Posted By  |  April 5, 2019

To save more for retirement, you can make a deductible traditional IRA contribution for the 2018 tax year between now and the tax filing deadline. This will allow you to claim the write-off on your 2018 return. You can also contribute to a Roth IRA and avoid paying taxes on future withdrawals. In order to […]

Posted By  |  February 8, 2019

Even if you usually wait to file until closer to the April 15 deadline, this year consider filing as soon as you can. Why? You can protect yourself from tax identity theft — and reap other benefits, too. Tax Identity Theft Tax identity theft involves someone using your personal information to file a fraudulent tax […]

Posted By  |  January 11, 2019

While most provisions of the Tax Cuts and Jobs Act (TCJA) have gone into effect last year and either apply through 2025 or are permanent, there are two significant tax changes under the act for 2019. Here’s a quick overview. 1. Deductions on medical expenses It is no secret that health care costs increase every year, […]

Posted By  |  December 21, 2018

By carefully selecting which investments to sell- you may be able to save some money on your 2018 tax bill. Creating equilibrium between gains and losses If you’ve sold investments at a gain this year, consider selling some losing investments to absorb the gains. One tax strategy to balance this gain is by also selling investments […]

Posted By  |  August 24, 2018

The Tax Cuts and Jobs Act (TCJA) loosened the restrictions on the eligibility rules for using the cash method of accounting.  This made this method — which is simpler than the accrual method — available to more businesses. Now the IRS has provided procedures a small business taxpayer can use to obtain automatic consent to change […]

Posted By  |  July 11, 2018

Since most donations to charity of cash or property are used as tax deductions, it makes sense to ask if donating one’s time would also be deductible. The quick answer is no. Donations of your time or service is not directly deductible. It doesn’t matter if it’s simple administrative work, such as checking in attendees […]

Posted By  |  July 5, 2018

Have you thought of investing into “going green” initiatives?  It is not only helpful in creating a sustainable earth but can potentially reduce your tax and energy bill. The catch to reap all the tax credit benefits is understanding and verifying they fall under specified requirements. Investing and Saving If you make investments into your […]

Posted By  |  May 21, 2018

With summer as a peak season for selling homes, it is necessary to understand the tax consequences. If you recently put your home on the market, chances are that you’re probably focused on: How quickly you will be able to sell How much you will get for it However, there is more to consider as […]

Posted By  |  May 15, 2018

Getting a refund when filing your taxes is not usually seen as a bad thing. If you received a large refund after filing your 2017 income tax return, you’re probably enjoying the influx of cash. Nevertheless, it is important to keep in mind that this also indicates that you were essentially giving the government an […]

Posted By  |  April 4, 2018

Tax-advantages of making IRA contributions Retirement plans like IRAs allow your money to grow tax-deferred — or, for Roth accounts, tax-free. Deductible contributions will lower your 2017 tax bill, but even nondeductible contributions can be beneficial. The last day to make these contributions is April 17, 2018.  Don’t lose the opportunity The 2017 limit for […]