Just Get Married?

Posted by JCB on Dec 15, 2016 in Advice Getting married is not only a change of life but also can have a big impact on your income taxes.  We have prepared the attached Newlyweds tax tips to help you navigate and anticipate some of these changes.
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Record Keeping for Tax Purposes

Posted by JCB on Dec 15, 2016 in Advice One of the most common questions we get is how long to keep your tax records.  The attached brochure can serve as a guide. Recordkeeping Brochure
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2017 Tax Update Letter

Posted by JCB on Dec 15, 2016 in Advice 2017 Business Letter Please find the attached tax update letter we send to our clients to update them on rates and limits for 2017.  Please feel free to call us if we can assist you or answer any questions.  All please find the most up to date W4 forms available. Current IRS-W4 Current CT-W4
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Farming Schedule F

Posted by JCB on Nov 15, 2016 in Advice Farmers have a lot of tax code written specifically to help them make our food more affordable. There are several tax breaks available to farmers that are not available to other industries. We help many family farms navigate the benefits provided to them. The IRS also provides extensive information on their website IRS Farmer Center.
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Statute of Limitations on Back Taxes

Posted by JCB on Oct 22, 2016 in Advice If you owe back taxes, how long does the IRS have to assess and collect them? The answer varies based on the situation. In many cases, the IRS has three years from the date a return was due or when it was filed, whichever comes later, to assess how much you owe, and up to 10 years to collect that amount. When a very large item is omitted from the return, the assessment period can last up to six...
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Plan Now to Save on Taxes Later

Posted by JCB 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...
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Have Questions? We’re Here All Year!

Posted by JCB 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...
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Managing the Tax Effects of Divorce or Separation

Posted by JCB 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...
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Ensuring a Smooth Family Business Transition

Posted by JCB 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...
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Simplified Home Office Deduction

Posted by JCB 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...
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