J Lunsford CPA

Medical expenses are on the rise. Here are some smart ideas for saving tax dollars on those medical bills.

Reduce Your Medical Expenses - Tax smarts that make a difference Medical expenses are on the rise. If you know your options and plan accordingly, there are ways to save tax dollars on those medical bills.

Here's another tax credit, but one few will ever see. Look before you buy. Read on.

The New $7,500 Tax Credit That Isn't - What you need to know Think you will get the new electric vehicle credit beginning in 2023? Think again. Here is what you need to know.

New energy credit details and understanding the financial landmine if your car is ever totaled by insurance lead this month's newsletter. Read on!

Newsletter: September 2022 This month's newsletter recaps the details of the revamped electric vehicle tax credit and other energy credits in newly passed legislation. Also included this month are some tips to review your recurring monthly bills that seem to automatically creep up. And there is a revealing article on a financ...

Reminder: 3Q estimated taxes are due Thursday, September 15. Here are some things to consider.

Reminder: Third Quarter Estimated Taxes Due - Now is the time to make your estimated tax payment If you have not already done so, please plan to make your third quarter estimated tax payment. The due date is Thursday, September 15th.

The IRS requires contemporaneous records to prove deductions and credits. That means you can't go back later to get a copy of a receipt you forgot. Here are some tips.

Understanding Tax Terms: Contemporaneous Records - Everyone needs to know what this means! The Internal Revenue Service has a vocabulary of their own. One of the more important is their use of the word contemporaneous. What does it mean, and why should you care?

The IRS audit rates are still at historic lows, but all that is now starting to change. Here is what you need to know.

IRS Audit Rates - Don't get complacent...resurgence is underway The IRS reported audit rates are the their lowest in decades. But don't get complacent. A closer look at the IRS data release reveals a change in that trend.

Hobby verus business? If you want to deduct expenses, you need to know these rules.

You Can't Deduct that Loss - How to ensure your business is not deemed a hobby The old and fast rules to determine whether your business activity is deemed a hobby in the eyes of the IRS have been replaced by guidelines. Here is what you need to know as you wrap up your business year.

Before school gets going this fall, check out these school expenses that might help you decrease your tax bill.

Hidden Back to School Tax Deductions Time to buy school supplies? Pay for field trips? Is any of this tax deductible? Here are some ideas to find a tax break in the back to school rush.

Hobbies cannot deduct expenses per the IRS, outline here are ways to avoid this problem. There are also five great ideas to take advantages of IRAs. Plus much more!

Newsletter: August 2022 Welcome to the last month of traditional summer vacation! And what better way to lead the final month of summer vacation by outlining ideas to save money while taking that long-deserved break. This month's letter includes a review of five ways to take advantage of IRA accounts to reduce your tax bur...

Commonly overlooked tax deductions that everyone should know.

Great Tax Reduction Ideas The tax code is about 75,000 pages long, so it's not surprising there are many overlooked money-saving deductions hidden within it. Check out these great ideas to lower your tax.

Time to plan for new contribution levels for your health savings account. Find the 2023 limits here.

2023 Health Savings Account Limits - New contribution limits are on the horizon Contribution limits for the ever-popular health savings account (HSA) are set for 2023. The new limits increase the amounts you can save and then use to pay for qualified medical expenses with pre-tax dollars.

Underreported income and math errors are key mistakes that can trigger an audit from the IRS. Having your taxes prepared by a professional can significantly reduce this risk.

Five Reasons Why the IRS Will Audit You The IRS is constantly looking for a reason to audit you. There are several red flags that can identify your tax return as one that needs additional attention. Knowing these indicators can help you avoid the unwanted scrutiny.

Utilizing the full tax bracket is a smart way to be tax-efficient with your retirement income. Knowing where you stand and how much you should withdraw from your retirement accounts is crucial.

Retirement Basics: Understanding Tax Efficiency Managing your taxable income during retirement can be complicated. Social Security retirement benefits, retirement plan distributions and supplemental income can quickly impact the amount of tax you must pay. Here is something to consider.

In a new inflationary world its time to be aware of shrinkflation and review suggestions to get the most out of your bank accounts. Here are some ideas. Plus tax surprises and new mileage rates!

Newsletter: July 2022 The recent run of inflation is causing many people to rethink how to save and where to spend. In this month’s newsletter, there is a recap of the traditional role of how your bank accounts work together to provide a valued resource to handle your funds. There's also a great article on how to i...

The IRS responds to high gas prices by raising the standard mileage rate in the second half of 2022. Here is what you need to know.

