There are very few things that can be done after the year is over to reduce your taxes. One of the only things people can do is contribute to an IRA by April 15th for the prior tax year, which sometimes can be enough. I helped one of my clients avoid a $7,115 healthcare premium …
Now that fall semester is underway, it’s time to pay tuition. Parents, this tax tip could save your family an extra $1,500 this year. It’s very simple. If your student pays tuition with their own checkbook this year, they will be the one who has to claim the American Opportunity Credit. That credit is up …
Parents, don’t let your students pay their tuition this year. They’ll lose $1,500 Read More »
I work with the outdoor retail industry including specialty bike shops & outdoor retailers. As tariffs approach 25% from china-made goods, many retailers have started to panic. Some believe this will end their business, or cause huge losses. Although I empathize with them, I also see that in all things, there is a silver lining. …
There is a silver lining in all things – even Retail Read More »
Business structure matters. If you plan on starting a small business, you will have to choose how it will be legally organized. This decision has been made a little more complex as a result of federal tax law changes made by 2017’s Tax Cuts and Jobs Act (TCJA). In fact, even owners of companies that …
Which business structure pays the lowest taxes under the new tax laws? Read More »
Do your plans for the future include selling your small business? For the best chance of a successful outcome, you’d be smart to start preparing for the sale well in advance. For What It’s Worth After you’ve built your business from the ground up, being objective about its value can be difficult. If you know …
You chose your home for a variety of reasons — safe neighborhood, good schools, nice yard, friendly neighbors. It’s the ideal location to raise your family. But have you considered what would happen to your family if you were to die unexpectedly? Would your spouse be able to afford the mortgage? Could your family continue …
Be Sure Your Family can Keep Their Home with the Right Life Insurance Read More »
How would you like Uncle Sam to pay for part of your vacation? Sound unlikely? If you combine your vacation with a business trip, you may be able to deduct some of your expenses. Pay attention to the rules, though. Expenses must meet certain requirements before they’re tax deductible. General Guidelines As long as your …
An LLC is one of the most popular business structures for small and medium businesses, partly because it can be fairly easy to set up and provides some legal protection for business owners. Here are 10 things you might not have known about it: An LLC generally protects its owners from personal liability for business …
The 2 primary schools of thought: When it comes to choosing how to invest for retirement, the 401(k) and IRA are still among the most popular options for most Americans. Within the IRA, you can choose between tradition or Roth. The choice between these two rests largely on the difference between 2 major schools of …
Key Changes to Note Child credit — Starting with the 2018 tax year, taxpayers can claim a $2,000 per child tax credit, or double the prior credit amount. The refundable portion of the credit has been increased to $1,400 per qualifying child, and other restrictions on the credit have been eased. Charitable contributions — Generally, …