Health Savings Accounts Pay Medical Costs and Cut Taxes

Health savings accounts can be used to build tax-sheltered nest eggs that can pay out-of-pocket medical expenses with tax-free dollars.

Intended to be used in conjunction with high-deductible insurance plans, health savings accounts (HSAs) are designed to help pay your medical expenses until your insurance policy begins picking up expenses.

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:

Enjoy Tax Benefits If You Own A Vacation Home

Are you planning to use your vacation home soon? If you’re not going to use it, have you considered renting it? Or are you thinking of buying a vacation home? Vacation homes, with proper tax planning, can help create tax benefits.

Tax tips for Investors

Don’t ignore the impact of taxes on your investments. While taxes should not drive your investment strategy, understanding how taxes affect your earnings will help you minimize taxes and maximize your return. Some things to consider: 1. Capital gains carry a special favored tax status. The tax rates on long-term capital gains are lower than […]

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 […]

Must Read for Small Business Coronavirus Loans

Beginning April 3, 2020, your small business can apply for a PPP loan funded as part of the coronavirus CARES Act. The great thing about these loans, is that they are low cost and some or all of it can be forgiven. The problem The rush to get this program up is understandably confusing and […]

The Household Employee Problem

This often overlooked bookkeeping and payroll tax requirement can cause a tangle of tax problems if not handled correctly. It ended a run for Congress by Caroline Kennedy (JFK’s daughter) and killed a U.S. Attorney General nominee’s chances for appointment. Could you be impacted? This is what you need to know. Nanny Tax Explained In […]

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, […]