The title of this article should really be “Proactive Tax Planning.” Backwards tax planning is what you want to avoid by taking steps to minimize your taxes throughout the year. Steps you should be taking throughout the year include: Businesses: Entity Selection: The entity that you use to operate your business has a very large […]
Taxes
Home Office Deduction Simplified
The home office deduction is used by both small businesses and employees, which allows a deduction for using part of your home exclusively and regularly for business purposes. This allows a percentage of certain expenses to become tax deductible or at least more tax favorable such as mortgage interest, property taxes, rent, utilities, homeowners insurance, […]
Your IRA is a Tax Time Bomb
Individual retirement accounts, also commonly referred to as IRA’s, are a great way to save for retirement and potentially reduce your current taxes. Although these benefits are great, there is a tremendous downside that can impact you if you make a wrong move. Early Withdrawal Penalty: If you need to withdraw money from your IRA […]
Common Questions & Answers
Tax season is just about upon us, and here are some common questions our clients have: Q: Does an extension also extend the amount of time I have to pay my taxes? A: An extension only extends the amount of time to file your return, but if you owe taxes, then you will incur penalties […]
Affordable Care Act Provisions You Should Know
There are many provisions and rules to know about Obamacare so let’s start with some basics that you should know. Individual Shared Responsibility: This provision requires you and your family to have qualifying health insurance, otherwise you will need to make a responsibility payment (really a tax) on your 2014 tax return. The payment is […]
Don’t Make These Mistakes
With all of the financial and tax laws, changes to the laws, and life changes it is almost impossible to stay on top of everything. We have to constantly assess our situation all of the time. Here are a few things to consider: Wills, Beneficiaries and Estate Matters: Did you recently get married, have children, […]
Getting the Most from Your Deductions
No one likes to pay any more taxes than they have to. One simple way to avoid this is to get the most from your deductions and expenses. This means keeping track of all of your tax deductible expenses throughout the year. Once the last-minute rush to gather up all of your receipts begins, expenses are often […]