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Mike's Blog

What’s on our mind? You can read about it in our blog. Whether it’s ideas from the investment services world or concepts from the financial industry, you can read about it here. And once in a while, we may throw in a movie review or some other surprise. So keep checking in. We’re glad to have you reading along.

 

Monday, February 1, 2021

Happy New Year!! We hope the new year is getting off to a great start for you. Tax season is once again upon us and I wanted to provide you with some helpful information on our website. Please take a moment to review. This information...

 

Monday, January 25, 2021

The earned income tax credit can give qualifying workers with low-to-moderate income a substantial financial boost. In 2019, the average amount of this credit was $2,476. It not only reduces the amount of tax someone owes but may give...

 

Monday, January 11, 2021

Maybe you’ve been filing your tax information away neatly in color-coded file folders all year. Or maybe you scanned and saved your receipts and other documents on your computer where you can find them in a second. If...

 

Tuesday, December 22, 2020

Stimulus checks could mail as early as next week Both houses of Congress voted to pass the latest COVID relief legislation and all indications are that the president will sign it into law. We know that more guidance will be provided...

 

Monday, December 14, 2020

Small businesses can enjoy several types of payroll tax relief on their federal taxes during 2020. The changes include a payroll tax deferral and several refundable payroll tax credits. These changes are temporary and originate from...

 

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Tuesday, September 15, 2020

Biden dropped a high-level summary of his tax proposals a few weeks ago. We want to break them down for you. Top rate on ordinary income. Biden proposes increasing the current top tax rate of 37% to 39.6%. This will affect taxpayers...

 

Monday, August 24, 2020

"Will I outlive my retirement money?" That's one of the top fears for people who are starting to prepare for their retirement years.So I have to chuckle a bit when I see headlines that say, "Here's how much money Americans think they...

 

Thursday, August 20, 2020

Are you one of the many retirement account holders who took a mandatory distribution this year? If so, you may be able to manage the taxes associated with Required Minimum Distributions (RMDs) from traditional IRAs and 401(k)s. There...

 

Thursday, July 2, 2020

In your retirement strategy, you’ve likely put a good deal of thought into putting away enough money to enjoy your life, once you’ve put the daily grind in the rearview mirror. Like many, you’ve probably planned for...

 

Thursday, June 25, 2020

A Stock Market Lesson to RememberConfidence can quickly erode, but it can also quickly emerge. Undeniably, spring 2020 has tried the patience of investors. An 11-year bull market ended. Key economic indicators went haywire. Household...

 

Wednesday, June 17, 2020

Are you eligible for a stimulus check from the Treasury Department?As of Friday, April 24, the Internal Revenue Service said it had issued 88 million payments to individuals across the country. It plans to send out more than 150...

 

Wednesday, May 13, 2020

Back in the old days, it was pretty common for someone to work for the same company for 40 years before retiring with a nice pension and a gold watch. Well, those days are long gone. A recent study found that the youngest baby boomers...

 

Tuesday, April 14, 2020

Article Highlights: Retroactive Net Operating Loss Carrybacks Retroactive 100% Bonus Deprecation for Leasehold, Restaurant and Retail Improvements Limitation on Losses Relaxed Limitation on Deductible Business Interest Relaxed As part...

 

Tuesday, March 10, 2020

If you haven't contributed funds to an Individual Retirement Account (IRA) for tax year 2019, or if you've put in less than the maximum allowed, you still have time to do so. You can contribute to either a traditional or Roth IRA until...

 

Friday, January 24, 2020

Happy New Year!! We hope the new year is getting off to a great start for you. Tax season is once again upon us and I wanted to provide you with some helpful information on our website. Please take a moment to review. This information...

 

Monday, January 20, 2020

Any tax professional with an IRS Preparer Tax Identification Number (PTIN) is authorized to prepare federal tax returns. However, tax professionals have differing levels of skills, education and expertise. An important difference in...

 

Monday, January 13, 2020

More than half of all businesses today are home-based. Every day, people are striking out and achieving economic and creative independence by turning their skills into dollars. Garages, basements, and attics are being transformed into...

 

Monday, January 6, 2020

Many taxpayers opt for the standard deduction because it is easier, but sometimes itemizing your deductions is the better choice - often resulting in a lower tax bill. Whether you bought a house, refinanced your current home, or had...

 

Tuesday, December 24, 2019

Tax Change – Extenders Have Been Extended Again There were a few tax issues included in the budget act that President Trump signed December 20, 2019. This email includes the items commonly known as “extenders”. The...

 

Wednesday, December 18, 2019

With a new year around the corner, you’ll probably be taking some time to reflect, evaluate, and set some goals. One goal we recommend is focusing on self-care. Take the time to focus on Y-O-U because we’re here to tell...

 

Tuesday, December 10, 2019

Have you been searching for new and effective ways to create a passive income? While you may already know that real estate investing offers an array of benefits, did you know it’s an extremely popular side hustle for people from...

 

Monday, December 2, 2019

Finding a way to put your hard-earned money to work is no easy process. There are a number of different investment opportunities on the market, which is why you need to do your homework before choosing one. One of the best ways to...

 

Tuesday, November 26, 2019

Nobody likes getting mail from the IRS — especially when it's something you weren't expecting.One minute, you're minding your own business and aren't even thinking about that return you filed months ago. The next minute you open...

