Home Blogs Category: Tax Tips and Tricks

Category: Tax Tips and Tricks

Taxes are confusing and cause many taxpayers stress come tax season but PriorTax is here to help. Learn the tax tips and tricks to get you through the preparation process. You could be missing out on more money from the IRS which is why we want to help. We’ll let you know about hidden deductions and rare credits to report on your tax return to maximize your refund. Don’t hesitate to leave a comment on our blog if you have a question about your tax situation. Also, check back here for new tips and tricks throughout the tax season because our team is on the lookout!

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ira basis
admin
May 1, 2025

Maximizing and Tracking Your IRA Basis

Roth IRA basis offer varying tax implications for IRA contributions, ranging from full tax deduction to partial or no tax deduction

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tax audits
admin
Mar 20, 2025

Preventing Responding to IRS Tax Audit

Preventing a tax audit and knowing how to respond if you are selected for one are crucial aspects of responsible tax planning. While the Internal Revenue Service (IRS) uses sophisticated methods to select returns for audit, understanding common triggers and maintaining meticulous records can significantly reduce risk. Should an audit occur, a calm, organized, and […]

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tax tips for graduates
admin
Mar 13, 2025

The Tipping Point: Everything about the “No Tax on Tips” Policy Proposal

potential tax on tips exemption represent a major shift in how the IRS treats tip income and reshape the economics of service nationwide

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2025 investment tax
admin
Mar 6, 2025

2025 Essential Investment Tax Filing Strategies

The 2025 Personal Tax Planning Guide highlights several key areas that could significantly impact your investment tax strategies and tax obligations

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1099-K
admin
Feb 27, 2025

IRS Sets $2,500 threshold for 1099-K in 2025

New guidelines setting $5,000 reporting threshold for 2024 payments processed via third-party payment networks in Tax Form 1099-K in 2025

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IRS Direct File
admin
Feb 20, 2025

Everything you Need to Know about Direct File in 2025

States Not Currently Supporting Tax Direct File in 2025 and states are participating in Direct File in 2025

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2023 past tax
admin
Feb 13, 2025

Why Revisiting Your Past Taxes Returns Could Put Money in Your Pocket

At PriorTax, we’ve helped thousands of taxpayers discover overlooked tax deductions and tax credits from past taxes

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tax benefits real estate
admin
Feb 6, 2025

Tax Benefits of Real Estate Investment

When considering real estate investment opportunities, it’s important to acknowledge the potential risks involved along with the various tax benefits real estate investment can offer. Diversifying your investment portfolio through real estate is a common strategy that allows you to potentially generate income from a new source or transform a personal interest into a profitable […]

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investment gains
admin
Jan 30, 2025

Capital Gains Taxes

When you sell an asset, you may earn capital gains, which are the profits from the asset sales. The capital gain taxes rate on these capital gains can vary based on the time duration you held the asset.

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2025 tax bracket
admin
Jan 13, 2025

2025 Tax Bracket

Each year, the IRS (Internal Revenue Service) adjusts over 50 or more tax provisions to counteract the effects of economic inflation and avoid tax bracket creep, which is true for the 2025 tax bracket as well. This phenomenon, known as the tax bracket creep, involves individuals being pushed into higher income tax brackets to pay […]

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