January 27, 2020 marked the start of this year’s tax filing season. Complicating matters is a newly revised Form 1040, U.S. Individual Income Tax Return. With more than 150 million individual tax returns expected to be filed for the 2019 tax year, here’s what individual taxpayers can expect: Continue reading
More than half of all businesses today are home-based. Every day, people are striking out and achieving economic and creative independence by turning their skills into dollars. Garages, basements, and attics are being transformed into the corporate headquarters of the newest entrepreneurs: home-based business people. Continue reading
If you are having trouble paying your debts, it is important to take action sooner rather than later. Doing nothing leads to much larger problems in the future, whether it’s a bad credit record or bankruptcy resulting in the loss of assets and even your home. If you’re in financial trouble, then these steps will help you to avoid financial ruin in the future. Continue reading
Many taxpayers opt for the standard deduction because it’s easier, but sometimes itemizing your deductions is the better choice–often resulting in a lower tax bill. Whether you bought a house, refinanced your current home, or had extensive gambling losses, you may be able to take advantage of tax breaks for taxpayers who itemize. Here’s what to keep in mind: Continue reading
While the 2020 tax filing season promises to be less confusing than 2019, there are still a number of changes that taxpayers should be aware of. Continue reading
Every year, it’s a sure bet that there will be changes to current tax law and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here’s a checklist of tax changes to help you plan the year ahead. Continue reading
While similar to FSAs (Flexible Savings Plans) in that both allow pretax contributions, Health Savings Accounts or HSAs offer taxpayers several additional tax benefits such as contributions that roll over from year to year (i.e., no “use it or lose it”), tax-free interest on earnings, and when used for qualified medical expenses, tax-free distributions. Continue reading
Tax breaks for charitable giving aren’t limited to individuals, your small business can benefit as well. If you own a small to medium-size business and are committed to giving back to the community through charitable giving, here’s what you should know. Continue reading
Here’s what business owners need to know about tax changes for 2019. Continue reading
As we close out the year and get ready for tax season, here’s what individuals and families need to know about tax provisions for 2019. Continue reading
