E-NEWSLETTER
Sign up for our newsletter and receive the latest tax updates and due date reminders.
|
|
Tax Central
We are dedicated to keeping clients abreast of the latest tax law changes, planning strategies and vital tax-related information. This section includes a library of timely articles, due date reminders and much more. The articles are categorized by subject matter, which can be accessed from the links.
Click on your topic of interest and find a wealth of information.
Your Individual Income Taxes
You may think you have no control over your taxes, but there are a number of strategies that can be employed to reduce or delay your tax bite. To take advantage of these possibilities requires knowledge of what strategies are available.
- Understanding Your Tax Basics
-
No matter what the season or your unique circumstances, when it comes to your taxes, planning usually pays off in a lower tax bill. The following is provided so that you may have a basic understanding of taxes before you discuss filing options and strategies....
more »
- 2010 Year-End Strategies
-
With the economy still in the doldrums, this year has not been the greatest year for most individuals. Unemployment is up, incomes are lower, retirement savings have declined and many taxpayers are struggling to make ends meet. The government has provided...
more »
- Bunching Your Deductions Can Provide Big Tax Benefits
-
If your tax deductions normally fall short of itemizing your deductions or even if you are able to itemize, but only marginally, you may benefit from using the ‘bunching” strategy.The tax code allows taxpayers to utilize the standard deduction...
more »
- Avail Yourself of Your Employer's Tax-Advantaged Plans
-
• Dependent Care Benefits - If a taxpayer works and incurs child care expenses, he or she should check to see if their employer has a dependent care program. If the employer does provide dependent care benefits under a qualified plan, the taxpayer...
more »
- Are You Supporting Your Parents?
-
If you are helping support your parents, you may be having difficulty showing over half of the support for both, thus failing to qualify for the dependency exemptions (and for the beneficial head of household filing status if you are a single taxpayer).You...
more »
- Take Advantage of the Economic Downturn
-
These are tumultuous times for most people, and there are some positive actions that can be taken to benefit in the current economic conditions.• Make Gifts - When values are low and expected to rise, the stage is set for making a gift. Under current...
more »
- Cut Taxes On Your Investments
-
Long-term capital gains tax rates will produce automatic tax savings by taxing the gain from capital assets at rates lower than the regular tax rate. To take advantage of the long-term rates, you need to hold the asset longer than one year. The long-term...
more »
- Plan For Selling Your Home
-
Each individual taxpayer, regardless of age, is allowed to exclude up to $250,000 of gain from the sale of their main home if certain requirements are met. A married couple that meets the requirements can exclude up to $500,000. To qualify for the exclusion,...
more »
- Fine Tuning Capital Gains and Losses
-
Year-end has historically been a good time to plan tax savings by carefully structuring capital gains and losses. Conventional wisdom has always been to minimize gains by selling “losers” to offset gains from “winners,” and where...
more »
- What's Best…Tax-Free or Taxable Interest Income?
-
A frequent tax strategy question is whether it is better to invest for tax-free or taxable interest. Generally, taxable interest will provide the greater return, but this may not hold true after taking into account taxes on the income. Therefore, the...
more »
- Save Taxes by Shifting or Deferring Income
-
• Shifting Income to Your Child - Children under the age of 19 and full-time students under the age of 24 are subject to the so-called kiddie tax. This was enacted by Congress to restrict taxpayers from shifting large amounts of income to their children...
more »
- Planning Pension Distributions
-
An individual may begin withdrawing, without penalty, from his or her qualified pension plans at the age of 59-1/2. There are several exceptions that will allow earlier withdrawal without penalty. Upon reaching age 70-1/2, you are required to take distributions...
more »
- Explore Education Tax Incentives
-
Congress, in recent years, has provided a variety of tax incentives to help defray the cost of education. Some require long-term planning to become beneficial, while others provide current tax deductions or credits.• Section 529 Plans - Section 529...
more »
- Real Estate Rental Limitations
-
Real estate rental income is business income but is not subject to Social Security taxes. Real estate rentals are also considered passive activities. Generally, passive activity losses are only deductible to the extent of passive activity income. An exception...
more »
- Tax Planning For Your Business
-
Non-tax considerations generally take precedence in selecting the appropriate structure for your business. However, tax considerations can also play an important role in your decision. Choosing the right business entity at the inception of your business...
more »
- Owner-Only Businesses Should Consider a Solo 401(k) Plan
-
It goes by many names; Solo 401(k), Mini 401(k) and single-participant 401(k). We will use Solo 401(k) in this article to describe probably the best type of pension plan for owner-only businesses. It provides for larger contributions, including a Roth...
more »
- Make the Most of Your Deductions
-
As you plan for your tax year, keep in mind that some tax deductions are “above-the-line” and are available whether deductions are itemized or not. In addition to the educational “above-the-line” deductions mentioned earlier, the...
more »
- Contact Us
-
With changes just about every year, our tax laws have become very complex. The information and strategies included in this book are overviews intended to increase your awareness of issues that might apply to you and your annual tax planning. Before implementing...
more »
|