 

Tuesday, November 19, 2019

People generally assume that tax planning only applies to individuals with the big bucks. But think again, as some tax moves benefit lower-income taxpayers and those who are having a lower-than-normal income year. So, if 2019 is not...

 

Monday, November 18, 2019

New variations of tax-related scams show up at regular intervals, the most recent one related to Social Security numbers. Don't be fooled, however; it's nothing more than a new twist on an old scam and yet another attempt to frighten...

 

Monday, November 11, 2019

Millions of people have filed their 2018 tax return, making this a prime time to consider whether their tax situation came out as expected. If not, you can use your finished 2018 return and the Tax Withholding Estimator to do a...

 

Friday, November 8, 2019

A number of end-of-year tax planning strategies are available to business owners that can be used to reduce their tax liability. Here are a few of them: Deferring Income Businesses using the cash method of accounting can defer income...

 

Thursday, November 7, 2019

With the end of the year fast approaching, now is the time to take a closer look at tax planning strategies you can use to minimize your tax burden for 2019. General Tax planning Strategies General tax planning strategies for...

 

Wednesday, November 6, 2019

Landlords and buy and hold real estate investors are often faced with dealing with passive losses generated from their rental real estate activity. Though there are ways to get around the Passive Activity Loss regulations, this article...

 

Thursday, October 31, 2019

Nobody likes paying taxes, but they are necessary to provide the services people expect from society. However, that doesn't mean people should be paying more than they're supposed to for taxes. Real estate investors often spend too...

 

Tuesday, October 29, 2019

One of the huge benefits of real estate is that you can literally avoid taxes on the appreciation of your assets over time. If you hold your real estate assets until death, your heirs will receive a stepped-up basis equal to the...

 

Sunday, October 13, 2019

Big companies are known for getting all sorts of breaks, but when average people fall behind, they rarely receive help. When you owe back taxes, but can’t afford to pay them, then you may qualify for a special tax status known...

 

Friday, October 11, 2019

People often say that an expense is “a tax write-off”; most everyone interprets this to mean that the expense will have a tax benefit. Generally, such a benefit takes the form of either a deduction or a credit; these...

 

Wednesday, October 9, 2019

If Benjamin Franklin were alive today, his famous quote “Nothing is certain, except death and taxes.” might include a third item — paying medical expenses. Medical expenses, in one form or another, are unavoidable....

 

Sunday, October 6, 2019

It can be a stressful experience preparing your taxes and filing them. It can be even more stressful however, if you make these mistakes that land you into tax trouble. It's important to remember that if you make mistakes that are...

 

Wednesday, October 2, 2019

Unless you experience identity theft, the IRS will not provide you with access to their Identity Protection PIN program ... until now. Read on to learn about the new voluntary participation in this identity theft enhancement. The IRS...

 

Wednesday, October 2, 2019

How do you get started budgeting? Simple: you plunge right in. You need to see exactly how you’re spending your money and identify where your financial holes are. Some steps: 1. Start tracking your monthly expenses. In a...

 

Tuesday, October 1, 2019

An offer in compromise (OIC) is an agreement between a taxpayer and the Internal Revenue Service that settles a taxpayer's tax liabilities for less than the full amount owed. That's the good news. The bad news is that not everyone is...

 

Thursday, September 26, 2019

With scam artists hard at work all year, taxpayers should watch for new versions of tax-related scams. One such scam involves fake property liens. It threatens taxpayers with a tax bill from a fictional government agency. Here are...

 

Thursday, September 19, 2019

We can all get caught up in the day…meetings, calls, texts, emails and the myriad of other workday demands that pile up quickly and can create unwanted stress.Take the time to review our tips for de-stressing your day....

 

Tuesday, September 17, 2019

Tax Resolution What is Tax Resolution? Tax Resolution is the area of taxes where a credentialed tax specialist (like an Enrolled Agent) is able to represent you before the IRS to resolve your tax issues. Tax issues can be things such...

 

Sunday, September 15, 2019

This is probably one of the more anticipated questions, especially around tax season. What can you deduct as a business expense? Most of it is pretty easy and straight forward. But first, a few quick notes. Keep records of everything...

 

Thursday, September 12, 2019

With school back in session, parents and students should look into tax credits that can help with the cost of higher education. They do this by reducing the amount of tax someone owes on their tax return. If the credit reduces tax to...

 

Tuesday, September 10, 2019

The Internal Revenue Service and its Security Summit partners warned taxpayers and tax professionals about a new IRS impersonation scam campaign spreading nationally via email. Remember: the IRS does not send unsolicited emails and...

 

Tuesday, September 10, 2019

If you are like many people here in America, the amount of taxes you pay can be your single largest expense. We get taxed at many different levels including sales tax, excise tax, property tax, payroll tax, estate tax, local taxes,...

 

Sunday, September 8, 2019

In times of market volatility or when a financial need arises, it is only natural to consider selling some investments. Understanding the tax consequences is key to making an informed and planned decision. Here is what you need to...

 

Friday, September 6, 2019

A letter in the mailbox with the IRS as the return address is sure to raise your blood pressure. Here are some tips for handling the situation if this happens to you: Stay calm. Try not to overreact to the correspondence. They are...

