Jan 10 Summer Fun: Beaches, Pools and Taxes!
If you got married in June, in addition to thank-you notes, give some thought to the IRS to make filing your taxes easier:...
Jan 10 What’s the Story on Nonprofit and Tax-Exempt Entities?
Have you ever wondered how you’re supposed to determine whether your organization is eligible for exemption from federal income tax? The possibility of being tax-exempt is permitted under section 501(a) of the Internal Revenue Code....
Nov 11 IRS Clarifies Deductible Expenses
Updated IRS rules offer guidance for deductible expenses which may have been murky as a result of the Tax Cuts and Jobs Act.
The rules being updated involve using optional standard mileage rates when figuring the deductible costs of operating an automobile for business, charitable, medical...
Jan 29 What To Know About Getting a Tax Refund
When should you revise your tax withholding? If you receive a large refund from the IRS when filing your income tax return, or owe the IRS a substantial amount when filing, you should consider adjusting your withholding....
Jan 15 Form W-4: What Changed and Why it Matters
Form W-4 used to be a relatively simple and straightforward form to complete. However, the form has been changed as a result of the passing of the TCJA back in late 2017. This post walks you through how to complete your W-4 accurately for the...
Nov 20 Determining Basis of a Principal Residence
If you're selling your home, understanding the concept of 'basis' can help save taxes. You are probably aware you may be able to claim itemized deductions on your income tax return for real estate taxes and home mortgage interest. Most other home ownership costs are...
Dec 19 Adjusting Your Income Tax Withholding
When should you revise your tax withholding? If you receive a large refund from the IRS when filing your income tax return, or owe the IRS a substantial amount when filing, you should consider adjusting your withholding....
Dec 10 What to Know About the Qualified Business Income Deduction
If you're an entrepreneur and you've heard other business owners talking about the qualified business income deduction (also called Section 199A), you're probably asking yourself, “Should I incorporate to help save on taxes?” and “What entity should I select?” This post discusses the factors you need...
Oct 22 How to Decode Box 1 of Form W-2
Box 1 of Form W-2 shows the employee's total compensation that is subject to taxation for the year. Per an article published by Forbes, "This tends to be the number most taxpayers care about the most." Consequently, there's no room for error.
Learn what goes in...
Oct 08 Estate Planning for Those Under 40
The earlier you start planning your estate, the more choices you'll have. If you start now, your plan will help keep your loved ones from becoming stressed if you suddenly become disabled or pass away. This post discusses some important factors to consider to help you begin...