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Simplifying and Improving the Individual Tax Preparation Process

Preparing taxes isn’t most people’s idea of a good time. Usually, tax time is considered something of a downer, especially for anyone trying to do their own taxes.…

Tips to Safeguard Your Organization’s Tax Exempt Status

The IRS grants tax exempt status to certain types of organizations in order to give relief of some financial burden. This status must be applied for. Once granted,…

Tax Strategies To Implement Before Year’s End

When it comes to your taxes, you want to save as much as possible. As December 31 gets closer, it's important to turn your attention to maximizing your…

Best Tax Strategies For Passing Wealth To Heirs

If you are a person who has assets of significant value, you want to pass this wealth on to your heirs. To do so while minimizing estate taxes…

Recordkeeping Strategies to Simplify Tax Preparation

As a business owner, tax season is probably not a time of year you look forward to each time it rolls around.  However, you also know that getting…

How to Handle an Audit Notification

The percentage of tax returns being audited each year has steadily declined, due in part to dwindling government resources. Still, if you’ve been notified of a pending audit,…

What Are Business Financial Statements?

There are three financial statements that every company needs to understand, review and produce, on an annual basis, at a minimum.  These consist of the Profit and Loss…

The Effects of the New Legislation

Now that tax season is here, the early indications of the effects the 2017 Tax Reform are starting to show.  While fewer people have filed their returns than…

Taxation of Minors

Most of the time, children are considered to be an extension of their parents when it comes to legal application until the age of majority.  Therefore, many taxpayers…

Insurance and Other Medical Tax Deductions

With the introduction of the Tax Cuts and Jobs Act, many taxpayers are wondering how it will affect the tax deductibility of their medical items – like insurance. …

1031 Exchange Overview

It used to be that the term “Section 1031 Exchange” or even “Like-Kind Exchange” was uncommon except in certain circles.  But as the idea of tax strategies have…

Purchasing a Home in the Post-TCJA Era

Before the Tax Cuts and Jobs Act of 2017 bill was passed, buying a home was a big incentive to taxpayers looking to reduce their annual taxes.  While…

Higher Education – What It Really Costs

While alternative education paths are on the rise, a traditional education track is still the most readily available to most high school graduating classes.  However, college, professional, and…

Charitable Contributions

With the change in the season and the return of fall, many people begin the act of making their homes less cluttered, and we will all begin to…

Benefits of An HSA

By now, most people have heard the term HSA or Health Savings Account.  But what is it?  A Health Savings Account combines a high deductible health insurance plan…

A Brief Overview On How Tax Reform Affects Choice of Entity

The Tax Cuts and Jobs Act (TCJA), signed by President Trump in Dec. 2017, has significant implications for how businesses will assess the choice of entity. Prior to…

End of Year Charitable Giving Strategies

With the holidays fast approaching, many people are looking for ways to combine their desire to help the causes they believe in along with their desire to save…

Trump’s Tax Plan Unleashed

President-elect Donald Trump has taken the “bull by the horns,” so to speak, and proposed a sweeping tax reform plan that will diminish what goes to the US…

Have You Heard About IRC Sec 1031 Like-Kind Exchanges?

If you’re an investor who is looking to sell property, IRC Sec 1031 has good news for you: you can defer any and all capital gains by reinvesting…

Deducting Self-Employment Expenses

With the amount of taxes the IRS already collects from taxpayers—as well as the ever-increasing cost of living self-employed—tax payers can ill afford to overlook claiming as many…

How Grandparents Are In a Great Position To Help Pay for College

Grandparents can help with college and lower taxable income. A grandparent helping their grandchild pay for college can be a win all around. When a grandparent that contributes…

Small Business Tax Planning Overview

Tax planning is the practice of analyzing multiple tax options to decide how you want to operate your business as well as your individual transactions to minimize or…

Understanding Taxes on Mutual Funds

With a working knowledge of how mutual funds are taxed along with some diligent bookkeeping, you can reduce the amount your mutual investments are taxed on. The below…

Common Questions Regarding Tax Strategies

What's type of loan is ideal for big ticket items?An equity loan is best for those who own their home. Interest paid that comes from credit card debt…

Common Tax Mistakes You Don’t Want To Make

Great tax management is keeping and receiving all the money you’re entitled to while meeting your legal obligations. Here are some common mistakes you don’t want to make.…