Tax Deductions

Expanding your family? Whether you’re in the planning stages or your bundle of joy has already arrived, raising a child is one of life’s greatest joys — and biggest expenses — and we're not just talking about the costs of college.

Those dealing with income taxes only once a year when involved with their own personal tax return often have questions related to tax terminology. The following is a compilation of questions frequently asked by individuals:

What is Filing Status?

The purpose of this article is to get the IRS to owe you money.

Of course, the IRS will not likely cut you a check for this money (although, in the right circumstances, that will happen), but you’ll realize the cash when you pay less in taxes.

On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 which is a scaled-back version of the prior Biden administration proposals originally included in the Build Back Better Act.

Believe it or not, another year has rounded third base and is dashing toward home plate. That said, there’s still time to make a few good plays in 2021 while positioning yourself to score more in the year ahead. Here are six financial best practices for the record books. 

Taxes are like vehicles in that they sometimes need a periodic check-up to make sure they are performing as expected, and if ignored, can cost you money. That is true of taxes as well, especially for 2021, as the pandemic benefits begin to wane and President Biden’s tax proposals loom.

It seems hard to believe, but the holiday season is almost upon us, and that means that the 2020 tax preparation season will soon follow. With the end of the tax year just weeks away, it may be appropriate (especially this year, in light of the financial havoc created by COVID-19) to review some year-end tax issues that might reduce your tax bite for 2020 or provide long-term tax benefits.

Matt Bissonnette grew up in a dinky flyspeck of a town off the Alaskan coast that you can't get to without a boat or a plane. He ultimately escaped joining SEAL Team Six, the Navy's most elite counterterrorism force. He took part in the 2009 mission to rescue Captain Mark Phillips from Somali pirates, a story which was told in the movie Captain Phillips.