With your just-completed tax filing, you may not want to think about taxes and your finances. However, now can be a great time to review your tax planning and recordkeeping process and to take stock of your personal finances. Review…
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Tips for Last Minute Tax Prep and Beyond
The IRS is giving tax-prep-procrastinators a little more time this year. Since April 15 falls on a Saturday, the IRS changed the tax filing deadline this year to April 18. If you are working up to the last minute to…
Maximize Charitable Contributions to Lower Taxes
In December, many of us increase our charity giving. Some reports reveal that 75% of taxpayers in the U.S. donate to charities during this last month of the year. If you want to support a favorite charity and lower your…
Five Tax Tips for End-of-Year Planning in 2016
Consider Potential 2017 Tax Cuts in Year End Tax Plans No one can predict with certainty how the new leadership in Washington will change taxes. The odds are strong that taxes will be lower next year. Both President-elect Trump and…
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.…
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…
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…
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…