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Information that keeps you "in the know" with the intent of improving your financial well being.

Now is a Great Time to Organize Your Tax Records

The time to organize your tax records is now. Waiting until the end of the year or, even worse, waiting until you are audited can lead to headaches. Here are some tips to get on top of your tax records.   Storage Hints   Organize your records...

Tax

Hidden Back to School Tax Deductions

Summer is coming to a close and the back-to-school advertising blitz is underway. Hidden in some of those school expenses are tax deductions you can take advantage of. Here are some ways you can save:   Watch for tax deductions on the supply list. Often...

Tax

Fund Your Retirement or Your Child’s College?

As our students prepare to head back to school, many families face the difficult decision to save for retirement or use those funds to pay for their children’s college education. If you are facing that dilemma, here are some thoughts:   Prioritize retirement over education   In...

Common Tax Increase Surprises

Picture this: For the past few years you've received your tax return and have had a small but nice refund. Now imagine your surprise, when next year, you are required to send in a fairly big check to settle your tax bill. Believe it or...

Should You Expense or Depreciate Your Capital Asset?

If you own a business, you know that you may accelerate the expensing of qualified capital purchases. This can be done within two special provisions in the tax code that were recently expanded:   Section 179 The annual amount of qualified assets that may be expensed...

Tax

IRS Debuts Postcard-sized 1040 for 2018

At the end of June, the IRS unveiled a new draft version of the 2018 Form 1040. This newly proposed postcard-sized 1040 form replaces the old 2017 1040, as well as forms 1040EZ and 1040A. While some in Washington are celebrating the design as a...

Tax

Five Common Retirement Mistakes

Here are five common retirement planning mistakes and steps you can take to avoid them.   1. Not having a plan   Surprisingly, most do not know how much money is needed for retirement. A retirement plan should consider how long you expect to live, establish...