Category: Taxes

Q & A and Tips on Accounting, Taxes and Personal Finance.
Cash In on 0% Capital Gains Rate

Cash In on 0% Capital Gains Rate

While the maximum capital gain tax rate can be as high as 23.8 percent, most taxpayers pay 15 percent. But there is the possibility to have your capital gains go tax-free; zero percent! In fact, this tax break has been around for more than a decade and comes into play more often than you may […]

November 1, 2019 | By More
Leveraging IRS Gift Rules to Your Advantage

Leveraging IRS Gift Rules to Your Advantage

As you or family members approach retirement years, it is important to have a basic understanding of the IRS gift giving rules. With this understanding, there are opportunities to leverage this tax law without creating a tax problem. THE RULES… You may give up to $15,000 to any individual (donee) in 2019 and avoid any […]

September 3, 2019 | By More
3 Great Charitable Deduction Ideas

3 Great Charitable Deduction Ideas

Despite what you may have heard from friends or family, you can still claim generous tax benefits for charitable contributions. Here are three prime examples of charitable tax breaks ripe for the picking if you know where to look: 1. Qualified charitable distributions. If you’re age 70½ or older, you can transfer up to $100,000 […]

June 29, 2019 | By More
Tax is more than just the tax return

Tax is more than just the tax return

Tax is more than just the Tax Return The last article left off with: “Taxes are complicated and change regularly but as a taxpayer it is very important that you have a general understanding of your tax return”. In addition, it is important to have an understanding of “behind the scenes” tax related items as […]

June 12, 2019 | By More
Why Tax Projections are Important for Your Small Business

Why Tax Projections are Important for Your Small Business

We often see individual taxpayers and business owners caught by surprise with an unexpected large tax bill which they were never prepared for. This situation can result in significant stress and cash flow issues both on a personal and business level. There is often very little that can be done at the end of the […]

June 3, 2019 | By More
Deduct Your Costs of Sponsoring Sports Teams

Deduct Your Costs of Sponsoring Sports Teams

Have you wondered what it takes to deduct the costs of sponsoring a sports team? What if you play on the team? Could you pay for the team travel expenses? Revenue Ruling 70-393 states that the monies spent to outfit and support a sports team are similar to monies spent on other methods of advertising; […]

May 19, 2019 | By More
Backdoor Roth IRA

Backdoor Roth IRA

Good news. The Tax Cuts and Jobs Act (TCJA) did not harm the backdoor Roth strategy. The Roth IRA is a terrific way to grow your wealth with a minimum tax downside because you pay the taxes up front and then, with the proper holding period, pay no taxes after that. But if you earn […]

May 14, 2019 | By More
Tax Tidbits

Tax Tidbits

Although tax season does not really end until 10/15/19 when that last extended individual tax return is done, the initial first rush will be over by the time you read this. Each season I see various misunderstandings and misconceptions from clients that I believe are quite common and therefore good topics for my articles. Here are […]

April 13, 2019 | By More
Understanding Your Taxes

Understanding Your Taxes

Although mentioned in the last article, it needs to be mentioned again. Be sure you do not email sensitive financial information unsecured. You can password protect the file or send it via a secure portal. Today’s technology is great but allows easy theft of personal information. Many tax returns have already been completed and the […]

March 23, 2019 | By More
Being Proactive in your Tax Life

Being Proactive in your Tax Life

Being proactive in your tax life – TIPS Tax season is already in full swing. By the time you read this article you should have received most, if not all, of your tax documents. Be kind to your CPA, please do not wait until the last minute to drop off your items. A recurring issue […]

February 12, 2019 | By More