The Post Podcast

🎙️ H&R Block of North Platte and Ogallala Tax Tip (Week of Apr.11th)

🎙️ H&R Block of North Platte and Ogallala Tax Tip (Week of Apr.4)

Retirement Contributions

Maximizing your retirement contributions can be a smart tax planning strategy. By contributing to a retirement account, such as a 401(k) or IRA, you can lower your taxable income and save for your future. Here are some tips to help you maximize your retirement contributions:

First, make sure you understand the contribution limits for your retirement account. For 2022, the contribution limit for a 401(k) is $20,500 for individuals under age 50, and $27,000 for those age 50 and over. The contribution limit for a traditional or Roth IRA is $6,000 for individuals under age 50, and $7,000 for those age 50 and over.

Second, consider increasing your contribution rate if you're not already contributing the maximum amount. Even if you can't afford to contribute the full amount, contributing as much as you can afford can still help lower your taxable income and save for your future.

Third, take advantage of any employer match or other incentives offered by your employer. Many employers offer a match on 401(k) contributions, which can be a significant boost to your retirement savings.

Overall, contributing to a retirement account can be a smart tax planning strategy, as it can help lower your taxable income and save for your future. By understanding the contribution limits, increasing your contribution rate, and taking advantage of employer incentives, you can maximize your retirement contributions and potentially save money on your taxes

🎙️ H&R Block of North Platte and Ogallala Tax Tip (Week of Mar.28th)

Keeping Good Records

 

Keeping good records is crucial for ensuring that you file an accurate tax return and take advantage of all the deductions and credits you're entitled to. Accurate records can also help you avoid an audit or other penalties from the IRS. Here are some tips for keeping good records:

First, keep all your tax-related documents organized and in one place. This includes receipts, bank and credit card statements, W-2s and 1099s, and any other documents related to your income and expenses.

Second, make sure you track all your income and expenses throughout the year. This includes any income from self-employment or side jobs, as well as any expenses related to those jobs. It's also important to track any deductible expenses, such as charitable contributions or medical expenses.

Third, consider using tax software or a professional tax preparer to help you organize your records and file your tax return. This can help you avoid mistakes and ensure that you're taking advantage of all available deductions and credits.

Overall, keeping good records can be time-consuming, but it's well worth the effort. By taking the time to organize your documents and track your income and expenses, you can save yourself a lot of stress and potentially save money on your tax bill.

🎙️ H&R Block of North Platte and Ogallala Tax Tip (Week of Mar.21th)

Taking advantage of Tax Deductions

Taking advantage of all the tax deductions and credits that you're eligible for is one of the most important things you can do to reduce your tax bill. Some of the most common deductions and credits include the standard deduction, charitable contributions, and education expenses.

The standard deduction is a set amount that you can deduct from your taxable income without having to itemize your deductions. The amount of the standard deduction varies depending on your filing status, but it can be a significant amount of money. In some cases, it may be more beneficial to itemize your deductions, such as if you have a large amount of medical expenses or mortgage interest.

Charitable contributions are another popular tax deduction. If you donate money or goods to a qualified charity, you may be able to deduct the value of your donation from your taxable income. It's important to keep accurate records of your charitable contributions and to make sure that you're donating to a qualified charity in order to claim the deduction.

Finally, education expenses can also be tax deductible. If you're paying for higher education, such as college tuition or textbooks, you may be able to claim a tax credit or deduction. There are several different tax credits and deductions available for education expenses, so it's important to research which ones you may be eligible for and keep accurate records of your expenses. By taking advantage of these and other deductions and credits, you can lower your tax bill and keep more of your hard-earned money.

H&RBlock of North Platte and Ogallala Tax Tip (Week of Mar.13th)

Why is my Tax Refund Delayed

 

Receiving your tax refund can be a significant financial relief for many people, especially those who rely on it as their biggest payment of the year. However, sometimes tax refunds can be delayed, leaving taxpayers in a state of uncertainty and anxiety. There are several reasons why your tax refund may be delayed, and it's essential to understand these factors to avoid any further delays.

