CSL Tax Advisors, LLC

Taxes and the amount you pay is not all up to chance. Here are a dozen reasons to sit down with a professional to review your situation.

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Avoid the mismatch tax headache. Here are some tips.

Play the Match Game. Or Else... - A great tip to stay out of the audit spotlight. One of the most common types of audits is a correspondence audit caused by reporting inconsistencies with information supplied to the IRS. Here is a tip to keep this from happening to you.

Standard deduction limits remain high through 2025. But there are exceptions. Check out these opportunities.

Deductions for Non-Itemizers - Can't itemize? There are still tax breaks for you. If you own a home you probably itemize your deductions on your tax return. But what if you do not itemize? Can someone using the standard deduction still get a tax break?

Basis. A tax term that can be anything but obvious. Here is what you need to know.

Understanding Tax Terms: Basis - Covering the bases on basis This commonly used tax term is anything but common to most of us. Knowing the basics of basis can serve to lower your tax obligation when you sell property.

Most workers ignore Social Security benefits until they are ready to retire. Bad idea. This is how it works.

Social Security: Know the Variables - It's never too early to understand how it works When you're young, Social Security is often the last thing you think about. But it's NEVER too early to understand how it works. It can make a large difference in the amount of the checks you will eventually be receiving.

Is your personal information secure? It should be, per the federal government. Here is what you need to know.

PII. Know it. Protect it. - The importance of personally identifiable information Personally Identifiable Information, or (PII), is in the spotlight at the IRS and FTC. You should know what it means and how it applies to you and the protection of your tax information. Here are some thoughts.

Keeping a good record keeping system is essential to your audit defense plan. Start now to avoid having to track down old receipts during an audit.

Don't Fall for These 5 Audit Myths Separating truth from fiction about IRS audits is an important exercise for everyone. Here are 5 audit myths that, if believed, can cost you.

Is your activity a hobby or a business? You might be surprised by the tax savings in your future if you get this one right.

Turning Your Hobby Into a Business Turning your hobby into a business can get you a big tax benefit if you do it right - or a big tax headache if you do it wrong.

Selling stock at a loss? Know the wash sale rule before you do.

Understanding Tax Terms: Wash Sales - Surprise! Your stock loss is not deductible. If selling a stock or mutual fund to book a loss for your tax return, the wash sale rules are worth knowing. For the unaware, this rule could cost you a loss deduction.

Learn why you should partner with a tax expert if the IRS comes knocking. Also, how retiring early is catching on FIRE, tips to avoid the summertime tax blues, and ideas to tame summer energy costs.

Client Update Newsletter: July 2024 Responding to a letter from the IRS isn’t a weekend do-it-yourself project that you should attempt to tackle on your own. In this month’s newsletter, learn why you should partner with a tax expert if you receive either a notification saying the IRS will be auditing you, or a notice that...

Make these common tax mistakes and you will pay more in taxes. Read to learn more.

Five Big Tax Mistakes - Don't let them happen to you! Every year thousands of taxpayers go through a gotcha with the IRS thanks to large, unexpected tax bills. Here are five common causes of tax surprises, ranging from lost refunds to retirement plan mistakes.

Traits of scams can help you discover them before becoming a victim.

Clues You are About to be Scammed There are scams everywhere and unfortunately the IRS is one of the biggest tools to put on a scam. Here are some clues a scam is about to be done to you.

Summer activities for the kids can be deductible, but only if you follow the rules.

An Option to Deduct Summer Activity Expenses - Don't forget to save receipts The Child and Dependent Care Credit can be used to offset summer time care expenses for your qualifying dependents. These expenses don't just include sending your kids to daycare while you work. Here is what you need to know.

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

A tax planning session might help to lower your taxes if you find yourself in one of these situations. Also read about ideas to unplug this summer, and preparing financially to buy your next vehicle.

