Setting aside a little time for reflection at the end of the year is great for our mental, emotional, and even financial wellbeing. Running the numbers now and getting a few items in order can help put yourself ahead of the game come tax-time!

Knocking a few items off your to-do list at the end of the year may save you a good chunk of money once spring rolls around. There are a handful of strategies that can help lower your tax obligation, and there are plenty of other scenarios to review if you want to avoid surprises in the new year!

Not all aspects of the tax code will apply to your family. However, there are certain areas that you want to be aware of in advance. The Nanny Tax is just one example of something that can easily get overlooked. Let’s review the quick facts to help you avoid tax trouble down the road!

Recent reports have estimated that the average family of four will spend roughly $30,000 on healthcare—even when on an employer-sponsored plan in 2022. This is nearly a $5,000 increase on the 2020 healthcare expense numbers, and these rising costs show no sign of stopping. For families facing high medical bills, following some simple tax advice can help keep more money in your pocket.

Having a consistent number year over year for what you’ll owe on your taxes would certainly be convenient. Yet fluctuations with the tax code and the ever-changing circumstances within our own lives tend to put that dream out of reach. There are, however, ways to help make sure that the reality of your tax responsibility is closer to your own expectations by year’s end. That starts with a basic understanding of your marginal tax rate and your effective tax rate—and how the process differs from how a flat tax system would work.

Some parts of the tax code almost read like another language. The terminology isn’t always familiar, and that can be a real challenge if the IRS has contacted you with any questions about your tax return.

In those situations, one of the words you might come across is “contemporaneous.” This has a very specific definition for the IRS. Whenever you’re making a significant claimed deduction, it’s definitely a term you’ll need to know!

We should all be so lucky as to work in a field that we love. Yet sometimes this can become a gray area in the eyes of the IRS. In order to claim actual business deductions on your tax return, you don’t want there to be any question about whether the activity is a hobby. You’ll need to fit into the IRS description of what running a business actually means.

There are plenty of money-saving deductions within the tax code—you just need to know where to look! Even if you don’t itemize, you still have options. Unfortunately, a lot of people aren’t aware of the strategies available to them. These ideas can help.

Budgeting for school expenses is a normal part of the autumn season for most families. But what a lot of people forget is that some of those costs and school donations can actually go toward some deductions on your tax return. Every bit counts!

It can certainly sound like a scary word, but an “audit” doesn’t necessarily mean you need to raise the alarm or lose too much sleep. Audits are standard practice for the IRS. While most people will never be put in an audit situation, you can definitely get through it—and NSO & Company is here to help when you need us!

The dream of retirement is attainable! But it requires a good amount of planning. The sooner non-retirees can get to work on their savings, the better. These tips can help give you a better idea of what’s required.

There are plenty of ways to earn some extra income during the summertime! But you don’t want that hard work to run up against a tricky tax situation down the road. Whether it’s your child’s first summer job or seasonal income for yourself, a few tax management insights can help you square away your records before it’s time to file.

Whether major or minor, the tax code changes might lead to some surprises on what you’ve been expecting to owe. That’s why we’re outlining the updates that matter most. The more you know, the better you’ll be able to manage your tax obligation—and monitor your tax benefits throughout the year.

The steps you take now can help ensure that next year’s tax bill isn’t a major hassle. Follow these quick steps for a withholding review, and you’ll be in a better position to avoid problems popping up down the road.

Whether you’re expecting a good chunk of change or a more meager check, everyone needs to make sure they’re getting what they’re owed for their tax refund. These quick insights can help you understand what’s coming up.

The real estate market has been especially active in recent years, and along with that, there have been revisions to the home-related tax rules. Unfortunately, taxpayers aren’t always aware of the updates until after they’ve filed their returns or made some mistakes.

Whether you bought or sold a home, or even refinanced it’s more important than ever to understand how the tax rules apply to homeownership. While mortgage companies will report information regarding taxes to both homeowners and the IRS with Form 1098, the interest and points on those statements aren’t necessarily deductible. This overview can help you learn what you need to know!

At the start of 2022, the IRS issued an announcement that may have seemed a little odd at first. They stated that the IRS automated notices are temporarily being “turned off”, so let’s take a look at why this is happening and what you need to know going forward.

We all know that our circumstances often change from year to year. But no one wants to get caught by surprise with a tax increase. There are a handful of common scenarios that can trigger a bump in what you may owe. So before you file, make sure you’re informed. You may need to be on-guard and prepare to pay more. Just review this list to make sure you’ll be all set!

We all know that the majority of income we receive is taxable. We report it to the state and federal tax authorities, and hopefully we’re able to keep that liability low. But did you know that you can actually rent out your home or vacation property in a way that’s totally tax-free?

Every year will introduce certain tax reporting scenarios that are unique to your personal life. But for the 2021 tax reporting, things can be even trickier.

Whether it’s the economic recovery payments, unemployment benefits, or your family’s advance child tax payments—you’ll likely have a few extra items to review. Running through this checklist will help you stay organized.