Is Your Company Facing a Cash Flow Crunch?
Cash flow is always an important element in the smooth and successful operation of your business and is particularly key in meeting opportunities and demands. Generating sales and managing operations [...]
Mid-year Tax Planning for Individuals
The extended July 15 deadline for filing your 2019 federal income tax return is behind us. Now it's time to think about your current federal tax situation. Tax planning is especially complicated for [...]
Hobby or Business? How to Treat COVID-19 Sideline Activities for Taxes
Today, many people sell homemade products online or work on some unincorporated sideline venture outside of their regular day jobs. Such activities can generate extra spending money. This can be [...]
Rx for Itemizing Medical Expenses
Medical expenses can be costly — and they're not always covered by insurance. But there may be a silver lining: You may be able to claim an itemized deduction for [...]
Social Security Benefits May Be Taxable
Information from irs.gov Taxpayers receiving Social Security benefits may have to pay federal income tax on a portion of those benefits. Social Security benefits include monthly retirement, survivor, and disability [...]
Good records are the key to tax deductions and trouble-free IRS audits
If you operate a small business, or you are starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should [...]
Seniors: Can You Deduct Medicare Premiums?
If you are age 65 and older, and you have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. The premiums [...]
A Nonworking Spouse Can Still Have An IRA
It is often difficult for married couples to save as much as they need for retirement when one spouse does not work outside the home — perhaps so that spouse [...]
IRS Releases 2021 Amounts for Health Savings Accounts
The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA basics An HSA is a trust created or organized exclusively for the purpose of paying the [...]
Tax Breaks for Home Improvements
Are you planning to make substantial renovations to your home? You may be adding a deck or patio, finishing a basement or attic or installing a pool. Despite some changes [...]
There’s Still Time to Make a Deductible IRA Contribution for 2019
Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2019 tax [...]
CARES Act Provides 4 Possible Reasons to File an Amended Return
The $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act delivers good news to individuals and businesses, including valuable tax-relief measures. Some of that tax relief is retroactive. These provisions [...]
CARES ACT Changes Retirement Plan and Charitable Contribution Rules
As we all try to keep ourselves, our loved ones, and our communities safe from the coronavirus (COVID-19) pandemic, you may be wondering about some of the recent tax changes [...]
Why You Should Keep Life Insurance Out of Your Estate
If you have a life insurance policy, you probably want to make sure that the life insurance benefits your family will receive after your death won’t be included in your [...]
The New COVID-19 Law Provides Businesses With More Relief
Just days ago, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. We believe this will provide much needed relief to “Main [...]