15 11, 2018

Take Advantage of Being Self-employed

When it comes to taxes, being self-employed has some advantages. Whether you work for yourself on a full-time basis or just do a little moonlighting on the side, the government has provided you with a variety of tax breaks: • Build up your retirement funds. When you're self-employed, you're allowed to set up a

8 11, 2018

2019 Social Security Changes Announced

The Social Security Administration announced a 2.8 percent boost to monthly Social Security and Supplemental Security Income (SSI) benefits for 2019. The increase is the largest in seven years, and is based on the rise in the Consumer Price Index over the past 12 months ending in September 2018. For those still contributing to

8 11, 2018

Have You Thought about These Year-end Investment Moves?

As year-end approaches, take a closer look at your investment portfolio. There may be some tax-saving strategies worth considering. Check out the following areas: • Wash sales. Thinking of selling a security before Dec. 31 to take advantage of a capital loss? To make sure the loss is deductible, refrain from buying a substantially

1 11, 2018

It’s Your (and the IRS’s) Lucky Day! You won a prize. Now what?

When you win a prize, there are really two winners: you and the taxing authorities. Should you be fortunate enough to win that trip of a lifetime to the French Riviera in your new yacht, here is what you need to know. Prizes are taxable. Almost all prizes are taxable income. You report them on your

24 10, 2018

Businesses: Prepare for Form 1099 Information Reporting 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

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