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

How to Deal with Incorrect 1099s

It is late January and you realize the 1099-MISC you receive is in error. In fact, it overstates your income by $2,000. What should you do?  Gather your facts. Put yourself in the shoes of the vendor, bank or investment company representative. Gather evidence they will need...

Tax

Late Tax Law Changes…AGAIN!

In what is becoming a habit, Congress and the Executive office have once again changed tax laws in the final days of the tax year.   The problem  Beyond the additional billions added to the national debt, this habit creates numerous problems. It requires scrambling from:   The...

1099 Deadline is Around the Corner

In an attempt to combat tax return fraud, the IRS made changes to certain reporting deadlines a few years ago. The two changes with the biggest small business impact are reporting the information from Forms W-2 (Wage and Tax Statement) and 1099-Misc (Miscellaneous Income). Since...

Tax

Making Your Mileage Matter

One of the most overlooked and under-captured expenses is vehicle mileage. In this discussion, I'll show you how to easily master your mileage to maximize your tax savings from this deductible expense. I hear the expression over and over...

Equity vs. Debt Financing: What to Consider

Whether you’re crafting an initial business plan, expanding into new markets, or focused on meeting this week’s payroll, solid funding decisions can keep your company on the right trajectory.   In addition to cash generated by operations, small businesses often get infusions of cash from two primary...

Big Changes for Form W-4

Now is the time to review your tax withholdings Just when you thought you had a firm grasp on all the tax changes, the IRS is making a dramatic change to the way tax withholdings are calculated on your paycheck. Form W-4, used to calculate your...

Tax

IRS ALERT: Two New Tax Scams

The IRS remains on the lookout for tax scams that can blindside unsuspecting taxpayers. Now two variations of past scams are currently making the rounds. Here’s what you need to know:   The new scams   The SSN hustle. This scam resembles another where callers impersonate IRS agents. In...

Retirement Basics: Understanding Tax Efficiency

One of the basics in retirement is to be as tax efficient with your income as possible. In 2019, income tax rates range from 0 to 37 percent, plus a potential 3.8 percent net investment tax. Understanding how these progressive tax rates apply to ordinary...

Tax

Don’t Fall for These 5 Audit Myths

When it comes to the perception of IRS audits, conjecture reigns supreme. The combination of the complex tax code and a government agency with the full authority to enforce it leads to some pretty wild ideas. Separating truth from fiction is an important exercise for...

4 Awesome Summertime Tax Saving Tips

Summer is usually the time for relaxing, but it can also be a time for tax savings, especially if you’re still reeling from an unexpectedly large tax bill in April. Here are four timely tips:   Rent your home. If you rent out your main home or...

3 Great Charitable Deduction Ideas

Despite what you may have heard from friends or family, you can still claim generous tax benefits for charitable contributions. Here are three prime examples of charitable tax breaks ripe for the picking if you know where to look:   Qualified charitable distributions. If you’re age 70½...

Replacing Lost Tax Breaks for Your Growing Children

Your kids are getting older. Before you know it they’ll be dating, driving and entering college (if they aren't already!). Tax breaks drop dramatically as your children grow up, but you may be able to offset the losses with some timely tax planning. Consider the...