Six Tips for Charitable Taxpayers

WASHINGTON – IRS SUMMERTIME TAX TIP 2012-20 – Contributing money and property are ways that you can support a charitable cause, but in order for your donation to be tax-deductible, certain conditions must be met.  Read on for six things the IRS wants taxpayers to know about deductibility of donations. Read more

What’s More Important – Saving for Children’s College or Your Retirement?

A college education. Retirement. What do these major life events have in common?  One shared characteristic is that each comes with a price tag. Here’s another: If you have school-age kids, you might be facing the challenge of having to decide which goal to save for. They’re both important. So how do you make the choice? Read more

Credit Card Calculator

Should a Freshman in College Have a Credit Card?

Should you send your child off to college with a credit card? Opinions are divided, both among parents and financial advisors. It’s a situation that can work out really well or really badly, depending on the student and the parents. Read more

IRS file

Organizing Tax Records This Summer Can Help You Keep Your Cool

WASHINGTON – IRS Summertime Tax Tip 2012-16  – If the sweltering dog days of summer aren’t incentive enough to get out of the sun for awhile, the IRS suggests another reason to head indoors: organizing your tax records. Devoting some time mid-year to putting your tax-related documents in order may not only keep you out of the sun, but it should also make it easier for you to prepare your tax return when the filing season arrives. Read more

Taxes File Folder

Taxes are Due on Self-Employment Income

There is no income tax withholding on self-employment income, but that doesn’t mean you’re not required to pay taxes during the year. Read more

What’s Your Company’s Breakeven Point?

The figures on an income statement report the sales, expenses, and net profit or loss of a business. But these figures can be helpful in another way. They can be used to compute the breakeven point for the business. Knowing your breakeven point can help you run your operations more efficiently and profitably. Read more