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…
5 Common Tax Myths
Avoid Tax Mistakes: There are many tax myths floating around. Things that have been passed around from person to person. Due to how common they are, many believe them to be true. In this article, we hope to dispel these myths for you so that you do not find yourself in trouble with the IRS due to misinformation. All Work Clothes are Tax Deductible Though some work clothes expenses are deductible, not all are. The [...]
Changes for the 2016 Tax Year
Each year the rules regarding tax filing are changed. Sometimes those changes are small and affect very few people, other times they are large and affect everyone. To prepare you for this tax year we have listed 9 of the most notable changes that have been made. The Filing Deadline is April 18th Since Emancipation Day falls on April 15th this year, the deadline for filing your taxes is extended until Monday, April 18th. [...]
Little Known Tax Deductions and Credits
There are many different tax deductions that you can take, some are common, but other are not as well known. This article is to help you maximize your refund and minimize your tax liability by utilizing all of the avenues available to you. Home Office Deduction Many are not aware that there is a special deduction for self-employed individuals who work from home. Under this provision, you can deduct a portion of the cost [...]
Deducting Bad Debts
A loan is one such thing, which in today's world, is quite hard to get especially for people with low income. While for some, it works out great as they pay it back quite soon to lease off the burden, others suffer to repay it back. Bad debts refers to when you are not repaid when you lend money to someone or you sell a product on credit. What is the difference between business [...]
Income Tax Planning
Best Income Tax Planning Strategies Income tax planning involves using strategies to minimize your taxable income. There are several different things that you can do you reduce the taxation of your income. Including, but not limited to; postponing income, shifting income, deduction planning, investment tax planning, and utilizing year-end tax planning. In this article, we will briefly go over how you can use each of these strategies to lower you tax liability. Delaying Income [...]
Required Minimum Distributions
Understanding Your Required Minimum Distributions The phrase RMD, or Required Minimum Distributions, refers to the amount that you are required to withdraw from any traditional IRAs or employer-sponsored retirement plans each year after you reach age 70 ½. You can take more than the required minimum, but you are not allowed to take less. If you do not take the entire amount that you are required to you will have to pay a penalty. [...]