Client Update Newsletter: June 2024 No matter what season of life you find yourself in, the IRS will probably find a way to tax it. In this month’s newsletter, read through several situations where a tax planning session might make sense to help you try and cut your 2024 tax bill. Also learn how to prepare yourself financially w...

Tax rates are scheduled to go up in 2026. Now might be a cost-effective way to use a Roth IRA or Roth 401(k).

Roth versus Traditional IRA: Which is Better? Roth IRA or Traditional IRA? The answer is never easy, but perhaps asking the right questions can make your decision easier. Here are some thoughts.

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.

Vast tax laws are ending at the end of 2025. This provides tax planning opportunities. Here is what you should know.

Take Advantage before Changes Occur - Plan now for tax changes coming at the end of 2025 Vast changes in tax code are currently scheduled for the end of 2025. Here are tips to to save in taxes before the expiration of the laws.

Thinking of selling your home? Before you do, review the tax rules to ensure you get the greatest possible deduction.

Understanding the Home Gain Exclusion - When is a tax planning session essential? The popular capital gain exclusion on home sales is a wonderful tax benefit for most of us. However, there are many times when a review can save you thousands in potential tax. Here is what you need to know.

Getting a refund. Get the most out of it with these ideas.

Ideas for a Great Refund With over 2/3 of taxpayers anticipating a refund, here are some great uses to stretch the value of the refund. Both with actual savings as will as making positive decisions regarding the use of the funds.

The best way to keep as much of your hard-earned money away from Uncle Sam as possible is by having a strategy that you revisit throughout the year. Here are some tax planning ideas to consider.

Client Update Newsletter: May 2024 Having a low tax bill doesn’t happen by accident. The best way to keep as much of your hard-earned money away from Uncle Sam as possible is by having a tax planning strategy that you revisit throughout the year. In this month’s newsletter, we’ve got some tax planning ideas to consi...

What to see where the IRS is focusing its attention? Read on.

Seeing Inside the Mind of the IRS - Using the IRS Audit Technique Guidelines (ATGs) If you face an audit, it's worth reviewing the IRS's Audit Techniques Guides published on the IRS website. These are guides that instruct auditors how to handle tax issues for many different business fields,

Thinking about retiring early? Here are things to consider.

Tax Tips to Aid in Retiring Early In an effort to assist in planning for retirement, there are a number of provisions in the tax code that benefit those who wish to retire early. Here are a number of tips.

Time to make an estimated quarterly tax payment!

It's Tax Time! Don't Forget 1st Quarter Estimated Payments. - Now is the time to pay your taxes AND make your estimated tax payment. Reminder: Tax returns AND first quarter estimated taxes are due by Monday, April 15th.

IRS notices are raining down into mailboxes on April 1. It is causing lots of concern. Here is what you need to know.

IRS Notices Creating Alarm - Here is what to know When the IRS turned on mailing notices after a long hiatus, it appears little to no review was undertaken. This is causing alarming results for many taxpayers.

Text your tax knowledge with this fun quiz about what is - and is not - taxable. Also read about tips to keep your plethora of passwords under control.

Client Update Newsletter: April 2024 If it seems like our tax code is complicated and confusing, well, it’s sort of true. And Congress keeps adding to this complexity with what seems like an ever-growing list of what is and is not taxable. With the April filing deadline right around the corner, this month’s newsletter has a...

Pay attention or you could lose all or part of this $250,000 or more tax deduction!

Keep Track of Home Improvements - The large gain exclusion creates a tax risk When does a tax benefit not become a tax benefit? When you assume you no longer need to keep track of something. This is the case with the home gain exclusion.

Getting your tax refund quickly is on the minds of millions this time of year. Here is what to expect and how you can keep track of yours.

Anticipating your Refund - What you should know Once your tax return is filed, it is often a waiting game to get your refund. Here is what to expect AND what you can do to keep track of your refund status.

Some audits are unavoidable, but many are by being thorough and prepared WHEN you file your tax return. Here are some suggestions.

Audit Proof Your Tax Return Here are ideas to avoid some of the more common audit triggers.

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.

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