With the pending tariffs and turbulent markets, the last thing on most taxpayers minds is tax planning. But in the midst of all this turmoil is the potential for tax saving activity available to those willing to plan accordingly. Here is what you need to know.
While more and more legislation is introduced that penalizes all of us for doing things wrong on our tax returns, please remember that at its origin, tax collection in the U.S. is voluntary. In other words, the tax code is defined, we are given due dates, and the government asks us to voluntarily comply.
When you don’t, there are late filing penalties, underpayment penalties, fines, fees, interest and other imposed compliance incentives including audits. To help guide Congress and the Treasury Department, there are ongoing studies conducted to try to calculate the trends in non-compliance.
Now Is the Time to Make Estimated Tax Payments.
If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The 4th quarter due date for the 2025 tax year is due on or before January 15, 2026.
With kids now back in college, the fact of higher educational costs is impossible to ignore.
As you or your child navigates campus, you are now in position to start navigating the possible tax implications of your new-found college expense.
Outlined here are three of the more popular ways to reduce your taxes in 2025 as a result of this educational expense burden.
As important tax records start filling mailboxes, how can you make sure your tax preparation goes smoothly and efficiently this year? Here are some tips.