24 10, 2019

Businesses: How to Prepare for Form 1099 Filing to Avoid Steep IRS Penalties

We are reminding you that Form 1099-MISC must be issued to individuals, some corporations, and other unincorporated entities to which you paid for services and contract work that meet certain criteria during the calendar year. Likewise, Forms 1099-INT and 1099-DIV must be issued to recipients of interest and dividend income, respectively. To verify your Form

17 10, 2019

Amazon and eBay Sales Tax ALERT!

If you or your business sells product on Amazon using the Fulfillment by Amazon (FBA) service, you are well into the multi-state sales tax mess ... even if you are not aware of it. You may be asking yourself: * Do I now need to register my business with every state and collect sales

1 10, 2019

Reminder: Time to Start the Financial Aid Process

If you have a child in college or entering college during the next school year, you need to read this. You can now fill out your required Free Application for Financial Student Aid (FAFSA) for the next school year. FAFSA application time frame The Free Application for Federal Student Aid (FAFSA) process opened on

26 09, 2019

Leveraging Gift Rules to Your Advantage

As you or family members approach retirement years, it is important to have a basic understanding of the IRS gift tax rules. With this understanding, there are opportunities to leverage this tax law without creating a tax problem. The rules Make periodic gifts. Remember the gift-giving limit is per calendar year. To take full

18 09, 2019

How to Maximize Tax Deductions for Assisted Living

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 not fully reimbursable by typical health insurance policies. Thankfully, there is a

11 09, 2019

The IRS Is Not Always Right

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 an IRS notice if you receive one: Stay calm. Try not to overreact to the correspondence. They are often in error. This is easier said than done, but remember

30 08, 2019

Municipal Bonds: An Investment with Tax Breaks!

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 municipal bonds You pay zero federal tax on municipal bond investment income. This makes municipal bonds more attractive than

26 08, 2019

Tax Benefit for First-time Home Purchase – Maybe!

The federal government encourages saving for retirement by deferring income tax on funds contributed (with certain restrictions) to an individual retirement plan until the funds are distributed. An "individual retirement plan" is as an individual retirement account or annuity, which is commonly referred to as an IRA. Generally distributions before age 59 ½ years

15 08, 2019

Cash Flow Concepts That Can Save Your Business

A sad and oft-repeated truth is that half of all new businesses fail within the first five years. Although many factors contribute to business failure, a common culprit is poor cash management. All businesses, large and small, must deal with the uncertainty of fluctuating sales, inventories and expenses. Follow these practices to moderate the

15 08, 2019

A Smarter College Housing Option

Does your child, grandchild, or someone else you know need a place to live while attending college? Instead of renting a dorm or apartment, buying a condo or small house might make more sense. This can save money and provide tax breaks, but you need to do the math and be aware of the