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March 30, 2020
This post was updated on May 13, 2020, to include information about the CARES Act financial aid provision for college students. The CARES (Coronavirus Aid, Relief, and Economic Security) Act is the coronavirus relief bill that has been making major headlines and includes the stimulus payments you’ve likely heard about. While the CARES Act worked […]
March 25, 2020
In the flurry of government relief that has been announced in the past couple of weeks, there are a variety of options available to help businesses cover their expenses and support their workers during this time. Last week, we summarized the Families First Coronavirus Response Act, which established paid sick leave and expanded FMLA for […]
March 20, 2020
President Trump signed the Families First Coronavirus Response Act, the first national legislation to offer Americans relief from the coronavirus’ impact on the economy, on March 18th. Its provisions will go into effect within 15 days of passage. While this situation continues to evolve and we expect more to come, there are some key provisions […]
March 18, 2020
We all want our children and grandchildren to grow up to be financially stable, to make smart financial decisions, and to be confident in managing their money. Early, consistent teaching about finances is critical—and it’s never too early to start with your own kids and grandkids! Here are 5 tips to help you teach money […]
March 13, 2020
Wash your hands. Work from home. Use hand sanitizer. Self-quarantine if you’re sick. Wash your hands again. News about the global coronavirus pandemic and corresponding economic activity has many business owners feeling concerned. While no one knows what’s going to happen when all is said and done, we come at this crisis from a unique […]
March 12, 2020
With the coronavirus outbreak top of mind for people around the world, we’re closely monitoring the economic impacts. As events unfold, the endless news cycle is creating a keen sense of urgency. That urgency is certainly warranted regarding your health: wash your hands, avoid large gatherings, and stay home if you’re feeling ill. When it […]
March 4, 2020
Tax returns for partnerships and S-corps that pay on a calendar year are in March. C-corps have an additional month to complete and file their returns. Are you ready to file? If the answer is no, you need to file an extension, which will give you an extra six months to complete your return. First, […]
February 28, 2020
When big drops in the stock market start to make major news headlines, investors tend to get nervous. The steady gains of the past few years have lulled many people into a feeling that the market can only keep going up. That sudden barrage of media notifications that the market is “crashing” makes it seem […]
January 29, 2020
As January comes to a close, we know some of you may have already forgotten your new year’s resolutions. Resolving to change your financial habits is one thing—actually doing it takes a lot of dedication and persistence. We put together a list of our 20 favorite tips to encourage you on your path toward your […]
January 13, 2020
You probably know you need to save for your future. Hopefully you even have a goal in mind. If your new year’s resolution has you putting your finances in order, here are some pointers to help you get started with saving and investing. Solidify your strategy Regardless of whether you’re a seasoned investor with a […]
December 12, 2019
Have you heard about the invisible rich? These are the people whose lives are anything but flashy—they drive older cars, pack their lunches, live in a modest home, etc. At the same time, they’re making five-figure donations to their churches and sending their children to college without borrowing any money. Just how does this happen, […]
December 4, 2019
No one enjoys conversations addressing our own mortality. The reality is that avoiding the topic is one of the most damaging decisions that will continue to reverberate long after your inevitable passing. If you don’t have a Last Will & Testament in place at the time of your passing, the state will determine how your […]
November 13, 2019
Although tax year 2019 is our second year filing under the Tax Cuts and Jobs Act (TCJA), provisions of the law are still confusing to taxpayers, particularly as they impact small businesses. The fourth quarter is the right time for tax planning to reduce or defer your tax liability. Here are some highlighted changes that […]
October 8, 2019
Let’s be honest: nothing in life is a given (except for death and taxes, of course). Planning for retirement includes elements of art and science, and a qualified financial advisor can be a figurative goldmine when it comes to making the right decisions for your retirement plan. Here are some of the common misconceptions about […]
September 24, 2019
As the end of the year approaches, many business owners are turning their thoughts to strategy and goals for next year. Along with those discussions comes a deep dive into the budget. In some companies, budgeting means copying and pasting from the prior year’s budget, adding a 4% increase across the board, and then adjusting the […]
September 19, 2019
Student loan debt continues to be a pressing problem for millions of Americans—and not just the millennial generation. Millennials have made headlines in recent years for record debt crippling their ambitions to buy homes, start families, and even move out of their parents’ homes. A less-talked-about issue (but no less pressing) is the parents and […]
