Maximize Your 401(k) Plan to Save for Retirement
Contributing to a tax-advantaged retirement plan can help you reduce taxes and save for retirement. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a [...]
Small Businesses: Cash In On Depreciation Tax Savers
As we approach the end of the year, it’s a good time to think about whether your business needs to buy business equipment and other depreciable property. If so, you [...]
FAQs About Tax-Free Disaster Relief Payments During the COVID-19 Crisis
Many people are struggling to make ends meet during the COVID-19 pandemic. Fortunately, some individuals qualify for federal-income-tax-free disaster relief and disaster mitigation payments paid by some employers under Internal Revenue [...]
Taking Distributions From a Traditional IRA
Although planning is needed to help build the biggest possible nest egg in your traditional IRA (including a SEP-IRA and SIMPLE-IRA), it’s even more critical that you plan for withdrawals [...]
How Series EE Savings Bonds Are Taxed
Many people have Series EE savings bonds that were purchased many years ago. Perhaps they were given to your children as gifts or maybe you bought them yourself and put [...]
Divorcing Couples Should Understand These 4 Tax Issues
When a couple is going through a divorce, taxes are probably not foremost in their minds. But without proper planning and advice, some people find divorce to be an even [...]
16 Sweet Cost-Cutting Measures for Small Businesses to Consider
Many small business owners are looking forward to the end of 2020. It's been a year of significant hardship and stress. But staying afloat remains a daunting challenge in 2021. Here [...]
Tax Responsibilities If Your Business Is closing Amid the Pandemic
Unfortunately, the COVID-19 pandemic has forced many businesses to shut down. If this is your situation, we’re here to assist you in any way we can, including taking care of [...]
Tax Planning for a Small Business
Small business owners still have time to make tax planning moves to lower their 2020 federal income tax bills — and possibly lay the groundwork to save taxes in future years. [...]
Employees: Don’t Forget About Your FSA Funds
Many employees take advantage of the opportunity to save taxes by placing funds in their employer’s health or dependent care flexible spending arrangements (FSAs). As the end of 2020 nears, [...]
Fraud Alert: Have You Heard About New Vishing Attacks?
For years, businesses and individuals have had to worry about so-called "phishing" scams sent via email or text. These cyberattacks are designed to hook unsuspecting victims into revealing sensitive information. [...]
Medical Costs: Can I Really Get a Tax Break for That?
It's difficult for many people to write off medical expenses because of the limits imposed under the tax laws. But you may qualify by including every expense allowed. Some of [...]
CARES Act Changes Rules for NOL Carrybacks and QIP
Consider these two favorable federal income tax rule changes included in the Coronavirus Aid, Relief and Economic Security (CARES) Act when deciding whether to take advantage of first-year depreciation breaks [...]
Why It’s Important to Plan For Income Taxes as Part of Your Estate Plan
As a result of the current estate tax exemption amount ($11.58 million in 2020), many estates no longer need to be concerned with federal estate tax. Before 2011, a much [...]
Can Investors Who Manage Their Own Portfolios Deduct Related Expenses?
In some cases, investors have significant related expenses, such as the cost of subscriptions to financial periodicals and clerical expenses. Are they tax deductible? Under the Tax Cut and Jobs [...]