Alvin L. Hagerich CPA

04/21/2023

Three-fourths of tax filers get a refund every year, with the average check weighing in at $2,972 so far this tax season. Have a plan to use that money well!

Three-fourths of filers get a refund every year. Here are some ideas to put that money to good use.

04/14/2023

Ouch! Property taxes are on their way up. Here is what you can do to keep your property taxes as low as possible.

With a $10,000 limit on deducting property and state income taxes on your federal tax return, what can you do to lower your tax bite? Look at reducing your property taxes!

04/07/2023

Time to make an estimated quarterly tax payment!

04/05/2023

The modern day tax form was introduced in 1913. Guess what the tax rate was. Plus useful ideas to reduce your bills during high inflation. Read on!

If it seems like the income tax has been around forever, well, it's sort of true. The modern Form 1040 was unveiled in 1913, the first year, after paying for the Civil War, that Americans were required pay income taxes to the federal government. With the April filing deadline right around the corner...

03/31/2023

My tax return is filed... where is my refund? Here's how to find out.

Your return is filed and you're expecting a refund. Where is it? The IRS has an online service to check on the status of your tax refund. Here is what you need to know.

03/24/2023

The gift tax is one of the most misunderstood provisions in the tax code. Here is what you need to know.

Presenting a gift to a grandchild does not normally have us thinking about the taxes. However, if not careful the over generous gift giver could end up with a surprise tax bill and a note from the IRS.

03/17/2023

The IRS is hiring more auditors. So who are they going to target? The small business owners. Here are some tips.

Often the #1 target of IRS audits, sole proprietors need to be prepared with good records. Here are some tips.

03/10/2023

High income disparity between spouses is one of the most common situations victimized by the marriage penalty. Tax planning can help you reduce the impact on your tax bill.

Whether you're changing your filing status in 2022 because of marriage, divorce or another event (or it's staying the same), understanding how the marriage penalty works is key for your tax planning.

03/03/2023

Deciding between a traditional or Roth IRA? The traditional IRA provides short-term tax savings, but a Roth IRA might be better for the long-term.

Deciding between a traditional or Roth IRA can be confusing, but one thing is clear - Roth IRAs are subject to fewer IRS rules and restrictions, giving you more flexibility while still providing some great tax savings.

03/01/2023

New tax rules mean changes for how you save for retirement. Read how these rules affect you. And those with small businesses should know about this potential looming $800+ penalty!

Recent legislation is taking a broad sweep at retirement accounts. While many of the rule changes are implemented over a number of years, some of them are important to know about right away. Summarized in this issue are some of the more important provisions. With the pending flow-through filing dead...

02/24/2023

Caregivers can get help from three federal tax breaks: the medical expense deduction, the child and dependent care credit, and the "family" credit.

If you've ever had to care for a sick, elderly or disabled person, you know it can be difficult financially as well as emotionally. A recent study found that many caregivers are forced to make financial sacrifices, including delaying retirement, in order to help their loved ones.

02/17/2023

Rejected tax return? You need to understand what steps to take...

If an e-filed tax return is rejected by the IRS what should you do? Here are some of the more common causes for rejected tax returns and what you can do about it.