Accurate Inventory Numbers are Crucial for your Business
For many companies, inventory is a significant dollar amount on the company’s financial statements. So it’s crucial that recorded inventory balances reflect actual values. Read more
Don’t Let the IRS Become Your Pen Pal
Getting a letter or notice from the IRS can be upsetting, confusing, and unnecessary. The IRS sends taxpayers notices to request payment for taxes, to notify them of a change to their account, or to request additional information. Attention to the following details will reduce the likelihood that you will become pen pals with the IRS. Read more
Your Social Security Benefits May Be Taxable
Did you sign up for social security benefits last year? If so, you may have questions about how those payments are taxed on your federal income tax return. Read more
Every New Business Needs a Record System
Many small start-up businesses are off and running before any record system has been set up. There is money deposited into the new business checking account, some from invested funds and some from sales. Money has been paid out for equipment and supplies, some by check and some by cash out of pocket or from sales receipts. Read more
Congress extends tax breaks in year-end legislation
In its final session of the year, Congress extended a long list of tax breaks that had expired, retroactive to the beginning of 2014. But the reprieve is only temporary. Read more
Self-employeds get tax breaks
When it comes to taxes, being self-employed has some advantages. Whether you work for yourself on a full-time basis or just do a little moonlighting on the side, the government has provided you with a variety of attractive tax breaks. Read more
There Are Tax Breaks When You Do Charitable Work
If you do volunteer work for a charitable organization and have not kept track of your out-of-pocket expenses, you might be passing up an excellent opportunity to lower your tax bill. To qualify, your unreimbursed expenses must relate directly to the charity, and you must itemize your deductions on your tax return. Here is a brief rundown of some possible deductions. Read more
Let the Tax Man Help with Child Care Costs
Are you a working parent looking for ways to ease the burden of child care expenses? There are several tax-saving strategies available to you. Read more
Dealing with Finances After the Death of a Spouse
The death of a spouse can be a devastating experience, both emotionally and financially. As the survivor, you’ll have to make important decisions while you’re in what could be the most vulnerable and distracted stage of your life. The suggestions that follow might at least help ease your financial stress. Read more
Grandparents Can Help With College Costs
Are you a grandparent who wants to help pay for a grandchild’s college education? You’ll find several ways to do this, each with its own limitations and tax consequences. Read more