For over twenty-five years, Keller & Owens, LLC has served the professional needs of faith-based, not-for-profit organizations, especially churches. We have seen a number of churches with sound, reliable controls over financial transactions and resources. Sadly, we have seen many with weak and incomplete financial internal controls that undermine the reliability of data used by […]
Forms 1099 are “information returns” that businesses are required to file annually with the IRS. The forms are used to report amounts a business paid out that should be reported by the recipients as income. Form 1099-MISC, Miscellaneous Income, is probably the most familiar to business owners. But Form 1099-MISC is just one of a […]
When you’re short of cash, raiding your 401(k) plan may seem like a good idea. Here are two reasons why it isn’t. Penalties and taxes. If you’re not at least 59½ years old, you’ll be hit with a 10% penalty for early withdrawals except in certain limited cases, and the money you withdraw will be […]
Celebrate your 65th birthday with federal income tax benefits. Here are some of the breaks available once you reach age 65. Higher standard deduction. Your standard deduction is the sum of the basic standard deduction plus an additional standard deduction if you are age 65 or older at the end of the tax year. You […]
The Protecting Americans from Tax Hikes Act of 2015 was signed into law on December 18, 2015. The law renews a long list of tax breaks known as “extenders” that have been expiring on an annual basis. This legislation makes some of the rules effective through December 31, 2016. Others are effective through 2019, and […]
Couples often enter into marriage without ever having had a serious discussion about financial issues. As a result, they find themselves frequently arguing about money. If you are planning a wedding, here are some steps you can take to get your marriage off to a good financial start.
Is your file cabinet overflowing? Do you hesitate to purge tax information because you’re not sure what to keep and what to discard? Here’s a quick guide to help you cut through the clutter.
The income tax effects of mutual funds can be complex, and poorly timed purchases or sales can create unpleasant year-end surprises.
The tax law provides a valuable tax-saving opportunity to business owners and real estate investors who want to sell property and acquire similar property at about the same time. This tax break is known as a like-kind or tax-deferred exchange. By following certain rules, you can postpone some or all of the tax that would […]
WASHINGTON – IRS Summertime Tax Tip 2015-24: People often change their job in the summer. If you look for a job in the same line of work, you may be able to deduct some of your job search costs.