19 11, 2017

4 Smart Money Lessons for Your Kids

Your kids will learn math in school, but that doesn't necessarily equate to personal finance. If you want them to become financially responsible adults, you should give them some training yourself. Here's how. Personal finance is often learned through experience. Fortunately, you can give your kids a hand-up on their journey to becoming financially

13 11, 2017

Tax Reform: What is Proposed?

There is now a ton of media chatter about the recently introduced federal tax reform package being passed around in Washington, D.C. While it's still early in the process, here are some of the key elements of the current proposal. For individuals: • Individual tax rate brackets trimmed to three rates of 12, 25

27 10, 2017

Should Section 179 Be Part of Your Business Tax Planning? Here’s How It Works.

Section 179 expensing can be a very powerful tax-planning tool for small- and medium-sized businesses acquiring capital assets. While it doesn't change the amount of depreciation you can take over the life of capital purchase, it can change the timing by allowing you to deduct your purchase in the first year you place it

19 10, 2017

Tax Strategy of Tax-loss Harvesting

Though the markets have been up strongly this year, your investment portfolio may have a few lemons in it. By using the tax strategy of tax-loss harvesting, you may be able to turn those lemons into lemonade. Here are some tips: Tip #1: Separate short-term and long-term assets. Your assets can be divided into short-term and

14 10, 2017

Employer Company Stock: Risky or Worth It?

Do you have too much of your employer's company stock in your 401(k) or other retirement plan? It's time to find out if you've made a smart or risky move. Employees often have too much of their employer's company stock in their 401(k) or other retirement plan. That's because employees tend to feel like

9 10, 2017

Employee Meals: 50 or 100 Percent Deductible?

Your business tax return could look a lot different depending on the circumstances of employee meals. Find out why and what you can do to get the most bang for your tax buck. Everyone loves a free meal – especially employees. However, your business tax return will be affected differently depending on the circumstances

5 10, 2017

Renew Your ITIN Now

If you have an Individual Taxpayer Identification Number (ITIN) rather than a Social Security number (SSN) you may need to take action or you'll be unable to file a tax return for 2017. What to know about ITINs ITINs are identification numbers issued by the U.S. government for individuals who do not qualify to

2 10, 2017

Your Receipts Are Important: Save Them

Deduction opportunities abound for people who know the importance of saving their receipts and keeping proper documentation. Make sure you're taking the right steps to make qualified deductions during filing season. When it comes to taking qualified deductions on your federal tax return, three things must happen: • Recognize that an expense might be

25 09, 2017

Stay Away from Structuring

Avoiding bank reporting by manipulating cash transactions is called structuring – and it's against the law. Know the rules around structuring and how to make sure your business isn't questioned by the IRS. If people manipulate cash transactions to avoid required bank reporting to the Treasury Department, they are using the technique of structuring