Tax Advice
The Power of Comparative Financial Statements
Your business has a story to tell. One of the ways to hear your business’s story is by reading through comparative financial statements. The importance of comparative financial statements An up-to-date balance sheet, income statement and statement of cash flows are essential financial reports you should consistently analyze. But these financial statements by themselves don’t…
Read MoreFive Tax-Loss Harvesting Tips
Though the markets have been up strongly this year, your investment portfolio could have a few lemons in it. Using the tax strategy of tax-loss harvesting, you may be able to turn those lemons into lemonade. Here are five tips: Tip #1: Separate short-term and long-term Your investments are divided into short-term and long-term buckets.…
Read MoreYou Owe Us, Not Them! State tax authorities clamp down
If you work remotely in another state or are thinking about changing your residence from one state to another, you may be caught in the middle of a major state tax audit. If you keep a home in your original state or you later decide to return, you could have even more tax problems.…
Read MoreManage Your Business’s Unemployment Taxes
As a business owner, you’re required to pay three different types of payroll taxes. 1. FICA (Federal Insurance Contributions Act) is the tax used to fund Social Security and Medicare programs. 2. FUTA (Federal Unemployment Tax Act). Employers pay this federal tax to provide unemployment benefits to laid-off workers. 3. SUTA (State Unemployment Tax…
Read MoreThe Hidden Tax Consequences of Cryptocurrency
You may recognize the name Bitcoin and maybe even Ethereum, but what about Litecoin, Dogecoin or Ripple? These are just some of the more than 4,500 cryptocurrencies available today. There are hidden tax complications, however, associated with every cryptocurrency transaction. Here’s what you need to know. Every transaction has a tax consequence. The IRS treats cryptocurrency…
Read MoreTax Return Review Hints
Prior to e-filing your tax return, you will need to review it. Here are some suggestions to ensure everything looks right. The Basics Confirm the basics for you, your spouse and your dependents: Double check the name, address, Social Security Numbers and proper identification of dependents that are under age 17 Double check filing status.…
Read MoreDon’t Run the Risk of a High Tax Bill! Know when you should ask for professional help.
Before taking action talk to your tax adviser. How many times have you seen this legal disclaimer? Unfortunately, all too often taxpayers do not follow this advice and then must pay the price with an unnecessarily high tax bill. Here are some of the most common situations that can save you money by seeking…
Read MoreTax-Free Roth IRA Withdrawal Options: What every Roth IRA account holder should know
Withdrawing funds from your retirement accounts must be done carefully to avoid a potential 10% early withdrawal penalty. Unfortunately, each retirement account type has different rules. Here are some tips for Roth IRAs. Roth IRA basics Roth IRA accounts differ from other IRAs in that your contributions are made in after-tax dollars. If you…
Read MoreShould I Tap into my Retirement Funds?
Often if you are in dire need for money the most tempting area to look is your IRA, 401(k), and other qualified retirement accounts. These funds, set aside for your retirement, may seem to be the answer to your financial woes. Should I take an early withdrawal? Is it a good idea to tap…
Read MoreYou Know You Need Tax Planning If…
Effective tax planning helps you make smart decisions now to get the future outcome you desire – but you need to make sure you don’t miss anything. Forget to account for one of these situations and your tax plans will go off the rails in a hurry: Getting married or divorced. One plus one does…
Read More