IRS Announces NEW 2022 Mileage Rates - New rates begin in July The Standard Mileage Rates for 2022 just got higher.

Don't run out of money during retirement. Here are five great ideas.

NON-Retiree Retirement Ideas - Want money when you retire? Here are some tips. Retirement planning and tax planning go hand in hand. Here are five great planning ideas on how to ensure you have a nest egg when you are ready to retire.

Yikes! I received a notice from the IRS that I am being audited. Here are some tips.

I'm Being Audited by the IRS! Those dreaded words often lead to lost sleep and simple mistakes that could cost you money. Here are some tips to help you through the IRS audit process.

Reminder: Second quarter estimated taxes are due Wednesday, June 15th.

Reminder: Second Quarter Estimated Taxes Are Due - Now is the time to make your estimated tax payment If you have not already done so, please plan to make your second quarter estimated tax payment. The due date is Wednesday, June 15th.

Pass-through entities such as S corporations and certain partnerships offer legal protections and avoid double taxation. Does it make sense for your business?

Understanding Tax Terms: Pass-through Entities - What everyone should know Given the popularity of this business format, it continues to drive tax policy. Here is what you need to know.

Start your tax planning NOW to cut your 2022 tax bill. Also read about tax implications of your side hustle, managing money tips for couples and how to make your child's summer break a tax break.

Newsletter: June 2022 With your 2021 tax return now filed, the last thing you may want to do is start thinking about your 2022 tax return! The best way to lower your tax bill for next year, however, is to start looking for tax cutting strategies as soon as possible. In this month’s newsletter, read about some tax p...

Lots of tax law changes this year! Read on to find out more.

What's New in 2022 Here are tax law changes that will impact the money you pay for taxes on your individual tax return.

Students! Have a summer job? Will you make less than $12,950 in 2022? Claim EXEMPT on your Form W-4 to prevent federal taxes from being withheld on your paycheck.

3 Things to Know About Summer Job Taxes Summer jobs are great for providing extra income, but the taxes can be a surprise if not handled correctly. Here are three tips to help you manage the taxes on your (or you child's) summer earnings.

With all the changes last year, now is a great time to conduct a tax checkup, especially since there is still time to make adjustments.

Withholding Review Required Now - Avoid tax surprises with a simple review This quick checkup will ensure you're not surprised when you file your income tax return next year.

New reporting requirements are now placing millions of taxpayers in the audit spotlight of the IRS. So if you use digital payment platforms like Venmo, you need to read this now!

A Tax Nightmare on Your Horizon - MUST READ if using digital payment tools or reselling tickets New reporting requirements are putting millions in the cross hairs of the IRS. Here is what you need to know.

Virtual transactions are triggering more tax filings than ever. Plus understanding taxation of summer jobs and avoiding hidden fees that can destroy your vacation! Here is what you need to know.

Newsletter: May 2022 With tax season now in the rear view mirror for most of us, it’s time to start thinking about how to minimize your taxes on next year’s tax return. In this month’s newsletter, get a start on your tax planning by learning about the tax consequences of different types virtual transac...

It may be best to bundle several years of charitable deductions into one year to get the most tax savings.

Maximizing the Tax Benefit of Charitable Deductions Charitable contribution deductions are still a great tax savings tool, but they now require more planning. Here are some tips to save the most.

The average refund is nearly $3,000 and takes about three weeks to arrive if you e-filed. Track its progress to your bank account by visiting www.irs.gov/refunds.

If You're Expecting a Refund, Read This! If you're getting a refund, here are four useful tips to know.

Tax day is here! If you owe taxes, remember to make the payment by the end of the day Monday, April 18.

Tax Day is Here! - Last-minute details, tips and freebies The individual tax-filing deadline is Monday, April 18. Here is your guide to tax day deadlines, payments, forms and of course ... free stuff!

Time to make an estimated quarterly tax payment!

It's Tax Time! Estimated Taxes are Due. - Now is the time to file your taxes and make your estimated tax payment. Reminder: Tax returns AND first quarter estimated taxes are due by Monday, April 18th.

April is tax month! Included this month is a fun state tax quiz. In addition, there are answers to common tax questions received this month plus lots of great money management tips.

Newsletter: April 2022 Welcome to tax month! Perhaps welcome is not quite the right word, but to help lighten the mood, included in this month's newsletter is a fun state tax quiz plus answers to the most common questions taxpayers ask during the month. Also read about ideas to manage your emergency fund while in our new....