Commonly Asked Tax Questions

With all of the headlines about the changes to tax law, you probably have lots of questions. Here are answers to some of the most commonly asked tax questions taxpayers have this year. Q.  I’m hearing about a lot of changes to 2018 taxes. What should I do? A.  You’re right, there are a lot […]

Need to Take a Required Minimum Distribution (RMD)? April 1 Might be an Important Date for You!

If you reached age 70½ last year, April 1 could be an important deadline. It’s the last day you can take your required minimum distribution (RMD) for 2017 from your traditional IRAs. If you miss that deadline, the penalty may be a 50 percent excise tax on the amount you should have withdrawn. How the […]

Why Walking Away From “Sunk Costs” is the Best Option

Emotions make us human. They can also cause us to make rash decisions. Business owners and managers often let emotions dominate the decision-making process. This is especially true when choices are based on “sunk costs.” Why sunk costs can lead to trouble Broadly defined, sunk costs are past expenses that are irrelevant to current decisions. […]

Big Tax Law Changes – Bigger Opportunities for You

The tax law changes in the Tax Cuts and Jobs Act, passed at the end of December 2017, enacted some of the most sweeping changes taxpayers have seen in 30 years. Here are a few big changes to come out of the new act — and what you can do about it. The medical expense […]

Taxes and virtual currencies: What you need to know

Virtual currencies are all the rage lately. Here are some tax consequences you must know if you decide to dip your toe into that world. The IRS is paying close attention The first thing to know is that the IRS is scrutinizing virtual currency transactions, so if you live in the U.S. you’ll have to […]

Watch Out for this Tax Season Scams

The IRS is warning taxpayers to keep on high alert for the next few months for tax season scams. Scammers may try to get their hands on your money or tax return by collecting your personal or financial data. According to the IRS, its employees will never: Threaten to immediately bring in local police or […]

Going Through Your Tax Records? What You Should Consider Keeping

You’re probably getting ready to go through last year’s tax records and prepare for this year. But what should you keep and what can you throw away? Here are some things to keep in mind as you sort through your tax records. Chances are you’re a little confused about what to keep and what to […]

Tax Savings for Your Small Business – New Capital Expense Rules for 2018 That Can Benefit You!

There are many provisions in the tax reform bill passed in late 2017 designed to benefit small business owners. New capital expense rules are one of them. Also, There are a variety of new tax tools affecting how small businesses account for deducting the cost of capital purchases under the new tax law. Here’s what you […]

The Best Way to Avoid an Audit: Preparation

Getting audited by the IRS is no fun. Some taxpayers are selected for random audits every year, but the chances of that happening to you are very small. You are much more likely to fall under the IRS’s gaze if you make one of several common mistakes. So what is the best way to avoid […]

Do You Have a Household Employee? Don’t Ignore the Nanny Tax

As you review your filing requirements for 2018, make sure you don’t overlook the nanny tax related to household employees. If you have a housekeeper or any other household employee, you could be liable to pay state and federal payroll taxes.   How to know if you must pay the nanny tax   First, you’ll […]