August 30, 2019
As the summer winds down, the IRS is gearing up for fall tax deadlines, year-end matters, and continued tax reform courtesy of the Tax Cuts and Jobs Act. But before all of that, the agency released some significant updates in August. Here are 3 recent IRS news items that impact a broad swath of taxpayers. […]
August 28, 2019
If you run a business that sells products online, hopefully, you’re aware that you need to be collecting state sales tax from your customers and remitting it to your state on a regular basis. For online retailers, however, just which states are requiring you to remit sales tax has become a complex and confusing issue. […]
August 15, 2019
Every year around this time, high school seniors feel the pressure ramping up. Everyone from grandma to the grocery store clerk wants to know: what are you going to do after graduation? Those who plan to go to college field questions about their applications, essays, and visits to university campuses. There’s one topic that’s rarely […]
July 25, 2019
It’s a well-known truth that running a small business is considered an audit risk for taxpayers. Auditors have found that self-employed people often claim too many deductions and write-off expenses that aren’t strictly related to business purposes. Even if you’re keeping everything on the up and up, you’re lumped in with all the other sole […]
July 19, 2019
Many people have similar tax situations from year to year, and so they become familiar with the rules and regulations that apply to their personal finances. However, changes in your situation or once-in-a-lifetime events can often have significant tax implications. Here are some of the lesser-known elements of our tax code that tend to trip […]
July 5, 2019
The IRS’ audit rate on individual income tax returns was 0.59% in 2018, which represented the lowest rate in the prior 17 years. Households in all tax brackets saw a decline in audit rates, except the $50,000-$75,000 bracket, which experienced a 0.06% increase. Overall, the low audit risk sounds like good news for taxpayers, but […]
June 10, 2019
If your 2018 tax return was a doozy, you may want to consider making some changes to your tax withholdings—after all, changes are in the air at the IRS. One of the most common reasons that many taxpayers had smaller refunds (or unexpectedly owed tax) for 2018 were errors in the IRS’ withholding tables. In […]
May 30, 2019
Getting 2018 tax returns done was messy for so many taxpayers due to changes under the Tax Cuts and Jobs Act (TCJA). Many people were surprised by smaller-than-usual refunds or even ended up owing money unexpectedly. If you struggled through tax season, now is the time to make sure that doesn’t happen again! After all, these changes aren’t […]
May 30, 2019
Summer has arrived! Whether you’re parked at the pool, planning a fabulous vacation, or just staying cool in the AC, it’s a time when life slows down a bit for many of us. If you have children or grandchildren who are getting ready to begin a summer job—or a recent graduate launching his or her […]
May 23, 2019
One of the most misunderstood concepts that our clients find confusing every year around tax time has to do with business expenses, assets, and depreciation. Specifically, when you spend money on something for your business, how does that get reflected at tax time? Many people are familiar with the concept of business asset depreciation, but […]
April 26, 2019
Many taxpayers filed extensions this year due to surprises and misunderstandings about the new rules under the Tax Cuts and Jobs Act. If you extended your tax return and didn’t pay an estimate of the tax you owe, be aware that interest and penalties are now accumulating. When you extend your tax return, it’s in […]
April 4, 2019
As we’re in the final crunch period to complete 2018 tax returns, we’ve been answering numerous questions about tax deductions. Here are some of the most significant changes our clients are seeing and what they mean for your tax bill this year. Are my contributions to charity still deductible? The short answer: yes, if you […]
March 28, 2019
Many people elect to have their income withheld at a higher rate in order to receive a large tax refund each year. While we generally don’t advise giving the government an interest-free loan, many enjoy getting the big payback in April. For 2018, the first tax year under the Tax Cuts and Jobs Act (TCJA), […]
March 4, 2019
If you’re a parent, you may remember filing your taxes the year after your first child was born. Did you get excited about claiming a dependent on your tax return for the first time? Guess what: the Tax Cuts and Jobs Act doubled the tax credit to $2,000 for each dependent. Up to $1,400 of […]
February 18, 2019
You’ve heard all the hype about the new tax law. Perhaps your paychecks were a bit bigger in 2018. But lots of people have one question on their minds right now. Am I going to get a huge tax refund this year? Maybe. But maybe not. First, let’s look at what all the fuss is […]
February 12, 2019
When it comes to selecting someone to prepare your tax return, there are a lot of criteria to consider. Have you thought about whether the person offering to do your taxes is a legitimate tax preparer? Protect yourself from tax prep scams by knowing how the IRS evaluates tax preparers. The IRS has warned taxpayers […]
