TAX SEASON IS UPON US: Tax season has returned and as we all know we will have to face an unusual situation In trying to get our taxes done this year, but in a safe way. Here at AIM Tax we are going to try and provide as many avenues as possible to get that… [Read More]
The CARES Act Eases Retirement Account Rules During COVID-19
It should be a last resort, but understandably, people are looking to their retirement plans as a source of cash to get through the pandemic. The Coronavirus Aid, Relief, and Economic Security (Cares) Act includes several provisions that cover retirement accounts. The act temporarily increases how much you can borrow from your retirement and waives… [Read More]
Why Should I Hire A Tax Pro
Why should I hire a Tax Pro? Preparing your own taxes can be a daunting task. You have to wade through tax records and and receipts. That can be frustrating and eat up more hours that you have to devote to it. What are the new rules and regulations you ask yourself? Where do I… [Read More]
Gambling: Taxes and Beyond
Gambling is a recreational activity for many taxpayers, and as one might expect, the government takes a cut if you win and won’t allow you to claim a loss in excess of your winnings. In fact, there are far more tax issues related to gambling than you might expect, and they may impact your taxes… [Read More]
Cares Act Tax Relief for Individuals
Providing tax relief for those who qualify You might have sometime wondered how to get a tax break. Especially now during the coronavirus pandemic, saving money is something everyone is looking into. Tax breaks are something every American wants to know about however often don’t know how to get started or where to look. Always ask a… [Read More]
What do I give my tax pro
Your tax professional wants to make sure you take advantage of all the deductions and credits to which you are entitled – but he or she can only do this if you give him or her complete and accurate information. When providing your tax information be sure to include all of the following (if it applies… [Read More]
Tax Changes for 2019
TAX CHANGES FOR 2019 Listed below are some of the tax changes that will affect your 2019 tax return. Solar Credit– Although the solar credit remains at 30% for 2019, as a reminder, the credit rate will drop to 26% in 2020. This means that for each $1,000 spent on qualified solar property, the credit… [Read More]
ASKING THE TAX MAN FOR FINANCIAL ADVICE.
I am often asked by my clients what I recommend for them to invest in with their savings. My response is that I am not a financial specialist when it comes to investing their monies. However I do give them advice on how to find that person who fits their particular needs. Hiring an advisor… [Read More]
Is it the IRS or a scam?
The IRS called me just now and said I owe back taxes, and if I don’t pay right away they are sending the sheriff over to arrest me. The IRS just called me and said that there was suspicious activity going on with my social security number. That I need to pay a fee to… [Read More]
How long should I save my tax records after tax season?
I get this question all the time. My answer simply is this. It depends. People generally save their tax records because they are afraid of being audited. Another reason people save their records is with regards to maintaining their records of their capital assets such as investments in stocks and mutual funds or depreciating assets… [Read More]
