North Star Tax & Accounting

10/25/2024

$7,500 more of your income is subject to Social Security taxes in 2025. Here are the details.

2025 Cost-of-Living Adjustment (COLA) changes are here. This is what you need to know.

10/18/2024

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.

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?

10/11/2024

Know when to keep or throw out your tax records. Here is what you need to know.

Know when to hold them. Know when to toss them. Tax record retention basics can be found here.

10/04/2024

Think the estate tax won't impact you? Think again. Here is what you need to know.

Too many taxpayers ignore estate taxes because they think it will not impact them. Do this at your own peril. Here is what you should know.

10/02/2024

Boost your savings by checking out these 5 smart ways to save money. Also learn how to protect your Social Security number, and ideas to help your kids thrive this school year.

Achieving financial security for you and your family is no small task. With inflation and the allure of signing up for yet another monthly service, saving money can feel like an uphill battle. In this month’s newsletter, read about 5 ideas that can help you save money on your road to building...

09/20/2024

Planning for retirement? Don't get caught off guard by these potential tax surprises.

Rebalancing your portfolio when you get older makes sense. So does anticipating for these possible tax surprises during your retirement years.

09/13/2024

To claim the head of household filing status you cannot be married, you pay half the cost to keep up your home and you have a qualifying person living with you for at least half the year.

The head of household filing status is often misunderstood and overlooked. The IRS provides three requirements that need to be met in order to claim. Does it make sense for you?

09/06/2024

Reminder: 3Q estimated taxes are due Monday, September 16. Here are some things to consider.

If you have not already done so, please plan to make your third quarter estimated tax payment. The due date is Monday, September 16th.

09/04/2024

Tax Credit or Tax Deduction: Understand the Difference

Reducing the amount of interest you pay over the life of a mortgage can yield huge savings! This month's newsletter provides an illustration of just how much you can save, even with as little as $10 a month. Also in this edition, find out how cancelled debt may leave you holding a bigger tax bill. A...

08/30/2024

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.