Cordova & McPherson CPA Firm

Being married can be bliss, but often not within the tax code. Here are some pitfalls of being married in the eyes of the taxman.

The Marriage Penalty: Alive and Well in the Tax Code - Couples filing jointly still get the short end of the stick There are a lot of positive things about getting married, but the IRS' marriage penalty isn't one of them.

Living in another state to work remotely or to retire often causes tax problems. Here is what you should know.

You Owe Us, Not Them! - State tax authorities clamp down Suppose you work or retire in a new state with warm weather and lower taxes. If you keep a home in your original state or you later decide to return, you could have a tax problem. Here are some tips to help you stay on the right side of the state taxman.

The amount of your tax bill is often dependent on your age and the age of your children. You need to plan accordingly. Here are the details.

The Tax Impact as Your Children Grow Up - Prepare now for potential income tax hits As your children age, you can easily be surprised by a larger tax bill. To help ease the possible burden, here are some possible tax hits to prepare for as your children grow older.

Advance child tax credit payments are now being paid. Learn how to find the best bank for you, and how to protect your privacy from prying eyes watching everything you do.

Client Update Newsletter: August 2021 Summertime means the 2020 tax filing season is firmly in the rearview mirror for millions of Americans! This year, summer also means more money for you thanks to the child tax credit advance payments. Find out what you need to know about these payments in this month’s newsletter. Also read abo...

Retirement account investments in mutual funds come with hidden tax traps and benefits. Here are some of them.

Tax Planning with Mutual Funds - Ten ideas to maximize the benefits of your investments Want to get the most out of your investments? Here are ten great ideas.

If you use an installment sale to sell property, you may save on taxes by spreading out the tax over a number of years. But be careful! If not properly planned, you may have a nasty tax surprise.

Understanding Tax Terms: Installment Sales If you use an installment sale to help sell property, including real estate, you can benefit from tax deferral and possibly lower your overall tax bill. But watch out for some tax surprises.

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

Time for a Checkup - Are you withholding enough for your taxes? This quick checkup will ensure you're not surprised when you file your income tax return.

Considering loaning yourself money from your retirement account? Read this first!

Borrowing Money from Your 401(k) - Good idea? ...not so much Many are dipping into their employer sponsored retirement plans using the lending feature. Unfortunately, many are later faced with a tax problem!

Lower your 2021 tax bill! Here are some great ideas. And why not think about your debt decisions? When is debt good versus bad? You can even leverage mistakes the IRS finds in business audits.

Client Update Newsletter: July 2021 Now that 2021 is more than half-way in the books, it’s time to kick your tax planning into high gear! Included in this month's newsletter are several ideas to help you reduce your tax bill. There is also an article that provides some ideas on how to think about debt. Some of it is good, while...

The nanny tax surprises thousands every year. Here is what you need to know.

The Household Employee Problem - Don't get caught by the nanny tax Many famous taxpayers have been caught in an oft overlooked part of the tax code; household employees. The commonly referred nanny tax can be an expensive audit finding if not handled correctly. This is what you need to know.

Advance Child Tax Credit payments in July. This could be great. It could also create a mess for your family when filing taxes at the end of the year. Here is what you need to know.

Advance Child Tax Credit Payments Starting NOW! - What everyone should know Advance payments of the Child Tax Credits begin now. You only have approximately two weeks to opt out of this feature before payments start arriving AND many taxpayers should do just that! Here is what you need to know.

Hobby or 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.