One of the main reasons for delayed tax refunds is errors or inconsistencies in the tax return. The IRS has a rigorous process for reviewing tax returns, and any errors or discrepancies in your return can delay the processing and release of your refund. Therefore, it's crucial to ensure that your tax return is accurate and complete, with all the necessary information and supporting documents.

Another reason for delayed tax refunds is the increased workload of the IRS during tax season. With millions of taxpayers filing their returns, the IRS may experience delays in processing and releasing refunds. Moreover, any changes in tax laws, regulations, or forms can also cause delays in the processing of refunds, as the IRS may need additional time to update its systems and processes.

In conclusion, while the IRS prides itself on paying most refunds within 21 days of filing, there may be situations where your tax refund is delayed. Errors or inconsistencies in your tax return and the increased workload of the IRS during tax season are some of the main reasons for delayed refunds. To avoid any further delays, ensure that your tax return is accurate and complete, and be patient as the IRS works to process and release your refund.

H&RBlock of North Platte and Ogallala Tax Tip (Week of Mar.6th)

Filing your taxes can be a daunting task, but checking the status of your e-filed tax return shouldn't be. Once you've submitted your tax return to H&R Block, they'll review it and then send it to the IRS for processing. The IRS will then either accept or reject your tax return, and there are several ways to check the status of your e-filed tax return.

One way to check your e-file status is by visiting the H&R Block Where's My Refund page. Here, you can check the status of your tax return by entering your social security number, filing status, and refund amount. You can also create or sign in to your MyBlock account or download the free H&R Block mobile app for iPhone, iPad, or Android to check your refund status.

If your e-file return status is accepted, this means that the IRS has started processing your tax return. You can expect to receive your refund within 21 days from the date of acceptance. However, if your tax return is rejected, this means that the IRS has identified an error on your return, and you'll need to take immediate action to correct the mistake.

If you filed your taxes with a tax professional, you'll need to work with them to fix the error. If you used H&R Block's online or software program to file your taxes, you can easily fix the error yourself and then resubmit your tax return. Keep in mind that your state tax return won't be processed until the IRS accepts your federal tax return, and it may also be put on hold if the IRS is taking longer than expected to process your federal return.

In conclusion, checking the status of your e-filed tax return is easy with H&R Block's Where's My Refund page, MyBlock account, or mobile app. If your tax return is accepted, you can expect to receive your refund within 21 days. However, if your tax return is rejected, take immediate action to correct the error to avoid any further delays in receiving your refund.

North Platte Post Outdoor Report with Julie Geiser (March 2, 2023)

Julie Geiser is a Public Information Officer and NEBRASKAland Regional Editor based out of North Platte, where she was born and still happily resides. Geiser worked for the commission previously for over 10 years as an outdoor education instructor – teaching people of all ages about Nebraska’s outdoor offerings. She also coordinates the Becoming an Outdoors Woman program for Nebraska Game and Parks Commission (NGPC). She loves spending time outdoors with her family and getting others involved in her passions of hunting, fishing, camping, boating, hiking and enjoying Nebraska’s great outdoors. 

North Platte Community College presents ”The Skin of Our Teeth” this week

Mid-Plains Community College's spring play, "The Skin of Our Teeth," starts Wednesday at the McDonald-Belton Theater and continues through Saturday. The curtain goes up at 7:30 p.m. each night.

The play combines farce, burlesque, satire and elements of the comic strip as characters in the show narrowly escape one end-of-the-world disaster after another, from the Ice Age to a flood to war.

Admission is $10 at the door. College students and employees will be admitted free with ID. 

