Our Financial Blog

Your Annual Reminder to File Worker 1099s

This is our annual reminder that if you use workers other than employees to perform services for your business and pay them $600 or more for the year, you are required to issue each one a Form 1099-NEC after the end of the year to avoid facing the loss of the...

read more

Is that Inheritance Taxable?

Is inheritance taxable? This is a frequently misunderstood taxation issue, and the answer can be complicated. When someone passes away, all of their assets (their estate) will be subject to estate taxation, and whatever is left after paying the estate tax passes to...

read more

What Happens if I Receive an IRS CP2000 Notice?

There are few things that can send a chill down your spine more than mail from the IRS. Just seeing the agency’s name on an envelope’s return address creates anxiety. If you find yourself in that position and open the mail to find a CP2000 notice inside, you don’t...

read more

Don’t Miss the Opportunity for a Spousal IRA

One frequently overlooked tax benefit is the spousal IRA. Generally, IRA contributions are only allowed for taxpayers who have compensation (the term “compensation” includes wages, tips, bonuses, professional fees, commissions, taxable alimony received, and net income...

read more

Don’t Fall Behind in Saving for Retirement

Some folks have been tapping or suspending their retirement savings to make ends meet during this COVID-19 pandemic, and although understandable, it is important that they continue saving for retirement as quickly as financially possible. Still other people have...

read more

December 2020 Individual Due Dates

December 1 - Time for Year-End Tax Planning December is the month to take final actions that can affect your tax result for 2020. Taxpayers with substantial increases or decreases in income, changes in marital status or dependent status, and those who sold...

read more

December 2020 Business Due Dates

December 1 - EmployersDuring December, ask employees whose withholding allowances will be different in 2021 to fill out a new Form W4 or Form W4(SP).December 15 - Social Security, Medicare and Withheld Income Tax If the monthly deposit rule applies, deposit the...

read more

Employee Holiday Gifts May Be Taxable

It is common practice this time of year for employers to give their employees gifts. Where a gift is infrequently offered and has a fair market value so low that it is impractical and unreasonable to account for it, the gift’s value would be treated as a de minimis...

read more

Is a Living Trust Appropriate for You!

You have probably heard others discussing living trusts but may not understand the reasons for them or whether you should have one. Living trusts are an estate-planning tool, and there is not a one-type-fits-all living trust. Each one is customized to suit the special...

read more

Solar Tax Credit is Sunsetting Soon

A federal tax credit for the purchase and installation costs of a residential solar system is fading away. After being 30% of the cost for several years through 2019, the credit amount drops to 26% in 2020 and then 22% in 2021, the final year of the credit. The credit...

read more

The Importance of SEO in Website Design

While it is important to have an aesthetically appealing website, it may be more important to have good “under the hood” structure that supports SEO (search engine optimization) and inbound marketing.  One of the primary purposes, if not THE primary purpose,  of a...

read more