Tax deductions? Yes, please!

By | January 10th, 2018|Categories: Accounting, CPAs and CFOs, Financial Investments, Small Business, Staff Accountants, Tax Information|Tags: , , , , , , , , , |

The conventional tax wisdom at the end of the year is to pull in deductions to offset current tax liability and push off income to postpone tax payment. This takes on added significance in 2017 with enactment of the new tax reform law, the Tax Cuts and Jobs Act (TCJA). Because the bill, just signed into Read more

Comments Off on Tax deductions? Yes, please!

Will you see more money with the new tax reform bill?

By | January 8th, 2018|Categories: Accounting, CPAs and CFOs, Financial Investments, Small Business, Tax Information|Tags: , , , , , , , |

On the Friday before Christmas, President Trump signed the new tax reform bill into law. The Tax Cuts and Jobs Act will take effect January 1, 2018, but when will most taxpayers see the effects? When will they see more money in their wallets?   How much will the new Tax Cuts and Jobs Act save Read more

Comments Off on Will you see more money with the new tax reform bill?

Eight Ways Children Lower Taxes

By | October 7th, 2016|Categories: Tax Information|Tags: , , |

Got kids? They may have an impact on your tax situation. Many people know that children lower taxes, but they're not sure how to go about it. If you have children, here are eight tax credits and deductions that can help lower your tax burden. Dependents: In most cases, a child can be claimed as a Read more

Tax Planning for Small Business Owners

By | September 2nd, 2016|Categories: Tax Information|Tags: , , |

Tax planning is the process of looking at various tax options to determine when, whether, and how to conduct business transactions to reduce or eliminate tax liability. Many small business owners ignore tax planning. They don't even think about their taxes until it's time to meet with their CPAs, EAs, or tax advisors but tax planning Read more

It’s Time for a Premium Tax Credit Checkup

By | August 15th, 2016|Categories: Tax Information|Tags: , |

If you or anyone in your family receive advance payments of the premium tax credit, now is a good time to check on whether you need to adjust your premium assistance. Because advance payments are paid directly to your insurance company (thereby lowering out-of-pocket cost for your health insurance premiums), changes to your income or family Read more

Tax Planning Strategies to Use This Year

By | May 21st, 2016|Categories: Tax Information|Tags: , |

Looking to save money on your taxes this year? It's never too early to start planning ahead using these proven tax planning strategies. Max Out Your 401(k) or Contribute to an IRA You've heard it before, but it's worth repeating because it's one of the easiest and most cost-effective ways of saving money for your retirement. Read more

Parents: Don’t Miss Out on These Tax Savers

By | April 10th, 2016|Categories: Tax Information|Tags: , |

If you have children, you may be able to reduce the amount of taxes owed for the year using tax credits and deductions. Here are several tax benefits you might be able to take advantage of when you file your federal tax return: Dependents. In most cases, you can claim your child as a dependent. You Read more

Exemptions and Dependents: Top Ten Tax Facts

By | March 18th, 2016|Categories: Tax Information|Tags: , |

Top Ten Tax Facts Most people can claim an exemption on their tax return. It can lower your taxable income, which in most cases, that reduces the amount of tax you owe for the year. Here are the top ten tax facts facts about exemptions to help you file your tax return. 1. Exemptions Cut Income. Read more

Reduce Your Taxes with the Child Care Tax Credit

By | February 20th, 2016|Categories: Tax Information|Tags: , , |

If you paid someone to care for a person in your household last year while you worked or looked for work, then you may be able to take the Child Care Tax Credit and reduce the amount of tax owed. Here are 12 facts you should know about this important tax credit: 1. Work-related Expenses. Your Read more

Roth IRAs: The Basics

By | February 12th, 2016|Categories: Financial Investments, Tax Information|Tags: , , |

A Roth IRA is an individual retirement plan that with certain exceptions, is similar to a traditional IRA and subject to the rules that apply to a traditional IRA. For example, to be considered a Roth IRA, the account or annuity must be designated as a Roth IRA when it is opened. A deemed IRA can Read more