Our Blog
Disappearing Tax Deductions! Don't Miss Them on Your 2017 Tax Return
March 5, 2018
Have you filed your 2017 taxes yet? If not, you still have the opportunity to make sure that you lower your tax obligation as much as possible. With new tax laws in effect for 2018 and beyond, the following deductions will disappear after this tax season—check them out to see which ones may help you lower your taxable income:
1. Personal and dependent...
Considering Hiring a Cybersecurity Professional? Here's What to Look For.
February 1, 2018
With the occurrence of cybercrimes affecting businesses increasing daily, many companies are looking for outside expertise to help them mitigate their risks. If your company has never engaged a cybersecurity professional before, you may be unsure of what to look for. The IRS suggests businesses use the following four steps when evaluating and selecting a cybersecurity...
Quick Tips to Help You Tackle Your Taxes with Ease
January 3, 2018
Tax season is approaching quickly. It’s just a few weeks until the IRS officially starts accepting returns, which means now is the perfect time to use the tips below to help you net some last-minute tax-savings and tackle tax season with ease.
1. Top up your retirement accounts. You still have until April 17, 2018 to make a contribution to a...
Tax Cuts and Jobs Act Summary
December 27, 2017
With the recent passage of the Tax Cuts and Jobs Act, many changes to the Internal Revenue Code will be implemented starting in 2018. Here are some of the most notable changes:
1. Starting in 2018, personal exemptions are repealed.
2. The child tax credit will increase to $2,000 per qualifying child...
Tax Reform Update: A Snapshot of Key Proposals in the GOP Bill
December 4, 2017
On November 16, the House passed a new tax reform bill that moves the GOP closer to bringing the legislation to fruition. Now the Senate is preparing its own tax reform package. If passed, it must be reconciled with the House before any final legislation goes to the White House. Here is a snapshot of some of the key changes proposed in the tax reform bill:
- Individual tax rates...
How to Know if the Knock on Your Door is Actually Someone from the IRS?
November 20, 2017
People can avoid taking the bait and falling victim to a scam by knowing how and when the IRS contacts a taxpayer in person. These 5 things can help determine whether an individual is truly an IRS employee.
1. The IRS initiates most contacts through the regular mail delivered by the US Postal...
Plan Now and Take Advantage of 2017 Tax Savings
November 3, 2017
The end of the year is often hectic, which is why it’s important to take some time now to reduce your tax bill. Our office can offer additional strategies to further mitigate your tax burden; however, the following 5 tips are an excellent starting point:
1. Defer income. Because income is taxed in the year it is received, it may be beneficial...
5 Tips to Reset Your Stress Response
October 9, 2017
Because stress related to work, family issues and other events is something that affects many of us, it’s important to reset your own stress response to protect your health and productivity. Sharon Melnick, Ph.D., a business psychologist, offers these tips:
Act don’t react. According to Melnick, “Stress occurs when we feel that situations are out of...
Proposed Tax Reform Plan: What Could it Mean for You?
October 2, 2017
Tax reform, one of President Trump’s key legislative agenda items, is moving closer to fruition. Based on the outline of his proposed tax reform package, which he unveiled on September 27, 2017, we’ve compiled this brief overview of the President’s major tax proposals:
Individual tax...
Impacted by the Equifax Hack? Take These Steps Now!
September 14, 2017
If you were a victim of the recently announced Equifax hack, you need to take action to mitigate any negative impact it may have on your finances and credit. If you’re not sure if you were affected, you can use Equifax’s Potential Impact tool to find out. You will need to input your last name and...
Free Money-Saving Apps for Every College Student
August 15, 2017
There likely aren’t many college students who don’t have a smart phone loaded with helpful apps. However, it is unlikely that any of these apps are dedicated to helping them build their financial fortitude. This is why we created our list below—chock-full of apps designed to make it easier for college students of any age to save...
Expert Advice to Keep Your Internet Enables Devices Safe from Cyber Criminals
August 4, 2017
Did you know that your webcam and even your home or office internet router can be the gateway through which cyber criminals gain access to your most sensitive data? If not, don’t panic—we have helpful tips below from the experts at the National Cyber Security Alliance to ensure that you head off this type of malicious action.
1. Educate yourself about maintaining...
Be Alert & Aware: Tax Scammers Don't Take a Summer Vacation!
July 13, 2017
The IRS has identified several new variations of standard tax scams involving fake tax bills and demands for payments. Many of these scams involve purchasing and transferring information using a gift card or iTunes card. Other scams to be aware of include:
Electronic Federal Tax Payment System (EFTPS) Scam: This scam involves con artists claiming to be from the...
Tips For Implementing a Successful Flex-time Schedule this Summer
June 29, 2017
Now that summer/vacation season is here, your business may be enjoying a more relaxed vibe with employees taking time off or leaving early. If you’ve ever thought about implementing a flexible work program, now may be the time to pilot one, especially if your business is a bit slower this time of year. To help, we offer the following tips:
Start with a...
Four Mid-Year Financial Planning Tips
June 15, 2017
It’s almost exactly the mid-point of the year, which makes it prime time for a mid-year financial review. If you need some monetary motivation for evaluating your financial progress so far this year, you may want to think of mid-year planning as a series of potential money-saving opportunities, for example:
1. Save tax dollars by evaluating your...
How to Protect Your Business from the Next "Wanna Cry" Attack
June 5, 2017
The recent “Wanna Cry” ransomware attack that paralyzed several large organizations in the U.S. and Europe is a solemn reminder that the risk of cyber security breaches is real. Every business owner should take steps to assess the type of cyber security threats their business could be subject to and how to avoid them. The tips below are a good place to...
PREPARING FOR SUMMER VACATION SAVINGS
May 30, 2017
Its almost the summer season and many of you have already started making vacation plans. As the pace of work slows a little and the kids get out of school for a few months, its the perfect time to plan a getaway to see some sights or simply relax. But be aware that when you're traveling, dining out and all of the little "extras" that vacations often entail can add up quickly -...
Tax tips for Home Buyers & Sellers
May 18, 2017
1. Sale of Principle Residence Exclusion - $250,000 of gain for single filers and $500,000 of gain for joint filers can be excluded from income on the sale of a principal residence. Must have owned and lived in the home as a principal residence for 2 of the last 5 years.
Exclusions can only be used every two years.
2. Mortgage loan...
Take Your Spring Cleaning to the Office with These Tips
May 8, 2017
Window washing, carpet cleaning, garden grooming—these are all popular spring cleaning chores for homeowners. However, with year-end and tax season behind you, this time of year is also perfect for spring cleaning at the office. These tips will help you and your staff get—and keep—that “just cleaned my office” feeling:
Start with a clean sweep of...
I Didn't File a Tax Return - What Should I Do?
May 5, 2017
If you never filed a tax return for 2016, don’t delay!
First, gather all information related to your income and deductions for the 2016 tax year and give our office a call. We will be happy to quickly schedule an appointment for you to meet with one of our seasoned accountants who can go over all your information and complete you return.
If you owe taxes, you...