 

Thursday, September 5, 2019

You missed the tax deadline April 15th, so now what? Although the IRS has received a record number of returns this year, there are still millions of people and business owners who did not file tax returns by April 15th. The reasons for...

 

Wednesday, September 4, 2019

This blog post is going to discuss the ways small business owners get in trouble with the IRS and how they can correct those mistakes. Deadly Sin #1: Commingling Personal and Business FundsMany small business owners are in the habit...

 

Sunday, September 1, 2019

Very few things in life can create a higher degree of stress than having your Social Security Number (SSN) stolen. This is because, unlike other forms of ID, your SSN is virtually permanent. While most instances of SSN theft are...

 

Friday, August 30, 2019

With summertime activities in full swing, tax planning is probably not on the top of your to-do list. But putting it off creates a problem at the end of the year when there’s little time for changes to take effect. If you take...

 

Wednesday, August 28, 2019

Wages and self-employment earnings are taxable, but what about the random cash or financial benefits you receive through other means? If something of value changes hands, you can bet the IRS considers a way to tax it. Here are five...

 

Tuesday, August 27, 2019

Everybody likes getting something for free, and taxes are no different. Investing in securities like municipal bonds (munis) or municipal bond funds generates tax-free interest income. Here is what you need to know. Advantages of...

 

Monday, August 26, 2019

It’s easy to push tax planning to the sidelines when tax laws are ever-changing and hard to understand. Here are some common (but often unfounded) reasons for avoiding tax situations, plus tips to help get past them and start...

 

Friday, August 23, 2019

It's possible that someone in your family will need assisted living care at some point in their life. This care can be at an assisted living facility, a nursing home, or in their own home. Often, assisted living care is expensive and...

 

Wednesday, August 21, 2019

If you own cryptocurrency, you need to know that the IRS has owners of cryptocurrency in its sights because many cryptocurrency owners are not reporting or paying taxes on their cryptocurrency transactions. In fact, the IRS is so...

 

Sunday, August 18, 2019

Generally, debt that is forgiven or canceled by a lender is considered taxable income by the IRS and must be included as income on your tax return. When that debt is forgiven, negotiated down (when you pay less than you owe), or...

 

Friday, August 16, 2019

401(k) contribution limit increases to $19,000 for 2019; IRA limit increases to $6,000 The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is...

 

Thursday, August 15, 2019

If you are like most investors, you occasionally will pick a loser that declines in value. Sometimes, a security can even become worthless when the issuing company goes out of business. Gains and losses for securities, including stock,...

 

Wednesday, August 14, 2019

Clergy Tax Service Just like every other profession, pastors, priests, ministers of the gospel and clergymen are mandated by federal and state tax laws to properly file and pay their clergy taxes to avoid going through a dreaded IRS or...

 

Sunday, August 11, 2019

Many people use a tax professional to prepare their taxes. Anyone who prepares, or assists in preparing, all or substantially all of a federal tax return for compensation is required to have a valid Preparer Tax Identification Number...

 

Friday, August 9, 2019

Educators can take advantage of tax deductions for qualified out-of-pocket expenses related to their profession such as classroom supplies, training, and travel. As such, as the new school year begins, teachers, administrators, and...

 

Thursday, August 8, 2019

The list of medical care services for a range of chronic conditions allowed to be provided by a high deductible health plan (HDHP) was expanded effective July 17, 2019. These medical services and items are limited to the specific...

 

Monday, August 5, 2019

A taxpayer’s filing status for the year is based upon his or her marital status at the close of the tax year. Thus, if you get married on the last day of the tax year, you are treated as married for the entire year. The options...

 

Monday, August 5, 2019

Although the April filing deadline has come and gone, scam artists remain hard at work. As such, taxpayers should be on the lookout for scams that reference taxes or mention the IRS, especially during the summer and fall as tax bills...

 

Wednesday, July 31, 2019

Few things are more unnerving than having your tax return selected for an IRS audit. The IRS uses that "audit anxiety" to help keep taxpayers honest on their tax returns. DIF Scores Count The IRS evaluates tax returns based on their...

 

Sunday, July 28, 2019

An offer in compromise (OIC) is a unique settlement option where the IRS agrees to accept less than a taxpayer actually owes. For taxpayers that feel the assessed amount of their tax bill was unfair or for those who may never be able...

 

Friday, July 26, 2019

Tax credits and deductions can mean more money in a taxpayer’s pocket. Most people only think about this when they file their tax return. However, thinking about it now can help make filing easier next year. This tip is one in a...

 

Thursday, July 25, 2019

For most taxpayers, the filing deadline has passed. But tax planning for next year can start now. The IRS reminds taxpayers that being organized and planning ahead can save time and money in 2019. Here are some things you can do now...

 

Wednesday, July 24, 2019

Over the years, Congress has continued to enhance tax breaks for students and their parents. These tax benefits provide taxpayers with a large number of options for tax-favored financing of their education and the education of their...

 

Monday, July 22, 2019

Taxes 32.0% Housing 16.7% Medical Care 11.5% Food 8.2% Transportation 7.9% Recreation 5.7% Clothing 4.1% Savings 1.4% Other Miscellaneous 12.5% TOTAL 100.0% So there you have it. If you think you are being "nailed" by the government,...

 

Friday, July 19, 2019

You can’t avoid federal income taxes. No matter who you are or who you work for, taxes will be withheld from your paycheck—which can sometimes amount to a sizable chunk of your earnings. Fortunately, there’s the W4...

