Remember to consult your tax professional before making significant tax-planning decisions. 1. Max Out Your Retirement Accounts, If Possible As the year draws to a close, review your retirement contributions to see if you can save more before year-end. Contributions to traditional 401(k) plans may reduce your taxable income. IRA contribution deadlines differ from workplace...Read More
October 15 Is Coming: Is Your Tax Return Ready? If you filed an extension for your 2025 individual tax return, the October 15 deadline is approaching quickly. An Extension Gives You More Time to File — Not More Time to Pay One of the most important things to remember is that an extension provides additional...Read More
What You Can Give Tax-Free in 2026 Did you know you can give up to $19,000 to as many individuals as you would like during 2026 without generally having to report those gifts on a federal gift tax return? The $19,000 annual exclusion applies per recipient. For example, you could give $19,000 to each of...Read More
Summer is here, and your teenage sons and daughters may be starting seasonal or part-time employment for the first time. A summer job is a great way to earn money and gain experience, but it can also introduce your child to taxes for the first time. Understanding a few basic tax rules can help families...Read More
With the April filing deadline behind us, May is one of the best times of the year to focus on proactive tax planning. Many taxpayers wait until year-end to think about taxes, but planning earlier often creates more opportunities to reduce surprises and improve overall financial outcomes. Here are a few things to keep in...Read More
For over 100 years, Maymont has been sharing its beautiful grounds with the public. On Saturday, May 2, one of their most beloved and favorite spaces is reopening after a two-year improvement project. The Virginia Wildlife Trail is celebrating its reopening from 10:00 AM to 4:00 PM with all three entrances open. If you have...Read More
Many taxpayers who are expecting federal tax refunds are discovering a delay in receiving them. The culprit. Missing or incorrect bank information on their tax return. Unfortunately, if you are one of these people, you may already have received IRS Notice CP53E stating as much and requesting you to update your banking information. You must...Read More
Tax season is officially underway, and we’re here to help make this year’s filing as smooth as possible. With the April 15 deadline approaching, now is the time to organize your documents and get them to your tax preparer if you have not done so already. Make sure you have all your W-2s, 1099s (for freelance, interest,...Read More
We wanted to share some important information regarding the upcoming tax season. Please be sure to send your tax information to us no later than Monday, March 2, 2026, so we may have as much time as possible to process the return on time. Sending your information after Monday, March 2 may result in having...Read More
Happy holidays to you and your family from your tax preparers at Pearson & Co.! We wish you joy, peace, and a prosperous 2026! Remember to be on the lookout for year-end statements in the mail and in your email (sometimes in your junk or spam folder) that are needed to prepare your tax return....Read More
