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…
Tax Planning for Divorce
Tax Planning for Divorce When caught up in the moment tax planning for divorce is probably the last thing on your mind. However, it is important not to ignore it as a divorce can have severe consequences on your taxes. In this article, we will go over the basics of tax planning for divorce. Filing Status Your filing status is based on your marital status as of December 31st of the tax year. If [...]
Windfall Tax Planning Strategies
Windfall Tax Planning Strategies Receiving a bonus, inheritance, lottery winnings, or any other type of unsuspected windfall can lead to serious tax consequences. You may find yourself in a higher tax bracket, subject to paying Alternative Minimum Tax or disqualified from tax credits or deductions. In this article, we will go over windfall tax planning strategies that will help you deal with these situations. Spread It Out The IRS taxes any bonus you receive [...]
5 Things to do After You File Your Tax Return
5 Things to do After You File Your Tax Return By thinking ahead, you can get your finances in order now so that you can have an easier time when tax season is here again. Even though you may not want to think about taxes during the offseason, taking a little time now will save you a lot of time and money in the future. In this article, we will go over 5 things to [...]
Guide to Retirement Income Taxation
Retirement Income Taxation Retirement income taxation is something that many overlook when planning for retirement. But it is a very important subject that you should not forget about, as it can make a big difference in what you have left to live on. In this article, we will go over the taxation of several sources of retirement income. Tax-Deferred Accounts Tax-Deferred Accounts that are funded with pre-tax money include such accounts as 401(k)s, 403(b)s, [...]
2018 Business Tax Changes
2018 Business Tax Changes The Tax Cuts and Jobs Act, which became law in December of 2017, cause a major overhaul of previous tax law. This change affects both business and personal taxes. In this article, we will go over 4 of the biggest 2018 business tax changes. 1. Corporate Tax Rates In previous tax years, the corporate tax brackets were on a graduated scale, much like personal tax brackets. Previous corporate tax rates [...]
Schedule C: Profit or Loss from a Business
Schedule C Schedule C is an attachment to the federal Form 1040. You use this form to report profit or loss from a business that is a sole proprietorship or an LLC that is set up as a disregarded entity with the IRS. Additionally, if you receive a 1099-MISC you will need to file a Schedule C. In this article, we will go over what information you need for your tax preparer to file [...]