 

Thursday, July 18, 2019

If you are contemplating selling real estate property, there are a number of issues that could impact the taxes that you might owe, and there are steps you can take to minimize the gain, defer the gain, or spread it over a number of...

 

Wednesday, July 17, 2019

It’s a common conundrum: You want to file your taxes on time, but you anticipate or already know that you will owe money you can’t afford to pay right now. As a result, you put off filing your tax return under the...

 

Monday, July 15, 2019

How we are raised around financial matters can impact us for a lifetime. When a close friend or family member loses their home, or their job (or both), it can be frightening on several levels. You begin to wonder if the same could...

 

Wednesday, July 3, 2019

With scam artists hard at work all year, taxpayers should be on the lookout for a surge of evolving phishing emails and telephone scams. Taxpayers should watch for new versions of two tax-related scams. One involves Social Security...

 

Tuesday, July 2, 2019

Taxpayers are often confused by the differences in tax treatment between businesses that are entered into for profit and those that are not, commonly referred to as hobbies. Recent tax law changes have added to the confusion. The...

 

Friday, June 28, 2019

Article Highlights: Procrastination Can Lead to Unneeded Taxes & Penalties Events That Create Tax Problems & Opportunities Mid-Year Tax Checkup If you are inclined to procrastinate until the end of the year or, even worse, until...

 

Thursday, June 27, 2019

You have your 2018 tax return filed, or perhaps on extension, and now it is time to look forward to the changes that will impact your 2019 return when you file it in 2020. Keeping up with the constantly changing tax laws can help you...

 

Wednesday, June 26, 2019

OverviewSection 529 Plans (named after the section of the IRS Code that created them) are plans established to help families save and pay for college in a tax-advantaged way and are available to everyone, regardless of income. These...

 

Tuesday, June 25, 2019

Payment Plan / Installment Agreement: The IRS will almost always accept some type of payment arrangement for past due taxes. In order to qualify for a payment plan with the IRS you must meet the following rules and provide the IRS with...

 

Sunday, June 23, 2019

IRS Problems Have a Way of Ruining All Aspects Of Your Life. They Take A Toll On You Financially, Physically, and Emotionally. You Can Never Really Forget About Them As They Always Come Back Each Morning When You Wake Up! My name is...

 

Friday, June 21, 2019

Can I make a contribution to an IRA or Roth IRA? You must have earned income in order to make a contribution. The safe harbor definition of earned income is W-2 income. You can contribute the amount of your earned income or the...

 

Thursday, June 20, 2019

If you've decided to start a business, one of the most important decisions you'll need to make is choosing a legal entity. It's a decision that impacts many things--from the amount of taxes you pay to how much paperwork you have to...

 

Wednesday, June 19, 2019

A tax relief service is a tax firm that specializes in the area of tax problem resolution. Tax attorneys, CPAs or Enrolled Agents are the only designation that is necessary for proper representation before the IRS. If you are involved...

 

Tuesday, June 18, 2019

Qualified tuition plans (QTPs) provide a means for family members and others to save for the future educational needs of children. Investment earnings within a QTP account are tax deferred and not taxable when withdrawn if used to pay...

 

Monday, June 17, 2019

All taxpayers should check their withholding – also known as doing a Paycheck Checkup – as soon as possible. They should do a checkup even if they did one last year. By checking their withholding, taxpayers can make sure...

 

Friday, June 14, 2019

When you are attempting to save money for your children’s future education or your retirement, you may do so in a number of ways, including investing in the stock market, buying real estate for income and appreciation, or simply...

 

Thursday, June 13, 2019

The IRS is committed to ensuring taxpayers pay no more than the correct amount of tax owed. Taxpayers have the right to pay only the amount of tax legally due, including interest and penalties, and to have the IRS apply all tax...

 

Wednesday, June 12, 2019

Couples getting married this year know there are a lot of details in planning a wedding. Along with the cake and gift registry, their first tax return as a married couple should be on their checklist. The IRS has tips and tools to help...

 

Tuesday, June 11, 2019

Article Highlights: Nursing Homes Meals and Lodging Home Care Nursing Services Caregiver Agencies Household Employees Because people are living longer now than ever before, many individuals are serving as care providers for loved ones...

 

Monday, June 10, 2019

Customer... Beware!How To Keep From Getting Ripped Off? Many “Tax Negotiation” companies out there will absolutely rip you off. These unscrupulous firms will take your money regardless of whether they can help you or not....

 

Friday, June 7, 2019

Article Highlights: IRS Notices CP Series Notice Automated Notices Frequent Errors ID Theft What You Should Do What We Will Do Now that most tax refunds are deposited directly into taxpayers’ bank accounts, the dream of opening...

 

Thursday, June 6, 2019

For tax purposes, the term “basis” refers to the original monetary value that is used to measure a gain or loss. For instance, if you purchase shares of a stock for $1,000, your basis in that stock is $1,000; if you then...

 

Wednesday, June 5, 2019

Divorce is a traumatic event in anyone’s life, and the tax aspects are frequently overlooked, which can add to the distress. The following is an overview of many of the commonly encountered tax issues associated with divorce....

 

Wednesday, June 5, 2019

Starting a small business can be one of the most exciting and rewarding events in someone’s life. But it can also be extremely stressful. If you’re thinking about becoming an entrepreneur, you might have more questions...

