Mid-year Tax Planning for Individuals
The extended July 15 deadline for filing your 2019 federal income tax return is behind us. Now it's time to think about your current federal tax situation. Tax planning is especially complicated for [...]
Who Will Run Your Business After You?
If you are a business owner, do you have a plan in place that names who will follow you as head of your company? You may feel you are too [...]
After you file your tax return: 3 issues to consider
The tax filing deadline for 2019 tax returns has been extended until July 15 this year, due to the COVID-19 pandemic. After your 2019 tax return has been successfully filed [...]
Maximize Social Security Benefits When You Retire
Get the most from Social Security. Younger retirees face a harsh penalty for working part-time. For every $2 earned over $18,240 in 2020 (up from $17,640 in 2019), you lose [...]
Social Security Benefits May Be Taxable
Information from irs.gov Taxpayers receiving Social Security benefits may have to pay federal income tax on a portion of those benefits. Social Security benefits include monthly retirement, survivor, and disability [...]
Last-Minute Strategies for Businesses that Deferred Filing Tax Returns
During the COVID-19 crisis, some key tax deadlines were postponed until July 15, 2020. If your business and/or personal federal income tax return is still awaiting completion, you may have [...]
Good records are the key to tax deductions and trouble-free IRS audits
If you operate a small business, or you are starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should [...]
Is It Time To Reopen Your Business?
Businesses across America that have been shut down due to the novel coronavirus (COVID-19) pandemic may now (or soon) have the option to reopen. Since no two businesses are alike — [...]
Seniors: Can You Deduct Medicare Premiums?
If you are age 65 and older, and you have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. The premiums [...]
A Nonworking Spouse Can Still Have An IRA
It is often difficult for married couples to save as much as they need for retirement when one spouse does not work outside the home — perhaps so that spouse [...]
IRS Releases 2021 Amounts for Health Savings Accounts
The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA basics An HSA is a trust created or organized exclusively for the purpose of paying the [...]
Can Your Business Survive and Even Thrive in These Trying Times?
The novel coronavirus (COVID-19) pandemic has caused difficulties for millions of businesses — from family-owned restaurants and niche manufacturers to multinational airlines and oil companies. As the economy slowly reopens [...]
Collect Tax-Free Profit From Selling Your Home
Whether the residential real estate market is up or down, there are always homeowners who want to — or have to — sell their homes. If you're a prospective seller [...]
Should You File a Business Interruption Claim for COVID-19 Losses?
With much of the country currently on lock down due to the novel coronavirus (COVID-19) crisis, many nonessential businesses have been shuttered. As a result, millions of small business owners find themselves [...]
Home Is Where the Tax Breaks Might Be
If you own a home, the interest you pay on your home mortgage may provide a tax break. However, many people believe that any interest paid on their home mortgage [...]