11 10, 2018

Understanding Tax Terms: Pass-through Entities What are they? Why should you care?

Small business owners have a number of options on how to organize their business for tax purposes. Many small, single owner, businesses are not incorporated, and are deemed "sole proprietors", in the eyes of the IRS. Other business entities, like C corporations, are taxed as a separate entity with distributions to owners taxed a

4 10, 2018

Salvage that Sunken Uncollectible Debt

There are few things as frustrating as not being paid what is owed to you. If it becomes clear the debt is not going to be paid, you might be able to recoup some of the lost money via a tax deduction. The IRS has two classifications for bad debt: business and non-business, each

27 09, 2018

School Your Children on Money Matters

Teaching your child about money and finances is easiest when you start early. Here's a quick review of what you should teach your children at each age for financial literacy for children to guide them to become financially competent adults: Preschool • Identify coins and bills, and learn what each is worth. • Understand

26 09, 2018

What Does the IRS Have on You? Here is how you can find out…

There are multiple situations where you need to find out what the IRS knows about you. It could be for the purpose of obtaining a loan, refinancing your house, or continuing your citizenship status. Possibly you are a few years behind on filing tax returns and need to know where to start. Or maybe

13 09, 2018

Will your withholdings cover your 2018 income taxes?

Major tax reform will have a noticeable impact on virtually all taxpayers this year. Will your total paycheck income tax withholdings at the end of the year line up with the new changes? Here are a few of the major changes and why it might be a good idea to see if your withholdings

6 09, 2018

Now is a Great Time to Organize Your Tax Records

The time to organize your tax records is now. Waiting until the end of the year or, even worse, waiting until you are audited can lead to headaches. Here are some tips to get on top of your tax records. Storage Hints Organize your records by tax year. If you have not already done

30 08, 2018

Five Common Retirement Mistakes

Here are five common retirement planning mistakes and steps you can take to avoid them. 1. Not having a plan Surprisingly, most do not know how much money is needed for retirement. A retirement plan should consider how long you expect to live, establish an estimate of the amount of money you will need,

28 08, 2018

Should You Expense or Depreciate Your Capital Asset?

If you own a business, you know that you may accelerate the expensing of qualified capital purchases. This can be done within two special provisions in the tax code that were recently expanded: Section 179 The annual amount of qualified assets that may be expensed (instead of depreciated) was raised to $1 million for

23 08, 2018

Don’t Run Afoul of the IRS “Nanny Tax”

The IRS is more strictly enforcing rules that determine whether a worker is actually your employee, rather than an independent contractor. Beware: you have many extra tax responsibilities and expenses if you are an employer in the eyes of the IRS. So, be careful if you regularly pay a gardener, housekeeper, nanny, babysitter or