 

Monday, June 3, 2019

If you have a large capital gain from the sale of a stock, asset, or business and would like to defer that gain with the possibility of excluding some of it from taxation, you may want to check out the new investment vehicle created by...

 

Monday, June 3, 2019

If you forgot to include necessary information on your 2018 return, you are not alone. In addition, you may have received a revised 1099 or K-1 since filing your return. The IRS has struggled to deal with the enormity of the changes in...

 

Thursday, May 30, 2019

Article Highlights: Child Age Limits Employment-Related Expense Married Taxpayer Earnings Limits Disabled or Full-Time-Student Spouse Expense Limits Summer has just arrived, and there is a tax break that working parents should know...

 

Wednesday, May 29, 2019

Nothing on this earth is scarier than owing money to the Federal Government. This is because of the fact that the IRS will stop at nothing to collect the taxes that are owed. They are the largest and most powerful collection agency in...

 

Monday, May 27, 2019

There are different types of IRS penalties that can be assessed against you. The most common penalties include those for failing to file a tax return, filing your return late, or accuracy-related penalties if you didn’t correctly...

 

Tuesday, May 21, 2019

OverviewSection 529 Plans (named after the section of the IRS Code that created them) are plans established to help families save and pay for college in a tax-advantaged way and are available to everyone, regardless of income. These...

 

Saturday, May 18, 2019

Learn how to end your IRS Problems. Many taxpayers are at the end of their rope with no place to turn for solutions to ALL types of IRS Problems. You and your family can put these IRS Problems behind you, often for just a few bucks. So...

 

Sunday, May 5, 2019

There are both opportunities and pitfalls for IRA owners, and while you definitely don’t want to get caught up in a pitfall, you may want to take advantage of the opportunities. IRAs come in two varieties: the traditional and the...

 

Thursday, April 18, 2019

If you are a neat-nick and your tax return for last year has been completed and filed, you are probably thinking about getting rid of the tax records related to that return. On the other hand, if you are afraid to dump old records, you...

 

Tuesday, April 9, 2019

You finally finished your taxes and are learning – for better or worse – the ins and outs of the new law. But wait, the law isn’t done with you. There’s another complication coming out later this year: The...

 

Friday, March 22, 2019

Have you been ignoring your future retirement needs? This tends to happen when people are young; because retirement is far in the future, they believe that they have plenty of time to save for it. Some people even ignore the issue...

 

Monday, January 14, 2019

Article Highlights: Time to gather your information for your tax appointment New for 2018 Choosing your alternatives Tips for pulling your information together Tax time is just around the corner, and if you are like most taxpayers, you...

 

Tuesday, December 11, 2018

New 2019 contribution limits create retirement saving opportunity For the first time in six years, limits for IRAs are rising. 401(k) accounts and IRAs will see an increase of $500 in contribution maximums for 2019. Check out the table...

 

Monday, December 3, 2018

The IRS reminds holiday shoppers to protect their tax and financial data from identity thieves. All it takes is a few extra steps to prevent cybercriminals from stealing sensitive data, such as financial account information, Social...

 

Monday, November 12, 2018

With year-end approaching, now is the time to take steps to cut your 2018 tax bill. Here are some relatively foolproof year-end tax planning strategies to consider, taking into account changes included in the Tax Cuts and Jobs Act...

 

Thursday, July 19, 2018

The IRS is advising certain veterans who received disability severance payments after January 17, 1991, and included that payment as income that they should file Form 1040X, Amended U.S. Individual Income Tax Return, to claim a credit...

 

Tuesday, July 17, 2018

Under tax reform, taxpayers who itemize should be aware that deductions they may have previously counted on to reduce their taxable income have disappeared in 2018. 1. Moving Expenses Prior to tax reform (i.e., for tax years starting...

 

Tuesday, January 30, 2018

As the New Year rolls around, it's always a sure bet that there will be changes to current tax law and 2018 is no different now that many of the tax provisions pursuant to the Tax Cuts and Jobs Act of 2017 (TCJA) are in full effect....

 

Tuesday, January 23, 2018

Engaging an ENROLLED AGENT is the start of a professional relationship that includes more than preparing a tax return. It is acquiring a “partner” in your quest for financial security and someone that can be called with...

 

Wednesday, January 3, 2018

If you participate in a company retirement plan, such as a 401(k), there's a way you can take a distribution and get out of paying the 10% early distribution penalty if you're under age 59 ½ at the time of the withdrawal. The...

 

Friday, September 15, 2017

Two types of IRAs are available to fund your retirement: Traditional IRAs and Roth IRAs. While both are subject to many of the same rules there are several important differences. It's important to understand these differences because...

 

Friday, September 1, 2017

You may assume you will. That assumption could be a retirement planning risk. How long do you think you will work? Are you one of those baby boomers (or Gen Xers) who believes he or she can work past 65? Some pre-retirees are basing...

 

Tuesday, August 15, 2017

While many people are familiar with the benefits of traditional 401(k) plans, others are not as acquainted with Roth 401(k)s. Since January 1, 2006, employers have been allowed to offer workers access to Roth 401(k) plans.¹ And...

 

Tuesday, August 1, 2017

Imagine taking a 10 day cruise to the Caribbean on a luxury liner without any radar, communication devices, GPS systems or human Navigators on board. Do you really think you will reach your vacation destination safely and on time?...

