TAX PREPARATION
Did you know that every 4 out 5 tax returns contain errors, and those errors may be causing you to overpay on your income taxes.
TAX PLANNING
Our clients receive proactive advice on tax reduction strategies based on income, expenses, individual needs, and goals.
BOOKKEEPING/PAYROLL
Running a business is already a time consuming and overwhelming feat. Don’t allow your bookkeeping and payroll obligations distract you from what you are good at…
Estate Tax
Estate Tax Estate tax is an often-misunderstood form of taxation. In this article, we will try and clear it up. We will go over the basics of what estate tax is and how it works with inheritance and gift tax. Estate Tax Basics Estate tax is a tax on the portion of a deceased person’s estate that exceeds a set amount. This amount changes each year. In 2019 the estate tax limit is $11.4 million [...]
Understanding Schedule A
Schedule A Schedule A is an attachment to Form 1040 for reporting income. It allows you to claim deductions to lower your tax liability. In this article, we will go over how Schedule A works and what you can deduct with it. The Basics Schedule A is an optional tax form. There are two types of deductions you can take-standard and itemized. The standard deduction is a set amount the IRS allows you to take [...]
Minimize Taxation on Social Security Income
Minimize Taxation on Social Security Income Many retirees find out the hard way that social security income is taxable. But there are ways that you can minimize taxation on social security income. In this article, we will go over 5 ways to minimize such taxation. Keep Income Below Thresholds Social security income only becomes taxable if your income goes over certain thresholds. The calculation of income is the total of your adjusted gross income, [...]
2018 Last Minute Tax Moves
2018 Last Minute Tax Moves If the 2018 tax changes left you owing more than you thought you would, all hope is not yet lost. There are still some 2018 last minute tax moves available to you. In this article, we will go over three strategies that might help you save. 1. Contribute to a Traditional IRA You can make contributions to your IRA as late as April 15, 2019 and still have them count [...]
Tax Deductions You Can No Longer Count On
Tax Deductions You Can No Longer Count On The Tax Cuts and Jobs Act of 2017 enacted changed that start to take effect this tax season. Some of these changes are that there are tax deductions that you can no longer take advantage of. In this article, we are going to go over the tax deductions that are going away. Personal and Dependent Exemptions Personal and dependent exemptions used to allow you to reduce your [...]
Preparing for Your 2018 Tax Return
2018 Tax Return The 2018 tax return changes have many people concerned. But the more prepared you are, the less likely you are to experience any negative surprises. In this article, we will go over five helpful tips to prepare for your 2018 tax returns. Review Your 2017 Return One of the best things you can do is review your 2017 tax return. Look over your problematic or stressful areas that you dealt with last [...]