Plan Now to Save on Taxes Later

Posted by on Oct 22, 2016 in Advice Even though tax filing time is far away, the fall is the perfect time to start your planning so you can take advantage of all opportunities to minimize your tax bill. That begins with ensuring you’ve taken all the deductions that can help reduce your taxable income. Have you maxed out retirement plan contributions, for example? Set aside money for 529 college savings plans or health savings...
read more

Have Questions? We’re Here All Year!

Posted by on Jul 22, 2016 in Advice 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 ask questions about long-term tax planning or about other important financial concerns. The good news is that we are available to you all year. We have a full-time, year-round staff of experts with extensive expertise in a broad range of...
read more

Managing the Tax Effects of Divorce or Separation

Posted by on Jul 20, 2016 in Advice What impact can a divorce or legal separation have on your tax situation? You may be surprised to learn about the many areas that these major life events can impact, including your taxes. You will have to reconsider your filing status, for one thing, and perhaps even your withholding may need to be adjusted. In your planning, you should be aware that qualifying alimony payments that you make may...
read more

Ensuring a Smooth Family Business Transition

Posted by on Jul 20, 2016 in Advice You spend years building a family business, but when it’s time to turn it over to the next generation there can be squabbles over company value and succession that cause turmoil, while gift and estate taxes eat away at company coffers. As the baby boomers head into retirement, they are expected to hand over control of companies worth trillions of dollars in the aggregate. A significant number of...
read more

Simplified Home Office Deduction

Posted by on Jul 20, 2016 in Advice Do you work at home or have a home-based business? If so, you should be aware that the IRS has created a simpler option for calculating the deduction for the business use of your home. The new option makes recordkeeping easier because, instead of maintaining records of specific home office expenses, you can use a standard rate per square foot. The rate is $5 per square foot (up to a maximum of...
read more

Beware of Tax Scams!

Posted by on Jul 20, 2016 in Advice Did you know that con artists posing as Internal Revenue Service representatives frequently try to scam people out of their money? While this is a long-standing problem, the IRS has issued a new warning against thieves who may contact people on the phone or via email or a letter and try to trick them into divulging personal financial information, such as their Social Security or bank account...
read more

Should You Report Changes to the Health Exchange?

Posted by on Jul 20, 2016 in Advice Do you receive your health insurance coverage through the government’s Health Insurance Marketplace? Many who do also qualify for a premium tax credit, which those with moderate incomes can use to help pay for coverage. You can choose to get the credit immediately or to receive it as a refund later when you file your tax return. Taking the credit up front can help you defray the costs of...
read more