The Pros and Cons of Home Equity Debt

While most interest expense is no longer tax deductible, it is a viable deduction if the interest is on your primary or secondary residence. While limits apply, the use of a secondary loan on your primary or secondary residence can also qualify for interest deductibility. However, “home equity” loan interest can often lose its tax […]

Roll it Before You Pull it

While each retirement plan has similar early withdrawal penalty exemptions, they are not all alike. Knowing these subtle differences within 401(k) plans can help you avoid a 10 percent tax penalty if you take money out of the plan prior to reaching age 59 1/2. This is true because a basic rollover of funds into […]

So You Sold Your Home, Now What?

If you’re considering selling your home or have recently sold your home, there are possible tax consequences. The good news: much of the gain on the sale of your home may be tax exempt. Here’s what you need to know: Capital Gain Home Sale Exclusion You can generally exclude $250,000 of any gain on the […]

Adjusted Gross Income (AGI)

Adjusted Gross Income (AGI) is one of the core tax terms used by Federal and many State taxing authorities. So, what is it and why is it important?

Forced to Withdraw from Retirement Accounts?! What you need to know

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Retirement Accounts – Did you know the government forces us to take money out of those accounts once we reach retirement? It’s called the required minimum distribution (RMD) rule. Here are some tips you should know about RMDs well before you reach retirement age.

Avoid These Small Business IRS Audit Mistakes

IRS Audit

IRS audits – In late 2020, the IRS announced that it will increase tax audits of small businesses by 50 percent in 2021. Here are several mistakes to avoid if you do get audited.

Back to School Savings: Tips to Make School Expenses Deductible

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It seems like summer has just begun and the Back-to-School advertising blitz has already started in the media. Are there tax savings tip opportunities within this nightmare for our kids? Certainly, if you are tax smart about your spending. While the amounts may be small, they can add up in a hurry. Here are some ideas:

Helping Your Fellow Business Owner

BAS - Business Owners

Until the economy fully emerges from the pandemic, small businesses can help one another stay afloat. By collaborating with other like-minded firms, your business can find creative ways to strengthen local markets and encourage consumer loyalty.

Solo 401(k) Plans: A Retirement Plan Option For One-Person Businesses

Many business owners have considered 401(k) plans to be retirement plans for large companies. Though there is no requirement to have a certain number of employees to establish a 401(k) plan, the high costs of setting up and administering a 401(k) have made these plans unappealing to small businesses. Now, one-person businesses are discovering that 401(k) plans are worth another look.