How close to the edge are you when it comes to tax phase-outs? As you begin your fall tax planning, consider the effects of these benefit-limiting provisions, many of which are based on modified adjusted gross income, or MAGI. Knowing how close you are to the “edge” can help you preserve tax breaks for 2013. Please call the office for...
Tags: tax phase outs
Category: Taxes
It has been said that if fraud were a country, it would be the fifth most productive country in the world. Whether this is true or not, fraud is responsible for crippling many businesses. Embezzlement is a huge part of the fraud industry. Because the crime is being committed by a trusted employee, it often goes undetected for long periods...
Tags: Embezzlement
Category: AccountingBusiness
For one thing, alternative products may arrive in the marketplace at lower costs to the consumer. You might sell refrigerators that, several years ago, were a great value because they offered a “frost-free” feature. Now, however, your competitors (even your own stores in other locations) may begin selling similar models with digital enhancements – at the same or lower prices....
There are many reasons why you should keep a copy of your federal tax return. For example, you may need it to answer an IRS inquiry. You may also need it to apply for a student loan or a home mortgage. If you can’t find your tax return, the IRS can provide a copy or give you a transcript of...
Tags: tax return copies
Category: Taxes
You’ve got debt! The question is, do you have good debt or bad debt? Even more important, how do you tell the difference before you take on any more? Here are two questions to ask before incurring any debt. 1. What are the benefits of taking on this debt? Avoiding all debt seems like good advice. But good debt can...
Summer is often a time when people make major life decisions. Common events include buying a home, getting married or changing jobs. If you’re looking for a new job in your same line of work, you may be able to claim a tax deduction for some of your job hunting expenses. Here are seven things the IRS wants you to...
Tags: job search expenses
Category: Taxes
Many people have paid for credit life insurance without understanding what it is or how expensive it can be. If you borrow money for any purpose, your loan payment may include a premium for credit life insurance. Moneylenders such as banks, retailers, auto dealers, and finance companies sell credit life insurance to pay off your loan balance in the event...
Tags: credit life insurance
Category: Taxes
Many people feel uncomfortable discussing family finances with their children. However, sharing some information with your grown children can make things more comfortable for everyone. Discuss your financial goals with your adult children, and let them know your plans for your retirement years. It’s often a good idea to involve adult children in some or all aspects of your estate...
Tags: Estate Planning
Category: Taxes
Same-sex couples can now file joint federal tax returns if the couple lives in a state that recognizes their marriage. It should be noted, however, that joint returns aren’t always beneficial. If both partners in a same-sex marriage have high taxable incomes, filing a joint return could result in more taxes being paid. For example, the modified adjusted gross income...
The IRS reminds taxpayers that certain energy credits are still available. If you haven’t already taken advantage of them, this may be the year to make energy-efficient improvements to your home. You may be entitled to a credit of 10% of the cost of certain energy-saving improvements such as insulation, windows, doors, skylights, and roofs. The credit has a maximum...
Tags: energy credits
Category: Taxes