Tax Planning

If you are like many people, you are thinking about what may be ahead as you near retirement.  Whether you are within a few years of retirement or still have decades to go, contributing as much as possible to your retirement plans can pay off big in the years ahead.  But as you know, the contributions to various plans can change fro

When you own real estate investment properties, there are a lot of tax benefits to be aware of. One of those is depreciation, and it can save you quite a bit of money on your tax bill. While you probably already take other deductions on your property, the depreciation benefit is an extra one that's separate from the other deductions.

If you experience a job loss, you will of course have numerous questions as to how it will impact your job situation. Whether you are an employee who lost your job or a business owner who had to lay off your workers, here are some important details to keep in mind.

How Will Your Job Loss Affect Your Tax Situation?

For most people, paying taxes is straightforward. You get a paycheck from your employer and the employer has already deducted the amount you owe to the IRS. When it comes time to file your tax return, the discrepancy between what you owe and what you already paid might be minimal.

In this gig economy, more taxpayers than ever before are receiving tip income. Whether the tips are from waiting tables, driving for Uber, or making home deliveries, those tips are considered taxable income. However, there is a lot of confusion over how to report tip income, what is the threshold for reporting and who should report it.

Do you have an elderly parent or adult relative that you take care of? It doesn’t have to be a parent; it could be an adult child with special needs, an elderly aunt or another close relative. As long as it is a qualifying relationship, the IRS allows you to claim such a persons as a dependent on your tax return.

Selling cheesecakes on the side, or DJ’ing friend’s weddings? You’re not alone. Over 15% of Americans work a side hustle, for reasons ranging from building a savings account to paying off debt.

Whether you run a brick and mortar business or an ecommerce business, you have to deal with charging sales tax. How and when to charge sales tax has always been a confusing issue for business owners. And since more people are now running both an ecommerce operation in tandem with a brick and mortar operation, the issues are even more confusing.

As a business owner, you’re entitled to a plethora of tax deductions. These tax deductions can help you to offset business income, which ultimately helps you be more profitable. Of course, you need to be careful with your tax deductions. Always consult with your CPA about which deductions are available to you, and how to take them.

Whether it’s carols blasting in the malls, or menorahs in the window, the holiday season is upon us. For small businesses, it can be a great time to say “thank you” to the clients who’ve helped you have a successful year. Some companies choose to send holiday cards, which only cost pennies, but others want to go above and beyond.