Setting up Your Business Accounting System You’ve done the hard work. You have a new business idea or you’ve found an existing business to purchase. Want to help ensure your business success? Pay attention to correctly setting up your business’ accounting system. Here’s how: Consider business entity. Choosing the right legal and tax entity for your…
Author: Curt
Are you Sharing Too Much Information Online? In today’s digital age, it is impossible to avoid the internet. Even if you don’t have a computer and actively avoid social media, there is information about you in some corner of the web. Here are some tips to help you manage your digital footprint: Actively manage your…
Dramatic Sales Tax Change The U.S. Supreme Court issued a ruling in the South Dakota vs Wayfair case that opens the door for states to impose sales tax on sellers outside their borders. The case highlights a new standard of business presence called “economic nexus” that may have major implications for businesses and consumers alike….
Ideas to Improve Your Financial Health No-one likes to be blindsided by financial hardship. Listed here are 10 ideas to help ensure your financial situation stays healthy. Create a safety net. Plan to have a minimum savings balance to cover at least three months’ of expenses (ideally, this should be six to 12 months). If your…
Student Loan Forgiveness Creates New Tax Trap There’s a new student loan repayment program that forgives some student loan debt if other payments are made. This new debt forgiveness is creating a tax surprise for the unsuspecting student. Here is what you need to know. The debt forgiveness program dilemma To combat the hardship of…
Manage Capital Gains Tax Tips If not tracked and managed properly, capital gains tax can come as a large surprise at tax-filing time. In fact, many taxpayers don’t realize they have a capital gain until they get their 1099 form in January and see a capital gain distribution. Here’s what you need to know. Understand…
appy tax filing month! To help celebrate, this month’s newsletter includes a tax quiz exploring the history of taxation in the United States. Also included is a reminder to help your favorite charitable organizations retain their nonprofit status, a simple four-step household budget building process and a reminder of some popular tax breaks that are…
THERE’S STILL TIME to complete your return by April 15th. All information needed to prepare returns should be received in this office no later than March 21, 2017. If we receive initial or additional information after this date, we will make every effort to complete your return(s) without an extension. Priority service will be given…
When Converting to a Roth Makes Sense Virtually anyone with a qualified retirement savings account can convert funds into a Roth IRA. A Roth is different from other retirement accounts in that contributions come from after-tax dollars, while earnings are tax-free. The question for taxpayers with funds in tax-deferred Traditional IRAs, SEP-IRAs, 401(k)s, and 403(b)s…
Know Your Audit Risk Nearly every taxpayer can imagine a worst-case scenario where they run afoul of the IRS and are selected for an audit. Here are a few areas that tend to get unwanted audit attention and ideas to help you stay prepared. Your audit risk is (probably) low. The first thing to remember…