2D Tax Consulting & Planning

04/01/2022

April Fools! Terrible scams are never a joke. Here is what you need to know.

April Fools! A normal harmless day of funny pranks can quickly turn sour when scams are involved. Here are some reminders.

03/25/2022

The ensure you're ready for an audit, tax returns should be kept indefinitely and supporting documents should be kept a minimum of three years.

After filing your tax return, do not close the book on your taxes until you have set up next year's files, purged unneeded old records, and prepared your records in case of an audit. Here are some tips.

03/18/2022

New rules for deducting mortgage interest are causing confusion and adding additional documentation. It's more important than ever to understand the numbers on your tax forms.

Mortgage companies report interest to both you and the IRS, but that doesn't mean all the interest you pay is tax deductible. Here are four major areas that are causing confusion.

03/11/2022

If your gross income is less than the federal standard deduction, you usually do NOT need to file a tax return, but getting this wrong can cost you. Know the exceptions to the rule!

Do you need to file a tax return this year? Here are some handy tips to help you decide.

03/04/2022

Ouch! Government overspending is reported each year in our 1040 IRS instruction booklet. Here's what it looks like for the most recent fiscal year for which info is available. It doesn't look good!

As taxpayers, it makes sense to understand how our government spends our money. Here are the most recent inflows and outflows as reported by the IRS in this year's 1040 instruction booklet.

03/02/2022

Here's how to avoid getting your tax return stuck at the IRS. Also read about tax tips for parents and grandparents, tips to handle rising interest rates, and why you should read the fine print!

Tax season is now underway! In this month's newsletter, we share the secret to getting a quick tax refund. Also read about tax saving tips for parents and grandparents, why you should consider reading the fine print, and several financial tips about how to navigate rising interest rates. Please enjo...

02/25/2022

Give your child a jump-start on retirement. Open a Roth IRA as soon as they start earning money to take advantage of compound interest and favorable tax treatment.

Want to give your child or grandchild a jump-start on their retirement? Here's a tip that will help them learn the value of investing and maximize the tax benefits.

02/18/2022

IRS turns off many automatic notices. Here is what you should know.

The IRS is temporarily suspending automated notices to taxpayers due to its backlog of unprocessed tax returns. Here is what you need to know.

02/11/2022

Avoid tax increase surprises at the filing deadline by reviewing these common causes now.

Too often we think our upcoming tax bill will be similar to the one last year. When it is not AND when it is a higher tax bill, the surprise can be problematic. Outlined here are some common areas that create these unpleasant surprises.

02/04/2022

Did you know you can rent your home or cabin tax-free for up to 14 days per year?

Did you know you can rent out your home or vacation property for up to 14 days and not need to claim the income? Here are some tips to take advantage of this opportunity.

02/03/2022

E-File with me today! Get a free 5-6 day Hotel package. Seriously.🤩

02/03/2022

Pandemic laws roll back, new child tax credits, and a re-start of required retirement contributions means the time to know about these changes is NOW! Here is what you should know.

2021 Individual Tax Highlights: The worst time to know about new tax laws is when it is too late to do anything about it. Here is a summary of the most impactful changes this year.