 

Saturday, July 15, 2017

A budget is not a random set of numbers written down on paper or typed in a spreadsheet. A budget is not how much you have left in your checkbook that will get you to the next payday. A budget is not guessing how much you think you...

 

Saturday, July 1, 2017

Have you ever asked someone what their plan is? Most people will deliver an elaborate plan that will describe their life goals, education goals, professional goals, travel goals and retirement goals. They will talk about what they want...

 

Thursday, June 15, 2017

Most people I talk to hope to retire some day. Almost everyone of them gives me an age at which they would like to retire at, but rarely tell me how much they will need in retirement dollars when they retire. Your ability to retire...

 

Thursday, June 1, 2017

How many of us save and invest with an eye on tax implications? Not that many of us, according to a recent survey from Russell Investments (the global asset manager overseeing the Russell 2000). In the opening quarter of 2014, Russell...

 

Monday, May 15, 2017

Without taking the right mitigation steps, up to 1/3 of your retirement income could end up consumed by tax payments. Luckily, you can take the time to adjust your approach and make sure your hard earned and saved retirement funds...

 

Monday, May 1, 2017

Will you have enough money to make ends meet? You may have heard that people spend less once they are retired. Statistically, that is true. The question is whether a retiree has enough income to meet his or her expenses. Ideally,...

 

Thursday, March 30, 2017

What could you do (or do differently) in the months ahead? How will your money habits change in 2017? What decisions or behaviors might help your personal finances, your retirement prospects, or your net worth? Each year presents a...

 

Thursday, March 23, 2017

We all would love to have a little extra cash on hand for emergencies. Saving up that cash can be a challenge – but with a little effort, that challenge can be met. Imagine a 30-year-old couple with no real savings. Let’s...

 

Thursday, December 1, 2016

Do you plan to donate your time to charity this year? If travel is part of your charitable giving, for example, driving your personal auto to collect donations from local business, you may be able to these travel expenses on your tax...

 

Monday, November 28, 2016

Confused about which credits and deductions you can claim on your 2016 tax return? You're not alone. Here are six tax breaks that you won't want to overlook. 1. State Sales and Income Taxes Thanks to last-minute tax extender...

 

Monday, November 21, 2016

As 2016 draws to a close, there is still time to reduce your 2016 tax bill and plan ahead for 2017. This letter highlights several potential tax-saving opportunities for you to consider. I would be happy to meet with you to discuss...

 

Sunday, November 13, 2016

As 2016 draws to a close, there is still time to reduce your 2016 tax bill and plan ahead for 2017. This letter highlights several potential tax-saving opportunities for business owners to consider. We can arrange to meet to discuss...

 

Friday, October 7, 2016

When you decide to start a business, one of the most important decisions you'll need to make is choosing the right business entity. It's a decision that impacts many things--from the amount of taxes you pay to how much paperwork you...

 

Monday, October 3, 2016

With another school year now in full swing, the Internal Revenue Service today reminded parents and students that now is a good time to see if they qualify for either of two college tax credits or other education-related tax benefits...

 

Monday, September 26, 2016

The IRS is sending letters to taxpayers who received advance payments of the premium tax credit in 2015, but who have not yet filed their tax return. You must file a tax return to reconcile any advance credit payments you received in...

 

Wednesday, September 21, 2016

Back taxes are not an issue that anyone wants to deal with. They can cause a lot of issues with your credit and how much you are able to do with your life. It is best to make full payments on your taxes as soon as you find out that you...

 

Monday, September 19, 2016

Report any gambling winnings as income on your tax return. Be sure you itemize to deduct gambling losses up to the amount of your winnings. If you are a casual gambler, these tax tips can help: Gambling income. Income from gambling...

 

Wednesday, September 14, 2016

The IRS reminds taxpayers that specific rules apply for taking a tax deduction for donating cars to charities. If the claimed value of the donated motor vehicle, boat or plane exceeds $500, you can deduct the smaller of the vehicle's...

 

Monday, September 12, 2016

If you are divorcing or recently divorced, taxes may be the last thing on your mind. However, these events can have a big impact on your wallet. Alimony and a name or address change are just a few items you may need to consider. Here...

 

Monday, September 5, 2016

If you are looking for a job in the same line of work, you may be able to deduct some of your job search costs. Here are some key tax facts you should know about when searching for a new job: Same Occupation. Your expenses must be for...

 

Monday, August 29, 2016

Did you move due to a change in your job or business location? If so, you may be able to deduct your moving expenses, except for meals. Here are the top tax tips for moving expenses. In order to deduct moving expenses, your move must...

 

Monday, August 22, 2016

Understanding your tax obligation is one key to business success. When you start a business, you need to know about income taxes, payroll taxes and much more. Here are five IRS tax tips that can help you get your business off to a good...

 

Monday, August 15, 2016

Tax-related identity theft normally occurs when someone uses your stolen Social Security number to file a tax return claiming a fraudulent refund. Many people first find out about it when they do their taxes. The IRS is working hard to...

 

Monday, August 8, 2016

If you pay for college in 2016, you may receive some tax savings on your federal tax return, even if you’re studying outside of the U.S. Both the American Opportunity Tax Credit and the Lifetime Learning Credit may reduce the...

