Articles
Take a penalty-free IRA withdrawal for medical expenses
Are you considering withdrawing funds from your traditional IRA to pay unexpected medical costs? You may be hesitating because of the 10% penalty imposed on withdrawals made when you're under age 59½. Since the 10% is calculated on the total you withdraw, the tax hit...
Be aware of tax season scams
The IRS is urging taxpayers to be aware that tax-related scams using the IRS's name become more frequent at this time of year. Here are the suggestions the IRS offers that can help protect against scams and identity theft. * Don't carry your social security card or...
Every small business should establish controls
Every week reporters publish stories about companies that have lost thousands, even millions of dollars because of fraud. They recount the dreadful details of business owners who learned – too late – that a lack of basic controls left their companies vulnerable to...
Emergency savings: How much is enough?
We all need an emergency fund, but what's considered "an emergency?" Any unexpected hit to your finances, including layoffs, unanticipated illnesses, and natural disasters. Car insurance premiums and regular home maintenance are (or should be) anticipated, so they're...
Capitalization vs. expensing
The new IRS regulations on capitalization vs expensing are complex. But the part of the regulations that concerns most small businesses makes it easier for them to comply. Here's an overview of the safe harbor rules for small businesses. If your average annual gross...
Health insurance tax credits are good medicine for small businesses
Small businesses may be missing out on an important new tax perk related to health insurance. And the stakes are even higher in 2014. The Affordable Care Act provides a tax incentive for small business owners who pay at least a portion of their employees' health...
Who needs an “Employer Identification Number?
If you do any of the following, you will need an Employer Identification Number (EIN) from the IRS: If you operate your business as a corporation or partnership. If you file reports for employment taxes, excise tax, or alcohol, tobacco and firearms. If you have even...
Parents can cut taxes with child-related credits
Are you a parent? Give yourself some credit – a child-related tax credit, that is. Here are two that can reduce your 2013 federal income tax liability. Child tax credit. The child tax credit applies if your dependent children were age 16 or younger at the end of 2013....
The AMT: Will this tax apply to you?
What's your alternative minimum tax (AMT) preference? Though you might prefer to not think about the AMT, certain income and deductions, known as preference items, affect the way the tax will apply to you. Those amounts, along with others called "adjustments," are...
How to maximize your tax deduction after a disaster strikes
Fire, flood, tornado. Violent weather can wreak emotional and financial havoc. If your home, vehicle, or other personal property is damaged or destroyed by a sudden, unexpected casualty, an itemized tax deduction may help ease the financial burden. In most cases, you...
Not Sure Where to Start?
Get A Consultation
Are you interested in learning more about how we can help guide your tax situation, but not sure where to begin? We can help. Our team of specialists can answer any questions you might have and help you get started.