Members of the cast joined Derek Beck on "Good Morning North Platte" last week

Wallace 7th grader excelling at Livestock Judging

North Platte, Ne – Wallace 7th grader Cauy Robinson wants to take over his family ranch someday. He’s off to a good start when it comes to understanding the beef industry. Robinson and the 4H Livestock Judging team he competed for from Scottsbluff county placed second over the weekend at the Kearney Classic. Robinson has also been involved with the Chase County 4H team in the past, who’s team placed 1st at the Kearney Classic over the weekend. Cauy explained how most livestock judging competitions go “almost every contest we go to there's 12 classes with four calves or goats or sheep or hogs in it and you pretty much place it how you like them and then they'll (judges) be questions that you have to answer after the contest . They'll sit you down and they'll ask questions to everybody in the group and then mark your card 1 through 4 or you'll have to give a set of reasons to them (judges) of why you placed them that way.” 

Robinson was in the Eagle studio’s in North Platte to talk about 4H Livestock Judging, but what we noticed immediately was Cauy’s passion for not only the livestock judging competition but his eagerness to learn, and also speak up about what he loves about it. He was in studio with Caitlyn Jacobson who is the Extension Educator for 4H in Lincoln, Logan and McPherson counties. Jacobson was also impressed as Robinson spoke. “in 4H, we talk about learn by doing, and this is a great example of a hands on learning experience.” she went on to say “when they (4H’ers) go into a show ring they have a good idea of what kind of animal they have, and how to make improvements. That’s part of the learning aspect of the project. You learn what makes a good steer, what makes a good pig, so when you talk to a judge you can tell him hey yeah you know what; this is what's good about my animal and even in the showmanship you can kind of situate some of those good qualities about your animal. It’s just a all around good hands-on learning experience and you get to learn, you get to meet a lot of different people along the way." 

Robinson agreed, “my family shows cattle, we’re at the barn every day, all year round working them and getting them ready. And livestock judging is also a yearly deal, there’s contests in the summer, and winter.” He went on to say that he thinks judging and showing livestock go hand in hand. “not only do you learn how to talk your calf into the judge if they (judge) has questions, but you learn personally how you like to see cattle, or sheep or goats. You don’t wanna look at cattle from just here, you want to step back and get a good view, which helped me win showman ship at the state fair last year.” 

 

To hear the entire conversation with this 13 year old from Wallace, Click Play. Thank me later! 

H&R Block of North Platte and Ogallala Tax Tip (Week of Feb. 28)

Do IRS Payment Plans Affect Your Credit?

 

Dealing with an IRS tax bill can be a stressful and daunting experience. If you are unable to pay the full amount upfront, setting up a payment plan with the IRS can be an effective solution. However, many taxpayers are concerned about the impact that payment plans may have on their credit score. The good news is that setting up a payment plan with the IRS does not directly affect your credit score.

 

The IRS is prohibited from sharing any personally identifiable information about taxpayers, including information about their payment plans, with credit bureaus. This means that the establishment of a payment plan with the IRS will not trigger any reports to the credit bureaus that could potentially lower your credit score.

 

It is important to note that while the establishment of a payment plan itself does not directly impact your credit score, a Notice of Federal Tax Lien may appear on your credit report. This is a public record that indicates the IRS has a legal claim against your property due to unpaid taxes. A lien may affect your ability to obtain credit, as lenders may be less willing to approve a loan or extend credit to someone with a tax lien on their record.

 

If you are unable to pay your tax bill in full, it is essential to consider setting up a payment plan with the IRS to avoid more serious consequences, such as wage garnishments or levies on your bank account. The IRS offers several payment plan options, including short-term plans and long-term plans, to help taxpayers manage their tax debt. By setting up a payment plan and making regular payments, you can satisfy your tax debt and avoid any negative effects on your credit score.

 

In conclusion, if you are struggling to pay your tax bill, setting up a payment plan with the IRS is a viable solution. While a Notice of Federal Tax Lien may appear on your credit report, the establishment of a payment plan itself will not directly impact your credit score. It is important to explore all available IRS payment options and work with a tax professional to ensure that you are meeting all tax obligations and avoiding any potential negative consequences.