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
Individual Taxpayers: Recap for 2019
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Tax Tips for Owners of Historic Buildings
If you own a historic building, you should know about a tax credit called the rehabilitation tax credit, which offers an incentive to renovate and restore old or historic buildings. Continue reading
Tax Treatment of Virtual Currency Transactions
If you’ve invested in Bitcoin and decide to sell, you need to consider the impact of virtual currency transactions on your taxes. Here’s what you should know: Continue reading
Year-End Tax Planning Strategies for Businesses
A number of end-of-year tax planning strategies are available to business owners that can be used to reduce their tax liability. Here are a few of them: Continue reading
Year-End Tax Planning for Individuals
With the end of the year fast approaching, now is the time to take a closer look at tax planning strategies you can use to minimize your tax burden for next year. Continue reading
Be Prepared When Natural Disasters Strike
While Fall is the prime time for Atlantic hurricanes, natural disasters of all kinds can strike at any time. As such, it’s a good idea for taxpayers to think about–and plan ahead for–what they can do to be prepared. Continue reading
Tax Advantages of S-Corporations
As a small business owner, figuring out which form of business structure to use when you started was one of the most important decisions you had to make; however, it’s always a good idea to periodically revisit that decision as your business grows. For example, as a sole proprietor, you must pay a self-employment tax rate of 15.3% in addition to your individual tax rate; however, if you were to revise your business structure to become a corporation and elect S-Corporation status you could take advantage of a lower tax rate. Continue reading
Small Business: Tips for Ensuring Financial Success
Can you point your company in the direction of financial success, step on the gas, and then sit back and wait to arrive at your destination? While you may wish it was that easy, the truth is that you can’t let your business run on autopilot and expect good results, and any business owner knows you need to make numerous adjustments along the way. So, how do you handle the array of questions facing you? One way is through cost accounting. Continue reading
New Tax Rules for Divorce and Alimony Payments
Divorce is a painful reality for many people both emotionally and financially, and quite often, the last thing on anyone’s mind is the effect a divorce or separation will have on their tax situation. To make matters worse, most court decisions do not take into account the effects divorce or separation has on your tax situation, which is why it’s always a good idea to speak to an accounting professional before anything is finalized. Continue reading
Tax Preparation vs. Tax Planning
Many people assume tax planning is the same as tax preparation but the two are actually quite different. Let’s take a closer look: Continue reading
