The pandemic and other disasters like the local floods in 2005 and 2011, Hurricane Katrina, 9-11, and more show how generous Americans can be. Most want to give regardless of the tax deduction- and yet the tax deduction can also make it more advantageous.

Spring is upon us, hopefully, we are through with snow for the year. Many individuals see this as a time to do spring cleaning – and certainly is a great time to get rid of paperwork that is no longer needed. What can you get rid of? What should you keep?

We often see Health Savings Accounts (HSAs) underutilized because individuals may not understand how to take advantage of the benefits. Some of this stems from the confusion between health savings accounts and flexible spending accounts.

Most have heard that IRS has extended the tax deadline this year to May 17th. You do not need to file an extension to use the May 17th deadline. This is now the deadline to file and/or pay your taxes without being considered late. The federal government, NYS, and PA have extended to this date. […]

The IRS continues to implement the American Rescue Plan. There is still a lot of unknown. Decisions are still being made. We need patience as IRS works through implementing the plan, the tax software companies update their software, and we at Planning with Purpose determine how to implement these changes and updates. Here is the […]

Last Thursday, President Biden signed into law the American Rescue Plan. Many have received $1,400 for themselves, a spouse, and any dependent claimed on the latest tax return. If IRS has not yet processed your 2020 tax return, the payment is based on the 2019 dependents claimed and adjusted gross income. If your 2020 tax […]

As I write this, the Senate and House of Representatives have almost come to an agreement on the third stimulus package. The main component being discussed is a $1400 payment to eligible individuals. Also being debated as part of this package are the continuance of higher unemployment payments, potential monthly payments to taxpayers with children, […]

As tax documents start to arrive, many people have questions regarding the taxability of capital gains, dividends, and interest.

As tax season gets started, with the possibility of additional stimulus payments coming, with significant unemployment and many individuals in financial trouble, we continue to see a rise in SCAMs.

Do you have a retirement plan from a previous employer that you have left with the employer after separating from service? Once you leave your employer, you do have the ability to move qualified retirement accounts. There are two ways to accomplish this. You can do a transfer or a direct rollover. You will want […]