Why go with a CPA?
You may not have asked yourself that question in so many words, but you may have wondered what sets CPAs apart from other financial professionals. The answer in short: A [...]
We Are Here All Year!
Many clients see their CPAs at tax time, when the main focus is on completing and filing their tax return. As a result, they may not take the opportunity to [...]
Opening the “back door” to a Roth IRA
A potential downside of tax-deferred saving through a traditional retirement plan is that you’ll have to pay taxes when you make withdrawals at retirement. Roth plans, on the other hand, [...]
What Keeps You Up at Night
Where will your business be in five years? Would strategic budget cuts in some areas improve your company’s health? Are there ways you can boost revenue? If you’re nearing retirement, [...]
Home Office Deductions
Do you work at home or have a home-based business? The IRS has created a simpler option for calculating the deduction for the business use of your home. The new [...]
Like-Kind Exchange and your Business
Is a Like-Kind Exchange a Good Option for Your Business? Normally, when companies sell properties, they must pay taxes on any gain they receive. Like-kind exchanges, transactions in which companies [...]
Job Hunting and Expenses
Seeking a Job? You May Be Able to Deduct the Expenses Did you know that if you are trying to find work in your current occupation, the costs of your [...]
Documenting Charitable Donations
Many people make donations to charities whose work they support, but if you are planning to take a tax deduction for your gift, you must have the proper paperwork. Assembling [...]
Capital Gains
Do you take your cost basis into account when it’s time to sell an asset or investment? When you sell an asset or investment, your cost basis—or the amount you [...]
Tax impact of the Supreme Court’s same-sex marriage decision
On June 26, the U.S. Supreme Court ruled that same-sex couples have a constitutional right to marry, making same-sex marriage legal in all 50 states. For federal tax purposes, same-sex [...]
Large employers: Time to start planning for ACA information reporting
With the U.S. Supreme Court’s June 25 decision upholding the Affordable Care Act (ACA) yet again, employers subject to the act’s information reporting provision can no longer afford to put [...]
FBAR and your Foreign Assets
Are you aware of the nature of all your investments, domestic and international? Do you know if you have foreign accounts with an aggregate value higher than $10,000 at any [...]
Keep your Will up to date
When was the last time you reviewed your will? People generally make wills to guarantee the proper disposition of their money and property, which is why it’s a good idea [...]
Students and Summer Jobs
Tips from the IRS regarding what students should know about their summer job and taxes. Withholding and Estimated Tax. Your employer will withhold tax from your paychecks. If you are self-employed, you may [...]
Tax Identity Theft
Imagine after sending in your annual tax return, you receive a notice from the Internal Revenue Service saying that another return has already been filed using your name and Social [...]