 

Monday, August 1, 2016

Usually, profits you earn are taxable. However, if you sell your home, you may not have to pay taxes on the money you gain. Here are ten tips to keep in mind if you sell your home this year. Exclusion of Gain. You may be able to...

 

Wednesday, June 22, 2016

Whether you're new to mutual funds or a seasoned investor who wants to learn more, these tips will help you avoid the tax bite on mutual fund investments. First, you need to understand how distributions from mutual funds are taxed. Tax...

 

Wednesday, June 8, 2016

Congress, recognizing that most classroom teachers spend a significant amount of their own money on classroom supplies, granted them a special deduction of $250 (indexed for inflation after 2015) as an adjustment to gross income...

 

Tuesday, May 10, 2016

If you're age 70 1/2 or older, you can now take advantage of recent legislation allowing you to avoid paying income tax on IRA withdrawals transferred directly to a qualified charitable organization. Referred to as Qualified Charitable...

 

Monday, March 14, 2016

Did you contribute to an Individual Retirement Arrangement last year? Are you thinking about contributing to your IRA now? If so, you may have questions about IRAs and your taxes. Here are some IRS tax tips about saving for retirement...

 

Friday, February 19, 2016

A Roth IRA is an individual retirement plan that with certain exceptions, is similar to a traditional IRA and subject to the rules that apply to a traditional IRA. For example, to be considered a Roth IRA, the account or annuity must...

 

Friday, February 12, 2016

For any month during the year that you or any of your family members don’t have minimum essential coverage and don’t qualify for a coverage exemption, you are required to make an individual shared responsibility payment...

 

Friday, February 5, 2016

Most people file a tax return because they have to, but even if you don’t, there are times when you should. You may be eligible for a tax refund and not know it. Here are six tips to help you find out if you should file a tax return:...

 

Monday, February 1, 2016

You should receive a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing your federal tax return. Employers must furnish this record of 2015 earnings and withheld taxes no later than February 1, 2016 (if...

 

Friday, January 29, 2016

Many people use a tax professional to prepare their taxes. Tax professionals with an IRS Preparer Tax Identification Number (PTIN) can prepare a return for a fee. If you choose a tax pro, you should know who can represent you before...

 

Tuesday, January 26, 2016

If someone helps you do your taxes, you're not alone. The IRS asks you to choose your tax return preparer wisely – for good reason. You are responsible for the information on your income tax return. That’s true no matter who prepares...

 

Friday, January 22, 2016

Planning for emergencies is like buying insurance: you pay into an account, and hope you'll never have to use it. But life happens. Cars break down. Roofs leak. Kids break arms. Having money in the bank to cover those unexpected...

 

Friday, January 15, 2016

Congress finally took action in late December and passed a tax extender bill formally known as the Protecting Americans from Tax Hikes Act of 2015 (PATH), which was then signed into law. Retroactive to January 1, 2015, many tax...

 

Friday, January 8, 2016

Welcome, 2016! As the New Year rolls around, it's always a sure bet that there will be changes to current tax law and 2016 is no different. From health savings accounts to retirement contributions and standard deductions, here's a...

 

Sunday, January 3, 2016

Is your debt load straining as the traditional season of giving stretches on? Some kinds of debt are considered "good," such as the mortgage on your home. Other kinds – not so much. Here are suggestions for managing your debt. Stop...

 

Sunday, December 27, 2015

In the past, if you were a victim of identity theft, the IRS would not send you a copy of the fraudulent tax return due to federal privacy laws. Now, under a recent change of policy, you can request certain redacted individual income...

 

Sunday, December 20, 2015

Year-end 2015 is approaching fast! You have only a very limited time to make tax-smart moves for 2015. Here are seven suggestions. If you believe you will owe state or local taxes, consider prepaying them before December 31 so you can...

 

Sunday, December 13, 2015

Is your retirement plan keeping up with the times? A recent survey of retirement plan sponsors pointed out trends in the way employers are changing 401(k) and other plans to help employees prepare for retirement. For example, companies...

 

Sunday, December 6, 2015

The holiday season often prompts people to give money or property to charity. If you plan to give and want to claim a tax deduction, there are a few tips you should know before you give. For instance, you must itemize your deductions....

 

Wednesday, December 2, 2015

Individual Retirement Accounts, or IRAs, are important vehicles for you to save for retirement. If you have an IRA or plan to start one soon, there are a few key year-end rules that you should know. Here are the top year-end IRA...

 

Sunday, November 29, 2015

Income tax is often withheld from wages and other types of income such as pensions, bonuses, commissions and gambling winnings. Ideally, taxpayers should try to match their withholding with their actual tax liability. If not enough tax...

 

Sunday, November 22, 2015

While the fate of several business-related tax extenders such as Research & Development tax credits, bonus depreciation, and Section 179 expensing that expired at the end of 2014 is uncertain, there are still a number of end of year...

 

Sunday, November 15, 2015

Tax planning for the year ahead presents similar challenges to last year due to the unknown fate of the numerous tax extenders that expired at the end of 2014. These tax extenders, which include the mortgage insurance premium deduction...

 

Sunday, November 1, 2015

Miscellaneous deductions such as certain work-related expenses you paid for as an employee can reduce your tax bill, but you must itemize deductions when you file to claim these costs. If you usually claim the standard deduction, think...

