Archive for the ‘Blog’ Category

Getting a Head Start on 2017 (taxes that is!)

01/11/17 3:13 pm | Comments (0) | Posted By:

It’s only November but there’s still time to make the filing of your 2017 tax return less taxing in 2018. Withholding and Estimated Taxes. Make sure enough taxes are withheld to avoid surprises at tax time. Generally taxes are withheld from wages and other income such as pensions, bonuses, commissions and gambling winnings. Taxpayers with int...

Are you selling your home? There may be an income tax impact.

31/08/16 4:53 pm | Comments (0) | Posted By:

Selling your home sale could impact your income taxes. You may or may not have to pay income taxes on the gain from the sale of your home. The gain from the sale of your home may be excluded, either all or in part, from your income tax if you meet the eligibility test. The eligibility test consists of ownership and the use of the home rules. ...

Anti-fraud filters delay refunds

04/02/16 10:18 am | Comments (0) | Posted By:

National Taxpayer Advocate Nina E. Olson released her 2015 annual report to the Congress on January 6, 2016. Olson expressed her concerns that the IRS is scaling back telephone and face-to-face services to assist the nation’s individual taxpayers and business entities in complying with their tax obligations. In addition, other key issues were...

Hey big spender! A Guide to Tips and Tip Income

14/05/15 12:32 pm | Comments (0) | Posted By:

“Hey big spender! Bruce Willis treats waitress to a whopping 800 euro (roughly $900) tip after dining on filet mignon, lobster and gnocchi during Berlin getaway with Emma.” That was the headline published on Mail on Line May 12, 2015. The total bill was not disclosed. Typing “tipping guides” in Google search will result in no less than 35 ...

Medicare – The A B Cs (& Ds)

18/12/14 11:39 am | Comments (0) | Posted By:

  It seems like Medicare has been around forever, but actually, President Lyndon Baines Johnson called on the Congress to create Medicare in 1964 and signed the bill creating it on July 30, 1965. Medicare services began July 1, 1966 when more than 19 million Americans 65 and older enrolled in the program. Basically, the traditional (or ori...

Tax Extenders – Which Ones? And When?

18/11/14 1:20 pm | Comments (0) | Posted By:

  There are 55 tax provisions, also know as “extenders” that expired at the end of 2013. In a letter from the Internal Revenue Commissioner sent to the United States Congress, members of the tax writing committees stated that if Congress waits until 2015 to enact tax law changes affecting the tax year 2014, there may be a delay in the opening...

IOLTA – What Is It?

14/08/14 9:01 am | Comments (0) | Posted By:

  IOLTA (Interest on Lawyers Trust Accounts) was created in 1980, when the Congress modified federal banking laws allowing banks to pay interest on checking accounts. The first IOLTA account was created in Florida in 1981. IOLTA is source of funding to provide access to justice for individuals and to improve our justice system. Every state...

Thinking About an IRA Rollover? You’re Running out of Time!

17/07/14 8:00 am | Comments (0) | Posted By:

  Are you thinking about rolling your Traditional IRAs from one financial institution to another? Or maybe you need a temporary loan for less than 60 days. Whatever the reason may be, beware, the rules have changed. You have 60 days after the day on which you receive your distribution to complete a rollover of your traditional IRA to anoth...

Who Pays First?

07/05/14 1:15 am | Comments (0) | Posted By:

  Are you 65 or older, have Medicare, and other insurance coverage such as a group health plan from an employer? Who is the “primary payer” responsible for paying your medical bills first? When there’s more than one payer, “coordination of benefits” rules decide who pays first. The “primary payer” pays what it owes on your bills first, and...

ARE YOU READY? IT’S TAX SEASON!

16/01/14 11:32 am | Comments (0) | Posted By:

  Yes, it is that time of year. Now that the holidays are over, it’s time to start thinking about income tax. Were there any life event changes such as getting married, having a baby, adopting a child, death of a spouse, purchasing a home or any other events that would affect your income tax return? Start accumulating your documents to pre...

Traveling to Asia

19/12/13 10:54 am | Comments (0) | Posted By:

I recently came back from a 3 ½ week vacation from Taiwan, Hong Kong and China. We were traveling in a group tour in both Taiwan and China. I was very impressed with the tour guides who provided us with information about the various places we were visiting as well as stories from previous tours they headed. One particular story told pertains ...

Your Retirement Plan – Take a Loan or a Hardship Distribution?

19/09/13 8:00 am | Comments (0) | Posted By:

  More people are heading to their retirement plans at work for a bail out in today’s economic times. An individual will have financial options if he or she should be so lucky as to a have a retirement plan at work. An employee may request a hardship distribution or a loan from their retirement plan at work, if available. There are strict ...

Disposable Thinking

02/05/13 10:52 am | Comments (0) | Posted By:

  They just don’t make them like they used to. Have you ever said or thought these words? Products were not designed to last. Purchase of replacement products contribute to the profits of the manufacturers. Software programs, for instance, are constantly changing and must be replaced if you want support. The software still works but is no ...

Why Do We Blog?

21/02/13 8:50 am | Comments (0) | Posted By:

  The first known use of a blog was in 1999.  Blog is short for Weblog.  The Merriam-Webster defines a blog as “a Web site that contains an online personal journal with reflections, comments, and often hyperlinks provided by the writer; also: the contents of such a site”. Internet users have jumped from 360 million in 2000 to over 2 billio...

Financial Statements: Compilations, Reviews, and Audits – which one do you really need?

29/11/12 2:00 pm | Comments (0) | Posted By:

  Many times we have been contacted by clients and potential clients inquiring about our firm performing an audit for them, and more importantly, what will it cost? Some of the first questions we ask are “who is asking for it” and “do you think you really need an audit”? The answer depends on who will be using the financial statements and ...

Plan and Prep – How to Start a Business during Hard Times

13/09/12 8:42 pm | Comments (0) | Posted By:

  “A negative economy has little effect on a given business’ survival. Businesses started in expanding economies in 1995 and 2005, those started just before the downturn in 2000, and those started just after the downturn had almost identical survival paths”…(Source: BLS, Business Employment Dynamics.)   Many new small businesses go ...