Here are five common mistakes of those who deduct home office expenses.
If you haven't started saving for retirement or you haven't saved enough, here are three actions you can take to put you in a better position during your golden years:
Hiring your children to work in your business can be a win-win situation for everyone. Your kids will earn money, gain real-life experience in the workplace, and learn what you do every day. And you will reap a few tax benefits in the process.
Yes, that's correct, there are some forms of income you receive that may be tax-free. Here is a list of eight common sources of tax-free income.
Is your child thinking about taking on a job for extra money this summer? If so, both of you may have questions about taxes. The following are a few tax tips to help you prepare.
Summertime usually makes us think of vacations, backyard barbecues, and general relaxation. Tax planning may not be on the top of your summertime to do list, but this year you may want to consider making time for it.
Volatility in the market is at a multi-decade low. Even though the markets are buzzing with noise about political drama...
Getting audited by the IRS is no fun. However, your chances of being audited are probably lower than you think. A look at the latest IRS statistics for 2016 reveals some interesting and reassuring facts about the risk of an IRS audit.
Here are some suggestions to landing your dream home in our current real estate market.
Here are some reasons you may want to consider incorporating your growing business.
Who have you designated as beneficiaries for your insurance policies and retirement accounts? If you can't remember, it's worth checking. If you make the wrong decision, it could affect who inherits those assets. Here are some key facts about beneficiaries:
Gift giving can be an important tax planning strategy. But before you write checks, learn the rules. Here are two of them:
April was another rip-roaring month, as almost every major stock index across the globe increased significantly. International companies continued to outperform their U.S. counterparts, as the MSCI World ex USA Index returned over 2.13% for the month...
The IRS is now handling many routine audit reviews through form letters called correspondence audits. These letters come from the IRS and ask for clarification and justification of specific deductions on your tax return.
The IRS is now using outside collection agencies to collect unpaid tax obligations. This new program will start slowly with only a few hundred taxpayers receiving mailings. The number will grow into the thousands later in the spring and into summer.
Most people don’t include tax planning on their summertime agenda, but maybe they should. The problem with waiting until the end of the year is that you reduce the time for planning strategies to take effect.
If you received a large tax refund or owed a large balance on your 2016 income tax return, it may be time for you to check your withholdings.
What happens when you discover you made a mistake on your 2016 return that you just filed? Before you decide if you should file an amended tax return, there are a few do's and don'ts you should know. First, don't panic, and second, don't ignore
It was an interesting month in financial markets as U.S. stocks and bonds were largely flat, while international stocks (MSCI EAFE) surged 2.75%. This surge of international stocks has been very short-lived so far, but the surge is worth noting
Health Savings Accounts (HSAs) are a great savings tool for those with High-Deductible Health Insurance Plans (HDHP)*. HSAs allow people to build up tax-free savings for most out-of-pocket medical expenses, whether those expenses happen now or later.
The Social Security Administration announced earlier this year that they will be mailing out fewer Social Security Statements. Only people age 60 and over will receive annual statements in the mail.
On March 15, 2017, the Federal Reserve Bank made the decision to increase the target range for the Federal Funds Interest Rate to between 0.75%-1.00%. To start, what is the Federal Funds Interest Rate?
We'd like to introduce you to Beau Carpenter, CPA.
The year is off to a great start for stock investors, as the S&P 500 Index (U.S. large companies) is up 6.07% through the end of March. U.S. stocks have been strong over the course of the last several years, as we've seen only minor decline
Tax time can be stressful, but donâ€™t panic if you canâ€™t file your tax return on time. There's still time to get an automatic six-month deadline extension.
Tuesday, April 18, is a major tax deadline. Here are some of the tax filing and related deadlines:
Each year the IRS produces its "Dirty Dozen" list of tax scams. As criminals become savvier at stealing personal information and scamming people out of their money, taxpayers must be more vigilant than ever. Here are some of the more common scams...
As tax day approaches, there are two other April deadlines that may apply to you. If you have an IRA, take note of these dates:
Common errors have helped to make the Earned Income Tax Credit (EIC) a major source of what the IRS calls "improper payments". The agency estimates that of the $66 billion in EIC funds paid in 2015, nearly a quarter were collected by filers who didn't qualify to receive them.
Under the current Affordable Care Act (ACA), all Americans must have health insurance. If you receive your health insurance through the ACA marketplace or from your employer, you will receive a Form 1095.