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Claiming Elderly Parents as Dependents on Tax Returns

As our parents age, we often provide help. If you provide financial help to your parent, you may be able to deduct some of those expenses on your taxes. To claim an elderly relative, the supported-individual must meet several criteria.

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Posted in General Tax Tips & News

Nanny Tax Update 2016

As the kids go back to school, you may decide to hire a nanny (or after school baby sitter).  Or, when the busy fall season kicks in, you may hire someone to do help with housekeeping. Do you know about

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Posted in General Tax Tips & News

Tax Breaks for College Students in 2016

August is a month many young adults head to college and even some not-so-young adults look to enhance their education. Both younger and older students can realize some tax breaks for seeking a postsecondary education. In addition to the well-known

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Business and Personal Casualty Losses Tax Deductible

July marks the peak summer season and the high-risk weather season. If you suffer a casualty or loss this season, you can get some relief on your taxes. Basic Definition of a Casualty For Federal income tax purposes, a casualty

Posted in General Tax Tips & News

Should you Buy or Lease a Car for Your Business?

You need a new car. Should you buy or lease? If you own a business, should you purchase or lease a car through the company. We’ll address each of these questions in this post. Buying vs. Leasing a Vehicle The

Posted in General Tax Tips & News

Retirement Plan Options for Small Business Owners

If you run a small business, it is easy to focus so much on the business that you neglect retirement planning. April is a great time to take stock of where you stand with your personal finances. When you complete

Posted in General Tax Tips & News, Small Business Accounting Tips

How to Avoid Tax Scams

Beware – Scammers Continue to Use the IRS Name Fraud artists continue to use the name of the IRS to con un-suspecting tax payers. These tax scams take many different forms. In most scams, the criminals pretend to be from the

Posted in General Tax Tips & News

How to Select a Tax Preparer

Face it, filing taxes is a complicated chore. Tax filing is particularly challenging if you have many income-producing assets, multiple income sources or you own a business. You will probably seek help this year to file your taxes. According to

Posted in General Tax Tips & News

Social Security Ends Tactic to Max a Couple’s Social Security Earnings

In a February 2015, we posted information about how couples could use a tactic called “file-and- suspend” to increase their joint income from Social Security. In October 2015, Congress passed a bill, which eliminates these tactics for most individuals effective

Posted in General Tax Tips & News

End-of-Year Tax Tips for 2015

Early December is a good time to take a quick look at your end-of-year tax situation. You still have a little time to take some steps to minimize tax consequences. Before you start, gather your tax documents from last year.

Posted in General Tax Tips & News

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