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Tax News

Sometimes our clients don’t need us to set up a resolution for them because they’ve already done the work themselves. Later on they may find that their balance doesn’t seem to be decreasing, and is actually getting higher! This is due to penalties and interest from the IRS. When you run in to this problem, we can still help! If this is your first time in trouble with the IRS you may qualify for a First-Time Abatement (FTA). These are extremely useful in getting rid of that extra money being added to your tax debt, especially when you’ve been faithfully paying your monthly bill to the IRS!

In 2012, Kansas underwent the most massive string of tax cuts ever enacted by any state – a model that had many in other states turning green with envy. In reality, however, such tremendous cuts have proven a detriment to the state’s economy, with schools and other public services still struggling to recover from the recession ¬– and many organizations falling into deeper decline. So before you run to the hills to plead for tax cuts, remember to keep it reasonable. 

Life is full of changes and surprises, but taxes are a constant. We put together a guide for how your taxes might change along with life. Check out the articles that apply to you and your family!

If you’re age 70 or up, you’ve experienced firsthand how each new year brings its own unique set of challenges and rewards. For seniors, life can feel like a roller coaster complete with everything from new health challenges to watching your grandkids grow and thrive. As a senior, you’ll also be met with new tax questions and concerns – and that’s where we come in. This week we complete our “taxes through the ages” series with tax tips for folks over 70. 

If you’re in your 60s, you’re likely an empty nester, you might have a few grandkids, and you may even be retiring soon if you haven’t already. As with every age that came before, there are a lot of big milestones to look forward to in your 60s. And, as always, big lifestyle changes mean new expenses and new questions come tax season. But not to worry. This week, as part of our “taxes through the ages” series, we’re offering some tips for those of you in your 60s.

Despite what some may tell you, it’s nifty being 50. Your kids are [most likely] grown, you’re well-settled in your career – and possibly in your peak earning years, and you may finally get your first AARP card. (It’ll come in handy, we promise!) As you enter your 50s, many of your larger expenses – like your mortgage or Ryan’s braces – may be behind you, and you can hopefully start putting more toward retirement. Still, as always, a new decade means new expenses and new tax concerns. This week as we continue our “taxes through the ages” series, we’ve got a few tax tips for you, 50-somethings!

A few of our favorite recently closed cases.

1. This couple had just filed for bankruptcy, but still owed money to the IRS and the State of Oklahoma. The husband works as a missionary and the wife is not employed. Our firm was able to secure a $25/mo payment for five years. Our clients will end up paying just 1.6 percent of their liability owed to the IRS!

Turning 40 (or “39 again”) can feel like a big milestone for many. But just like your 20s and 30s, your 40s bring a wealth of learning opportunities as you raise a family, grow your career, and settle in to yourself. And as always, new growth opportunities mean new expenses and new questions come tax season. As we continue our “taxes through the ages” series, here are a few tax tips for folks in their 40s. 

For many, the big “3-0” is the first age at which the reality of adulthood sets in. As your friends – or you – marry and start families, the responsibilities can seem to pile on pretty quickly. And it can certainly be argued that transitioning from your 20s to 30s means big shifts in the way you spend and manage money. This week we continue our taxes through the ages series with tax tips for our friends in their 30s. 

Remember back when you were still working your first or second job and had to navigate the tax waters for the first time? (Or maybe that’s you now – deep breaths. Keep reading!) It may have seemed like an overwhelming process as you tried to figure out what form went where, what a “deduction” was, and how you could receive the biggest return possible without drowning in paperwork. The truth of the matter (as you may have learned by now) is that no matter your age or experience, taxes can still be confusing. And over the years, you may find that your taxes, just like your interests and expenses, will change and evolve – after all, what’s relevant for a 25-year-old probably isn’t for a 75-year-old. At Polston, it’s our goal to make filing your taxes a breeze. So, over the next few weeks, we’ll be discussing tax tips for different age groups. First up: 20-somethings. 

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