Avoid Common Tax Filing Mistakes

With the backlog of tax return filing due to late changing tax laws, want to ensure your refund gets to you in the shortest amount of time? More importantly, how can you avoid receiving a letter from the IRS? Here are some of the most common tax filing mistakes:

Why do I need a tax professional when I can buy tax prep software?

As tax professionals, we often are asked “Why do I need a tax professional when I can buy tax preparation software?” Let us explain… Tax software producers claim their products can prepare complex returns, but you may want to think twice before relying on software for all your tax and financial guidance. Although software may […]

Capital Gains and Dividends: Knowing The Rules Can Cut Your Tax Bill

Capital Gains and Dividends are subject to a number of different tax rates. Because of this, know the rules can be a great way to cut your tax bill. Dividends For most taxpayers, qualifying dividends are currently taxed at a maximum rate of 15%. If you’re in the 10% or 15% ordinary income tax bracket, […]

Retirees and Taxes

When it comes to taxes, growing older can have its advantages. But older individuals may also have additional tax-related requirements. Here’s a quick overview of the tax and financial breaks available as you reach a certain age. Higher standard deductions. You’re eligible for a higher standard deduction once you reach age 65. Tax credit for […]

Five Great Banking Tips

Banks are a necessary tool to navigate our daily financial lives. Unfortunately, there are aggravating practices at many banks that drive us crazy or cost us money. Here are five tips to get more out of your bank and pay less. Remove cash from the right place. Never use an ATM machine that is not […]

Tax Surprises for Newly Retired

You’ve got it all planned out. Your retirement savings plans are full, you have started receiving Social Security benefits, and your Pension is ready to go. Everything is planned, what could go wrong? If you plan to retire in 2020, here are five surprises that can turn your plan on a dime: 1. Health emergency […]

Should you Incorporate your Business?

If you’re a sole proprietor, you have probably wondered at some point whether you’d be better off if you incorporated your business. Here are some facts for you to consider. The single biggest benefit of incorporating a business is limiting an owner’s liability. In theory, a stockholder in a corporation risks only his or her […]

Are you Eligible for the Earned Income Tax Credit (EITC)?

Since 1975, the Earned Income Tax Credit (EITC) has provided a tax break to millions of Americans each year. The credit was originally established to give low and medium income taxpayers a break on their Social Security taxes while providing an incentive to work. The EITC is often the subject of missed opportunity as the […]

Avoid the 10% Early Withdrawal Penalty

It is one thing to be taxed on retirement contributions and their related earnings when you withdraw funds from your Traditional IRA, it is quite another when you pay the tax PLUS a 10% penalty for early withdrawal. Need funds prior to retirement and want to avoid the early withdrawal penalty? There are cases when […]

2018 Tax Highlights – What You Need to Know

2018 is filled with more dramatic tax changes than we’ve faced in over 20 years! Here’s a quick video that goes through the highlights and remember, you can always reach out to use to schedule a meeting if you want to go over these changes and how they affect you and your business specifically. Business […]