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Tax Cuts and Jobs Act – See How It Would Affect You Part 1

Tax Cuts and Jobs Act - See How It Would Affect You . Article Highlights Deductions Exemptions Tax Rates Family and Child Tax Credits Education Benefits Plug-In Electric-Vehicle Credit Alimony Home-Sale Gain Exclusion Moving Expenses Estate Taxes   This is Part 1 of 2 in a series on the proposed Tax Cuts and Jobs Act. [...]

By | 2017-11-10T17:22:54+00:00 November 10th, 2017|Categories: Uncategorized|0 Comments

A Beginner’s Guide to Bookkeeping

If you’re a new business owner, you might not remember the last night you slept more than four or five hours. Your days may be filled with developing marketing strategies, screening potential employees and trying to figure out how to set up a bookkeeping system. If working with numbers isn’t your favorite pastime, the latter [...]

By | 2017-11-08T00:09:49+00:00 November 8th, 2017|Categories: Uncategorized|0 Comments

Not All Interest Is Deductible For Taxes

Article Highlights: Interest Categories Category Deductibility Interest Tracing Rules A frequent question that arises when borrowing money is whether or not the interest will be tax deductible. That can be a complicated question, and unfortunately not all interest an individual pays is deductible. The rules for deducting interest vary, depending on whether the loan proceeds [...]

By | 2017-10-27T16:42:22+00:00 November 2nd, 2017|Categories: Uncategorized|0 Comments

Following Congress on its Path to Tax Reform

Article Highlights:   Proposed Tax Reform Framework Filing Status Personal Exemptions Itemized Deductions Individual Tax Rates Child Tax Credit Alternative Minimum Tax Estate Tax Top Tax Rate for Small Businesses Expensing Business Purchases As Congress begins debating tax reform, you might be interested in an overview of the GOP’s proposed changes so you’ll have an [...]

By | 2017-10-27T16:51:06+00:00 October 27th, 2017|Categories: Uncategorized|0 Comments

Education Tax Credit Nuances. Don’t Leave Money on the Table.

Article Highlights: American Opportunity Tax Credit Lifetime Learning Credit Refundable Credit Which Credit to Take Post-secondary Education 3-month Rule Maximizing the Credit Qualified Expenses Who Claims the Credit Qualified Educational Institutions Gift Tax Issues There are actually two higher-education tax credits. The American Opportunity Tax Credit (AOTC) provides up to $2,500 worth of credit for [...]

By | 2017-10-20T17:38:17+00:00 October 27th, 2017|Categories: Uncategorized|0 Comments

You May Be Able to Sell Profitable Stocks Without Paying Any Tax

Article Highlights: Capital Gains Rates Zero Tax Rate Wash Sale Tax Bracket Thresholds Loser Stocks Taxpayers whose top marginal tax bracket is lower than 25% enjoy a long-term capital gain tax rate of zero. Yes, you read correctly: the tax on any long-term capital gains for taxpayers within the 10% or 15% tax bracket is [...]

By | 2017-10-20T17:35:15+00:00 October 25th, 2017|Categories: Uncategorized|0 Comments

Converted Your Traditional IRA to a Roth IRA? Worried You May Have Done It Too Soon if Tax Reform Passes?

Article Highlight: Converting Traditional IRA Funds to a Roth IRA Recharacterizations - Undoing the Conversion Benefits of Recharacterizations Recharacterization Timing When you convert a traditional IRA to a Roth IRA, you have to pay the tax on the conversion.   However, individuals frequently do that this so they can take advantage of future tax-free accumulations. Distributions [...]

By | 2017-10-20T17:33:01+00:00 October 23rd, 2017|Categories: Uncategorized|0 Comments

Ignoring Those IRS Notices Only Makes It Worse

Article Highlights: IRS Informational Forms Computer Matching IRS Correspondence Procrastination Need for Professional Review Remember those 1099s, W-2s, K-1s and other informational forms you receive each year reporting your interest, dividends, sales, wages, retirement income, IRA withdrawals, health insurance forms and other items having to do with your tax return? Well, the IRS also gets [...]

By | 2017-10-20T17:29:56+00:00 October 20th, 2017|Categories: Uncategorized|0 Comments

Natural Disaster Charity Volunteer Tax Breaks

Article Highlights: Away-from-home travel Lodging and meals Entertaining for charity Automobile travel Uniforms Substantiation requirements If you volunteered your time for a charity in the aftermath of a natural disaster, you probably qualify for some tax breaks. Although no tax deduction is allowed for the value of services performed for a qualified charity or federal, [...]

By | 2017-10-06T23:06:52+00:00 October 16th, 2017|Categories: Uncategorized|0 Comments

Quickbooks Tip: Creating Customer Statements in QuickBooks

Let’s say you have a regular customer who used to pay on time, but he’s been hit-and-miss lately. How do you get him caught up? Or, one of your customers thinks she’s paid you more than she owes. How do you straighten out this account? Both of these situations have a similar solution. QuickBooks’ statements [...]

By | 2017-10-06T23:01:50+00:00 October 12th, 2017|Categories: Uncategorized|0 Comments