I have always taken a proactive approach when it came to planning for my financial future. After recently passing the one-year mark of parenthood, and seeing my financial plan evolve, I have begun to dive deep into the impacts of what my son’s tax situation might look like in the years to come as well. […]
Receiving correspondence from the IRS will unnerve anyone, especially correspondence that has assessments for penalty charges included! The IRS realizes, however, that everyone is entitled to make a mistake and under certain conditions, you may be eligible to request an abatement of the assessed penalty charges reflected on the notice. This abatement waiver can decrease […]
Have you been considering donating your vehicle to a local charity or to one that you have seen or heard about on? It’s important to note that donating a vehicle may not result in a big tax deduction — or any deduction at all. Trade in, sell or donate? Let’s say you’re buying a new […]
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. July 31 Report income tax withholding and FICA taxes for the second quarter of 2019 (Form 941) and […]
Read More… from Small Business Reminder – Important Upcoming Dates for Q3 2019
Most consider spring and summer to be the optimum seasons for selling a home. And interest rates are currently attractive, so buyers may be out in full force in your area. During a recent conversation with a trusted lender of ours he indicated rates are back down into the low 4%, with some options in […]
Read More… from Selling Your Home? Consider These Tax Implications.
It’s a good time to check your withholding and make changes, if necessary. If you were listening to the news during tax season you would have heard that the 2019 filing season resulted in surprises. Some filers who have gotten a refund in past years wound up owing money. The IRS reports that the number […]
Read More… from Now is a Good Time to Check Your Withholding
While the number of plug-in electric vehicles is still small compared with other cars on the road, it’s growing — especially in certain parts of the country. If you’re interested in purchasing an electric or hybrid vehicle, you may be eligible for a federal income tax credit of up to $7,500. (Depending on where you […]
Have you recently started a new business? Or are you contemplating starting one? Launching a new business is a hectic, exciting time. And as you know, before you even open the doors, you generally have to spend a lot of money. You may have to train workers and pay for rent, utilities, marketing and more. […]
Read More… from Starting a Business? How You Should Treat Expenses on Your Tax Returns.
If you participate in a qualified retirement plan, such as a 401(k), you must generally begin taking required withdrawals from the plan no later than April 1 of the year after which you turn age 70½. However, there’s an exception that applies to certain plan participants who are still working for the entire year in […]
Read More… from Still Working After Age 70 ½? You Might Not Have to Begin 401(k) Withdrawals
Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2018 gift tax return — or whether filing one would be beneficial even if it isn’t required. Filing requirements Generally, you must file a gift tax return for 2018 […]
Read More… from The 2018 Gift Tax Return Deadline is Almost Here