year complying with tax-filing requirements, which is worth $364 billion in economic value just to comply with tax regulations.1 As complex as the details of taxes can be, the income tax process is fairly straightforward. However, the majority of Americans would rather not spend time […] READ MORE
The federal estate tax threshold rose to $27.22 million in 2024 for married couples and $13.61 million for individuals as part of the Tax Cuts and Jobs Act (TCJA). Like several TCJA provisions, the higher estate tax limit is due to sunset in 2025. Barring congressional action, the exemption amount will return to about $6.8 […] READ MORE
“Audit” is a word that can strike fear into the hearts of taxpayers. However, the chances of an Internal Revenue Service audit aren’t that high. Between 2010 and 2020, the IRS only audited 0.49% of all individual tax returns.1 And being audited does not necessarily imply that the IRS suspects wrongdoing. The IRS says an […] READ MORE