February 4, 2019
Prior to the Tax Cuts and Jobs Act (TCJA), taxpayers could exchange like-kind business property (such as trading in a business vehicle) and defer any gain until the property was ultimately sold. Property that was eligible for this tax-free exchange included both real and personal property. If you traded in a business vehicle in 2017 […]
January 7, 2019
There are some significant tax changes in 2019 that will affect the tax return you file in 2020. Now is the time to make a plan that allows you to take advantage of these changes. Below is easy access to three links we recommend you read as you plan for the new year. 1. Retirement […]
December 20, 2018
If you have completed a tax projection that shows tax due, now is the time to look at ways you can reduce or defer your tax burden before the end of the year. Where should I invest to reduce my personal tax liability? Individual taxpayers can take advantage of various tax planning strategies. Here are […]
December 18, 2018
As this year is coming to a close, many of us are already thinking forward to tax time. Now is the time to look at your full financial picture while there is still time to make financial decisions that will impact your tax burden. How do I get started on my tax projection? First, contact […]
December 3, 2018
If your business is involved in transferring money in some way (so, virtually every business out there), chances are you’ve written a check that the payee never cashed. Did you know that you’re responsible for reporting and submitting those outstanding checks to your state? That’s right—even though your recipient never cashed the check, those funds […]
October 25, 2018
Tax Planning and The Tax Cuts and Jobs Act The tax year 2018 is quickly ending. The Tax Cuts and Jobs Act (TCJA) makes tax planning more challenging this year, but certainly not impossible. Over the following weeks, we will be discussing various aspects of the TCJA, which must be considered to maximize the tax […]
October 19, 2018
If you find yourself running a business, you should really put a ring on it—that is, make it official by choosing the right legal structure. Your designation is only about 2% less of a major, long-term commitment than a marriage. So choose wisely. 1. Learn about your options. When it comes to legal structure, you […]
October 8, 2018
If you’re like most entrepreneurs, you want to start a business because you’re passionate about something. Maybe you’ve found a new way to solve an age-old problem, or you have an incredibly creative and unique product. Maybe you’ve identified a gap in a market you’re dealing with every day and know the best possible way […]
June 13, 2018
If you’ve decided to start a business, you’re going to find yourself focusing on your creative idea—the thing you’re so passionate about doing that you’ve decided to make it your livelihood. That’s where you’re the expert. There are, however, a whole mess of other things you should do if you’re really serious about running a […]
March 1, 2018
The IRS warns taxpayers of a new twist on an old scam. Criminals are depositing fraudulent tax refunds into individuals’ actual bank accounts, then attempting to reclaim the refund from the taxpayers. Here are the basic steps criminals follow to carry out this scam. The thief: Hacks tax preparers’ computers to steal taxpayer data. Uses […]
February 20, 2018
The Internal Revenue Service failed to tell nearly half a million victims of identity theft last year their information was being used by others for employment purposes, according to a new report, which attributed the failure to a computer programming error. The report, from the Treasury Inspector General for Tax Administration, found the programming […]
December 4, 2017
It’s that time of year again… Okay, let’s break this down: If you paid an independent contractor or non-incorporated company $600 or more during the calendar year, you should issue a 1099 (When it comes to attorneys, you should issue a 1099 to them even if they are incorporated). Your 1099 includes any payments for […]
October 31, 2017
One of the most important financial statements your small business has is a profit and loss statement. As a start-up, your P&L statement is critical for analytical reasons, but it can also be used to assist you in getting the loan you need to finance your idea. It gives investors a clear overview of your […]
September 7, 2017
After the devastation of Hurricane Harvey and with Hurricane Irma threatening parts of the U.S. and Caribbean, the IRS reminds taxpayers that the agency is here to help. Individuals, businesses and organizations are encouraged to prepare for a variety of disaster and emergency situations in the following ways: Create Electronic Copies of Key Documents Taxpayers […]
August 28, 2017
The effects of Hurricane Harvey and the flooding in Texas have prompted many people to open their hearts and wallets to try to help the victims. Unfortunately, events like these provide an opportunity for scammers. The Better Business Bureau issued an advisory Monday with these reminders: 1. Don’t fall for copycats. Double-check the name of […]
April 7, 2017
IRS to Use Private Debt Collectors Okay, here’s the scoop: The IRS will begin turning over taxpayer accounts to four private debt collection companies. These firms will be able to keep up to 25% of what they collect. Now before you start to curse the IRS under your breath, know this: the IRS utilized private […]