Archive for Taxes

It’s Time for Year-End Tax Planning

We have compiled a checklist of actions based on current tax rules that may help you save tax dollars if you act before year-end. Regardless of what Congress does late this year or early next, solid tax savings can be realized by taking advantage of tax breaks that are on the books for 2011. For […]

Last Year for Tax-Free Charitable Donations from IRAs

If you are 70.5 years of age or older and are considering making a donation to a charity, you may wish to consider the option of making the contribution from your IRA account. For 2011, you can donate up to $100,000 to your favorite charity, provided it is an eligible charitable organization, tax free from […]

Don’t Forget Your Retirement!

Even though retirement may be years away, and it may not be the most pressing issue on your mind these days, don’t forget your retirement contributions, especially with generous government incentives involved. There are a variety of retirement plans available to small businesses that allow the employer and employee a tax-favored way to save for […]

Will Your Deductions Be Cut to Solve Deficit Woes?

The Joint Select Committee on Deficit Reduction (JSC) is set to convene soon with the goal of reducing the deficit by $1.5 trillion. How will they come up with that amount? Some sources think they may consider fundamental tax changes that include cutbacks to itemized deductions for individuals. Although both parties purport to be against […]

Sales Tax on Home Sales Rumor

A rumor has been circulating for some time that home sales will be subject to a 3.8% federal sales tax beginning in 2013. Like most rumors, it has been initiated by someone who doesn’t have all the facts – in this case, someone who does not understand taxes. Unfortunately, the misinformation has been perpetuated through […]

Do You Owe the IRS Money?

While the majority of Americans get a tax refund each year, there are many who owe tax and some who can’t pay what they owe all at once. If you find yourself in the position of owing taxes, there are a number of ways to deal with the issue: Get a Loan to Pay the […]

Back to School Tips for College Students and Parents

Whether you’re a recent high school graduate going to college for the first time or a returning college student, it will soon be time to get to campus—and payment deadlines for tuition and other fees are not far behind. Students or parents paying such expenses should keep receipts and be aware of some tax benefits […]

Home Office No Longer Red Flag?

Whenever talking to clients about the allowable home office deduction, some usually respond with… ….”Are you kidding”, ….”No way!”, …”Isn’t that a RED flag”, or my favorite…”I’d rather play it safe than sorry”. Well, of course 10 years ago it MAY have been a RED flag. And if you don’t have a trusted tax adviser […]

Limited Window of Opportunity

Last December, Congress extended a number of the Bush-era tax breaks, but only for a limited length of time. It is probably a safe bet that most won’t get extended further, considering the size of the national debt. Although numerous tax breaks were extended, only a few provide you with an opportunity to take actions […]

Did You Take an Early Distribution from Your Retirement Plan?

In today’s economy, some taxpayers may need to take money out of their retirement plans to make ends meet. If you have or are contemplating on taking a distribution, there are some very important and unexpected tax issues you need to be aware of. Withdrawals from tax-deferred retirement accounts, such as Traditional IRAs are generally […]