Let Us Help You Leverage What You Can Learn from Your Tax Return

Posted by on Oct 10, 2017 in Advice What does your tax return say about your financial situation? The fact is, the paperwork you file each year offers excellent information about how you are managing your money—and about areas where it might be wise to make changes in your financial habits. If you have questions about your financial situation, remember that we can help. Our firm is made up of highly qualified and educated...
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Smart Disaster Planning Steps

Posted by on Sep 30, 2017 in Advice Too often natural disasters strike and serve as reminders that it’s important for both individuals and businesses to protect themselves against the potential financial consequences of such events. A few smart steps we recommend include making electronic backups of important records, including your insurance policies, tax returns, bank and credit card account information, and vital records. It is...
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Don’t Let Taxes Disrupt Your Retirement Plans!

Posted by on Sep 20, 2017 in Advice Many people carefully plan ahead for retirement, setting up tax-advantaged savings accounts and deciding on the best place to live. They may be surprised, then, to learn about the many tax issues that apply to retirees, all of which should be taken into account in their planning. That can include taxes on distributions from retirement or investment accounts, required minimum distributions from...
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Qualified Charitable Distributions from IRAs

Posted by on Jun 21, 2017 in Advice The IRS provides qualifying taxpayers a way to direct money from their IRAs to charitable organizations.  When used correctly, this strategy can: Satisfy RMD (required minimum distribution) requirements Fund local charities – you decide which ones and how much Reduce your AGI (adjusted gross income) – this can potentially reduce your tax liability in a number of ways: reducing...
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Common Business Expenses

Posted by on Jun 15, 2017 in Advice Many business owners feel they may be missing some deductions that cost them money each year.  Today very profitable businesses operate with a computer, a home office and very little overhead.  We have attached a listing of Deductions and Common Expenses to use as a year end tool or a starting point.  We can help identify and summarize year end expenses to ensure you are not leaving valuable...
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Arrests Made in IRS Phone Scam

Posted by on Apr 26, 2017 in Advice We get multiple calls each week from clients asking why the IRS is calling them on back taxes.  Per the attached article, one scammer was making over $155,000 a day.  Over 15,000 people have lost more than $300 million since 2013.
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IRS Issues Tax Scams Alerts

Posted by on Mar 15, 2017 in Advice The IRS has created a page to update consumers about the tactics used by various tax scammers.  These scams prey on taxpayers’ fears of the IRS and that $300 Goodwill donation you did not have a receipt for.  Most importantly, the IRS never initiates contact via mail or email.  An IRS agent would only call after several notices regarding an ongoing issue.  Do not provide any information at...
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SMB Internal Controls

Posted by on Mar 12, 2017 in Advice A lot of clients only have one person that handles all of their accounting functions.  Poor internal controls can permit intentional and accidental improprieties to go unnoticed.  There are some basic actions an owner can take to protect themselves: Review monthly bank and credit card statements: Look at the cancelled checks and EFT withdrawals and make sure you can identify them.  Be aware that...
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Higher 2017 HSA Contribution Limits for Individuals

Posted by on Feb 20, 2017 in Advice Do you contribute to a health savings account, or HSA, to help you cover your medical expenses? Taxpayers are allowed to make tax-deductible contributions to HSAs if they have health plans that have high deductibles, based on Internal Revenue Service guidelines. If you have an HSA, you’ll be happy to hear that the annual deductible contribution limit certain coverage has been raised for 2017....
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Documenting Your Charitable Donations

Posted by on Feb 15, 2017 in Advice 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 the right documentation can also be tricky because the requirements vary based on whether the donation is cash and on the value of your gift. If you donate less than $250 in cash, for example, a canceled check, credit card...
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