Understanding Tax Credits Versus Deductions

Tax credits are some of the most valuable tools around to help cut your tax bill. But figuring out how to use these credits on your tax return can get complicated very quickly. Here’s what you need to know. Understanding the difference To help illustrate the difference between a credit and a deduction, here is…

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Tax 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.…

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Starting a Business Now Could Make a Lot of Sense

    The same factors that we’ve been dealing with for the past 12 months during the pandemic can also create an opportunity if you are considering starting a small business.  Problems create opportunity For one thing, fewer businesses in the marketplace can mean fewer potential competitors. For a start-up company, that can be good…

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Leasing vs. Buying a Car

There are many reasons for you to lease a car versus buy a car, but too often it is the auto dealer’s profit motive that determines which method you use rather than what’s best for your budget and lifestyle. To help you make an informed decision, here are some things to consider: When to lease…

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Retirees Should Check Withholdings…or Else…

According to a recent announcement by the IRS, retirees might not be withholding enough for taxes this year. This is due to vast tax changes in 2018, making old withholding levels obsolete. The IRS is urging retirees to check their withholdings now and make adjustments if needed to avoid penalties. Could it be you? How…

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Answers To Commonly Asked Tax Questions

With all of the headlines about the changes to tax law, you probably have lots of questions. Here are answers to some of the most common questions taxpayers have this year. I’m hearing about a lot of changes to 2018 taxes. What should I do? A. You’re right, there are a lot of changes in…

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Tips For When Your Employees Are Family Members

Working with family can be a pleasure. It can also be a pain, especially if you have to terminate a family member’s employment. Here are tips to help you ease the strain of mixing your family and employee relationships: Hire for the right reasons. Make your hiring and firing decisions based on the skill sets…

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Looking Ahead: Tax Reform in 2018

Congress has passed tax reform that will take effect in 2018, ushering in some of the most significant tax changes in three decades. Here are some major items in the new bill that impact individual taxpayers. Reduces income tax brackets. The bill retains seven brackets, but at reduced rates, with the highest tax bracket dropping to…

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Rising Receivables Call For A Year-End Review

receivables

Rising business receivables can be a sign of a growing, prosperous company – or of troubles ahead. How can you know if your receivables are right-sized for your business? Start by breaking down the numbers. A report of your receivables listed by age will give you the information you need. Track the percentage of invoices…

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Get Familiar With These Estate Planning Documents

Estate Planning

Basic estate planning begins with completing documents that allow your last wishes to be carried out as you choose. But are you familiar with the documents you’ll need? Here’s a list of common estate planning documents and their purpose. Advance Directive. Your instructions for end-of-life and quality of life wishes regarding medical treatments. Share your…

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