Preparing for Your Child’s Future Education
Figuring out how to pay for your child’s trade school or college education can be challenging, and the earlier you create your plan and begin executing it, the greater your…
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How to Identify When the Time Is Right to Bring an Accounting Pro Into the Fold
Running your own business is a complicated affair with a wide range of different “moving parts” to concern yourself with, but many people don’t realize how many of them ultimately…
Taking Advantage of Tax-Free Gifting
If you are fortunate enough to have a large estate – one large enough to be subject to the estate tax upon your death – you might be considering ways…
Startups: Research Credit Can Offset Payroll Taxes
A little-known tax benefit for new, qualified small businesses is the ability to apply a portion of their research credit – no more than $250,000 – to pay the employer’s…
Thinking of Tossing Old Tax Records? Read This First
Now that your taxes have been completed for 2016, you are probably wondering which old records can be discarded. If you are like most taxpayers, you have records from years…
Can You Deduct a Home Office, and Is It Worth It?
Home office is a term used to describe the tax deduction for the business use of your home, which may or may not be an office. It is often misunderstood…
Thinking of Tapping Your Retirement Savings? Read This First
If you are looking for cash for a specific purpose, your retirement savings may be a tempting source. However, if you are under age 59½ and plan to withdraw money…
Deductions Eliminated Under Trump’s Tax Reform Proposal
One of President Trump’s key tax reforms is to eliminate all individual tax deductions except for those that incentivize home ownership, charitable contributions and retirement contributions. Although the administration’s one-page…
Naming Your IRA Beneficiary — More Complicated Than You Might Expect
The decision concerning whom you wish to designate as the beneficiary of your traditional IRA is critically important. This decision affects: The minimum amounts you must withdraw from the IRA…
Consequences of Filing Married Separate
If you are married and thinking about not filing a joint return with your spouse, you will most likely use the married filing separate (MFS) filing status. If you are…