 

Sunday, October 25, 2015

Taking money out early from your retirement plan may trigger an additional tax. Here are six things that you should know about early withdrawals from retirement plans:1. An early withdrawal normally means taking money from your plan...

 

Sunday, October 18, 2015

You must keep records to prove the amount of any cash and non-cash contributions you make during the year. Which records you must keep depends on the amount you contribute and whether they are cash or property contributions. New...

 

Sunday, October 11, 2015

Selecting your business successor is a fundamental objective of planning an exit strategy and requires a careful assessment of what you want from the sale of your business and who can best give it to you.There are four ways to leave...

 

Sunday, October 4, 2015

If you're a savvy investor, you probably know that you must generally report as income any mutual fund distributions whether you reinvest them or exchange shares in one fund for shares of another. In other words, you must report and...

 

Sunday, September 27, 2015

Your employer's retirement plan may have an automatic enrollment feature that has you participating as soon as you're eligible, unless you opt out. Generally, you'll want to stay in the plan because contributing makes tax sense. Two...

 

Sunday, September 20, 2015

Penalty relief for failing to bring your existing employer health care payment plans into compliance with the Affordable Care Act expired on June 30. If you're still directly reimbursing your employees for health insurance premiums on...

 

Sunday, September 13, 2015

Retirement can creep up on you. One day you're climbing the corporate ladder or building a client base for your business. Next thing you know, you're in your 50s or 60s. Thoughts of spending your days playing golf, pursuing a favorite...

 

Sunday, September 6, 2015

According to research conducted this spring, U.S. workers expect to stay employed past age 65 and to transition into retirement by reducing hours on the job over time.Whatever your expectations for your post-work life, planning now can...

 

Tuesday, September 1, 2015

The fourth quarter is often make-or-break time in sports. Likewise, tax-cutting steps you take in the last three months of the year can transform a financial plan into a bona fide winner.Late-year tax planning is often a matter of...

 

Tuesday, December 30, 2014

The Internal Revenue Service announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for Tax Year 2015.In general, many of the pension plan limitations will change for 2015...

 

Wednesday, December 17, 2014

The Internal Revenue Service recently issued guidance clarifying the impact a 2014 individual retirement arrangement (IRA) rollover has on the one-per-year limit imposed by the Internal Revenue Code on tax-free rollovers between IRAs...

 

Wednesday, December 3, 2014

2014 is winding down, but you still have time to wrap up business tax strategies before December 31. Here are five to put on your list.Make capital contributions if necessary. When you have losses in your Subchapter S corporation, the...

 

Monday, December 1, 2014

For any number of reasons, you could find yourself opening your home to relatives in need. In some cases, the guests could become fairly permanent occupants.Who can be claimed as a dependent at tax filing time? Suppose that your nephew...

 

Tuesday, November 18, 2014

This year has been a bumpy ride on Wall Street, with dramatic swings up and down. Now is a good time to review your retirement account and your personal portfolio. While changes you make in your retirement account won’t impact current...

 

Wednesday, November 12, 2014

Once again, tax planning for the year ahead presents more challenges than usual, this time due to the numerous tax extenders that expired at the end of 2013.These tax extenders, which include nonbusiness energy credits and the sales...

 

Thursday, October 30, 2014

Taxpayers frequently ask what benefit is derived from a tax deduction.Unfortunately, there is no straightforward answer. The reason the benefit cannot be determined simply is because some deductions are above-the-line, others must be...

 

Monday, October 27, 2014

If you moved due to a change in your job or business location or because you started a new job or business, you may be able to deduct your reasonable moving expenses.Additionally, if you meet the requirements of the tax law for the...

 

Tuesday, October 7, 2014

If you’re a farmer or rancher and drought forced you to sell your livestock,special IRS tax relief may help you.The IRS has extended the time to replace livestock that farmers were forcedto sell due to drought. If you’re eligible, this...

 

Tuesday, August 19, 2014

The tax law does not contain any tax rules specifically for grandparents. However, there are a number of breaks that grandparents can avail themselves of to reduce their tax bills while helping their families.Gifts to family...

 

Monday, August 18, 2014

If your family is among the many families that incur child care expenses so that a parent can attend school, you may be eligible for a child care tax credit. Generally, the child care credit is only available to couples where both...

 

Wednesday, July 23, 2014

If you start a business, one key to success is to know about your federal tax obligations. You may need to know not only about income taxes but also about payroll taxes. Here are five basic tax tips that can help get your business off...

 

Friday, July 18, 2014

This is the time of year for many couples to tie the knot. If you marry during 2014, here are some post-marriage tips to help you avoid stress at tax time.Notify the Social Security Administration − Report any name change to the Social...

 

Wednesday, July 16, 2014

When an employee is caught embezzling funds at a giant multinational corporation, news outlets are eager to broadcast the story from coast to coast. Yet small businesses are victimized by employee theft every day. When a worker...

 

Monday, July 14, 2014

All too often, taxpayers wait until after the close of the tax year to worry about their taxes and miss opportunities that could reduce their tax liability or financially assist them. Mid-year is the perfect time for tax planning. The...

 

Thursday, July 10, 2014

Your will or trust was prepared so that your assets will be distributed according to your wishes after your death. These documents can also reduce estate taxes. However, certain events can cause these documents to become outdated and...