2017 Tax Saving Tips

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Year End Tax Saving Tips As the year comes to a close, there are several tax saving strategies that could possibly help save you money when you prepare your tax return. Please note that these tax saving strategies will not apply to everyone and there are many other options not listed in this … [Read more...]

COLLEGE TAX CREDITS FOR 2015

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IT’S BACK-TO-SCHOOL TIME AND THE IRS WANTS TO REMIND FAMILIES OF THE COLLEGE TAX CREDITS AVAILABLE Here are two major education tax breaks, an explanation of who qualifies for each, and how to figure out which will save you the most money. The American Opportunity Tax Credit The AOTC is … [Read more...]

Looking through Auditor and Lender’s glasses

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THE STORY A BALANCE SHEET TELLS:LOOKING THROUGH AUDITOR AND LENDER’S GLASSES Lenders and Auditors pay attention to the Business Balance Sheet. The Balance Sheet tells the story of your business from the beginning to the current day. The Profit & Loss statement is where your tax liabilities … [Read more...]

New Medicare Taxes for 2013

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Two new taxes that may impact taxpayers   Medicare Payroll Tax Increase 1)      Medicare taxes have always been a payroll tax. Half is paid by the employee with the other half paid by the employer. This new 0.9% tax is an additional tax paid by the employee only. Wages above $200,000 … [Read more...]

Standard Deductible Mileage Rates 2013

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Deductible Mileage Rates Deductible mileage rates change each year on January 1st. For 2013, the IRS announced the business mileage rate as 56.5 cents per mile and 24 cents per mile for medical miles. The business and medical rates are a one-cent per mile increase from 2012. The charitable miles … [Read more...]

FILING A TAX EXTENSION

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FILING A TAX EXTENSION The 2011 Tax deadline is near and many are dreading filing their income taxes or dealing with the IRS. The biggest fear for filing a tax extension are thoughts of being flagged as a late filer, being assessed penalties, or triggering an audit. Learning about filing a Tax … [Read more...]

BUSINESS TAX RETURNS

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Business Tax Returns   It is fairly obvious that the tax return for a business is more complicated than the usual 1040. As we near the deadline for Business Tax Filing, it is good to know there are Business friendly laws to help business owners minimize their overall tax liability. C Corporation … [Read more...]

PREPARING TAX DOCUMENTS

    HOW TO PREPARE TAX DOCUMENTS You can make Tax Time easier with an early start. Maximize your deductions with planning and organization. By gathering your records as they arrive, you can make this a simple process allowing you to prepare your returns and receive your refunds … [Read more...]

FREE TAX CONSULTATION and PRIOR YEAR REVIEW

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Car Tax Deductions

BUSINESS  CAR  DEDUCTIONS BUY?  OR LEASE ? Which method is right for you? Lease if you enjoy a new vehicle frequently. Buy if you like to enjoy a vehicle for it’s lifetime. DEDUCTIONS The IRS has increased the standard mileage rate for business miles driven from July 1, 2011 through … [Read more...]