16 01, 2020

There’s Still Time to Fund Your IRA

There is still time to make a contribution to a traditional IRA or Roth IRA for the 2019 tax year. The annual contribution limit is $6,000 or $7,000 if you are age 50 or over. Prior to making a contribution, if you (or your spouse) are an active participant in an employer's qualified retirement

10 01, 2020

Reminder: Fourth Quarter Estimated Taxes Now Due

If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The 2019 fourth-quarter due date is now here. Normal due date: Wednesday, January 15, 2020 Remember you are required to withhold at least 90 percent of your current

3 01, 2020

Last Minute Tax Law Changes

Late on Friday December 20th a new 1,770 page bill was signed into law. Deep within the pages of the bill are a number of retroactive tax law changes to current and expired tax laws. These new law extenders are in place for both 2019 and 2020. Here is what you need to know:

23 12, 2019

Pay Attention To Cash Flow

Dear Friends and Clients: When tracking and planning your business objections, it's easy to focus your analysis on two reports - the income statement and balance sheet. But one of the primary keys to your business's success relies more on how you handle the money flowing in and out of the business. The appearance

18 12, 2019

No Check! Where’s Your Proof?

Year-end is a good time to ensure you have proper documentation to substantiate your tax deductions. This is important as many banks start deleting online documentation that is over one year old. Background Two things have happened over the past ten years that have greatly reduced the ability to have a canceled check as

9 12, 2019

Reminder: Major Employment Tax Deadlines

Handling employment taxes can be complicated, especially when you’re required to file important tax documents throughout the year. Here's a list of key forms and deadline dates to help keep you on track. Form 941 — Employer's quarterly federal tax return This form is used to report income tax withheld from employees' pay and

26 11, 2019

5 Last-Minute Tax-Savings Ideas Action you can take before time runs out …..

Here are five tax saving ideas that can be used by most taxpayers. Act soon because there's not much time left until our tax year comes to an end. 1. Make late-year charitable donations. Consider making donations with appreciated stock you have owned over one year. You can typically receive the higher value donation without

20 11, 2019

Receive Copies of Fraudulent Tax Returns

Tax identification theft is becoming all too common. Victims know how frustrating the experience can be. Thankfully, the IRS is willing to help. The frustration If you are a victim of IRS identity theft, your first instinct is to find out what was filed and who filed it. In the past, most requests by

31 10, 2019

Donating to Charities? Do it RIGHT! Donation basics to ensure a tax deduction.

Donating to charity not only helps others, it can reduce your tax bill — but only if the charity qualifies as a tax-exempt organization. Checking for qualified status If you plan on itemizing your deductions on your tax return, make sure the organization you're donating to is designated by the IRS as a 501(c)(3)