Child and Dependent Care Credit: Summer Camp
The IRS offers the following information regarding day camps and the Child and Dependent Care Credit. Day camps are common during the summer months. Many parents pay for them for [...]
New Business Partnership
If you are considering forming a partnership, contact us first. There are complexities and many decisions to be made between you and your new business partner.
Why the details matter when selling investments
If you don’t pay attention to the details, the tax consequences of a sale may be different from what you expect. For example, if you bought the same security at [...]
Record Keeping and your Small Business
When starting a small business, taking the time to set up your recordkeeping system properly, right from the beginning, will save you time and money down the road — and [...]
Starting a Business? Select the legal structure that’s right for you
One important consideration when starting your business is determining the best legal organizational structure. Why? Because it will affect operating efficiency, transferability, control, the way you report income, the taxes [...]
Are you prepared for a disaster?
Information courtesy of IRS Consider the following tips from the IRS and be prepared in case of a disaster. Use Electronic Records. You may have access to bank and other [...]
Maximize Social Security Benefits
I an article on MSN.com offers strategies to maximizing your social security benefits. Remember to budget, allocate and manage! Figure our how much you are paying into Social Security Figure [...]
Watch out for tax consequences when hiring telecommuters outside your state
If you allow employees to telecommute, be sure to consider the potential tax implications. Hiring someone in another state, for example, might create sufficient nexus to expose your company to [...]
Need to Amend your Tax Return?
IRS.gov Things you should know about amending your federal tax return: When to amend. You should amend your tax return if you need to correct your filing status, the number [...]
Before donating a vehicle, find out the charity’s intent
If you donate your vehicle, the value of your deduction can vary greatly depending on what the charity does with it. You can deduct the vehicle’s fair market value (FMV) [...]
Expect to be paying elementary or secondary school costs in the future? Consider an ESA
As the school year draws to a close, it’s a good time to think about Coverdell Education Savings Accounts (ESAs) — especially if you have young children. One major advantage [...]
Save on Energy Bills and Taxes
Information courtesy of IRS Reduce your taxes and save on your energy bills with certain home improvements. Non-Business Energy Property Credit Part of this credit is worth 10 percent of [...]
100% deduction for certain M&E expenses!
Generally, businesses are limited to deducting 50% of allowable meal and entertainment (M&E) expenses. But certain expenses are 100% deductible, including expenses: For food and beverages furnished at the workplace [...]
You’re a real estate investor, but are you a “professional”?
Income and losses from investment real estate or rental property are passive by definition — unless you’re a real estate professional. Why is this important? Passive income may be subject [...]
Facts About Early Retirement Distributions
Information courtesy IRS Some people take an early withdrawal from their IRA or retirement plan. Doing so may trigger an added tax on top of the income tax you may [...]