Nicole M. Albrecht

The answer depends on your income. Your Social Security income could be taxed. That may seem unfair, or unfathomable. Regardless of how you feel about it, it is a possibility. Seniors have had to contend with this possibility since 1984. Social Security benefits became taxable above certain yearly income thresholds in that year. Frustratingly for […]

Everyone should aim to have a cash reserve.   We all would love to have a little extra cash on hand for emergencies. Saving up that cash can be a challenge – but with a little effort, that challenge can be met. Imagine a 30-year-old couple with no real savings. Let’s call them Kurt and […]

Business Taxes: The standard mileage rate for business driving has changed in 2017, it falls to 53 ½¢ a mile, a 0.5¢ drop. Traveling for medical purposes and job-related moves the rate decreases to 17¢ a mile. For the charitable driving the rate remains at 14¢ a mile. Two business tax breaks first apply on […]

What could that money potentially help you to accomplish? Should your refund be spent? In 2016, more than 109 million tax filers received federal tax refunds, with the average refund at $2,893. What happens to that money? In most cases, little of the refunded money is saved or invested: last year, more people used their […]

Are you worried about being audited? The fear may be overblown as only 0.86% of taxpayers had their federal returns examined in 2014. Last year, 7.5% of millionaires had their returns scrutinized. Much of this is down to low staffing at the IRS. In 2011, during more prosperous times for the agency, the IRS audited […]

The “dirty dozen” that criminals & cheats try to get away with year-round provided by Nicole Albrecht Year after year, criminals try to scam certain taxpayers. Year after year, certain taxpayers resort to schemes in an effort to put one over on the IRS. These cons occur year-round, not just during tax season. In response […]

Don’t let these slip-ups creep into your federal tax return. provided by Nicole Albrecht, EA No one wants to delay their federal tax refund. As you certainly don’t, filling out your 1040 form correctly is essential. To that end, it is worth noting some of the common 1040 mistakes – the little slip-ups that aggravate […]

Provided by Nicole Albrecht Once again, Congress has acted at the eleventh hour to bring back some expired tax perks. H.R. 5771, the Tax Increase Prevention Act, was passed and signed into law by President Obama on December 19. Here is a rundown of the key tax provisions it retroactively reinstates for 2014.

Recipients get a raise in 2015. Ideas for reform are numerous. provided by Nicole Albrecht Social Security benefits are increasing 1.7% in 2015. This marks the fourth straight yearly cost-of-living adjustment, following a 1.5% COLA for 2014.1

provided by Nicole Albrecht Here are the small business payroll tax and other business tax changes in effect for 2014 that you need to know about. Included in this list are changes to the Social Security maximum, IRS standard mileage rates, and new additional Medicare taxes that affect self-employed individuals.