Even though portability now allows married couples to use up both spouses’ estate tax exemptions without having to make lifetime asset transfers or set up trusts, this “easier” path isn’t [...]
Financial Statements Financial statements preparation can be done in any frequency that is most useful for you. Typically, this service is performed in conjunction with bookkeeping or transaction processing services [...]
The IRS offers the following information regarding day camps and the Child and Dependent Care Credit. Day camps are common during the summer months. Many parents pay for them for [...]
If you are considering forming a partnership, contact us first. There are complexities and many decisions to be made between you and your new business partner.
If you don’t pay attention to the details, the tax consequences of a sale may be different from what you expect. For example, if you bought the same security at [...]
When starting a small business, taking the time to set up your recordkeeping system properly, right from the beginning, will save you time and money down the road — and [...]
One important consideration when starting your business is determining the best legal organizational structure. Why? Because it will affect operating efficiency, transferability, control, the way you report income, the taxes [...]
Information courtesy of IRS Consider the following tips from the IRS and be prepared in case of a disaster. Use Electronic Records. You may have access to bank and other [...]
I an article on MSN.com offers strategies to maximizing your social security benefits. Remember to budget, allocate and manage! Figure our how much you are paying into Social Security Figure [...]
If you allow employees to telecommute, be sure to consider the potential tax implications. Hiring someone in another state, for example, might create sufficient nexus to expose your company to [...]
IRS.gov Things you should know about amending your federal tax return: When to amend. You should amend your tax return if you need to correct your filing status, the number [...]
If you donate your vehicle, the value of your deduction can vary greatly depending on what the charity does with it. You can deduct the vehicle’s fair market value (FMV) [...]
As the school year draws to a close, it’s a good time to think about Coverdell Education Savings Accounts (ESAs) — especially if you have young children. One major advantage [...]
Information courtesy of IRS Reduce your taxes and save on your energy bills with certain home improvements. Non-Business Energy Property Credit Part of this credit is worth 10 percent of [...]
Generally, businesses are limited to deducting 50% of allowable meal and entertainment (M&E) expenses. But certain expenses are 100% deductible, including expenses: For food and beverages furnished at the workplace [...]