As a small business owner, this is the time to take a closer look at your profit and loss sheets to determine how you can make the most out of this current economy. In the U.S., the economy is thriving and expected to grow over the next few months. Businesses are expanding. The Federal Reserve […]
Because individuals are always looking for tax deductions that can reduce their tax liability it’s important to know what the actual tax benefit is derived from a tax deduction. There is no straightforward answer because some deductions are above the line, others must be itemized, some must exceed a threshold amount before being deductible, and […]
Adjustments to Withholding or Estimated Payments for 2018 Should Be Made Sooner Rather than Later As a result of tax reform, most taxpayers will be paying less tax for 2018 than they did in 2017. But that may not translate into a larger refund. Your refund is the amount that your pre-payments (withheld income tax, […]
One of the most bone-chilling situations an American taxpayer can experience is receiving notification from the Internal Revenue Service that there’s some kind of problem. Just receiving an envelope with a return address from the IRS can strike fear. There are many different reasons that the IRS might reach out, but some are more common […]
Unlike a C corporation, which itself pays the tax on its taxable income, an S corporation does not directly pay taxes on its income; instead, its income, losses, deductions, and credits are distributed across its shareholders’ individual tax returns on a pro rata basis. These distributions are not subject to self-employment (Social Security and Medicare) […]
The IRS is now auditing to see if too much home equity debt interest is being deducted from your taxes. Remember, equity debt is debt not incurred to acquire or improve the home and taxpayers frequently exceed the equity debt limit and fail to adjust their interest deduction accordingly. Normally, you are allowed to deduct […]
Predict Your Future Social Security Income Are you ignoring your future retirement needs? If you are younger, that’s probably the case since retirement is far in the future, and you think you have plenty of time to save for it. It’s not wise to ignore the issue until late in life and then have to […]
Cut Your Taxes & Save on Energy Bills with Home Energy Credits Recently passed legislation has given new life to two homeowner energy credits that had expired or were about to expire, providing renewed opportunities to homeowners wanting to take advantage of these credits and reduce their energy costs.
Take a look at the Pros & Con of Roth Conversions The tax provision that allows taxpayers to convert a Traditional IRA to a Roth IRA is a great tax-planning tool when used properly, and timing is everything. Conversions can be tricky, so if you are considering a conversion, take a look at this article regarding […]
How to identify Scams and Avoid Becoming a Victim It’s natural for thieves to use the IRS and other government entities to ply their scams against the public through email and phone scams in order to steal your money. They can trick you into giving out your date of birth, account numbers, passwords and even […]
