Or run the risk of a high tax bill “Before taking action talk to your tax adviser.” How many times have you seen this legal disclaimer and have your eyes gloss over? Unfortunately, there are too many times when taxpayers do not follow this advice and then must pay the price with an unnecessarily high […]
Is it always a good idea to amend your tax return? There’s usually an element of relief after your annual tax return has been filed. But what do you do if you find an error on your tax return? Should you always file an amended return? Here are some things to consider. Errors in the […]
We see, hear, and read every day that the world is becoming more environmentally conscious and taking steps to “go green.” While many of these may be out of reach for smaller businesses, there are several things that even small businesses can do to head toward going green. Recycling. Most communities these days provide recycling centers. […]
Your tax bill is now due and you may be considering paying the bill with your credit card. Is this a good idea? How does it work? Here is what you need to know. The IRS has contracted with a few credit card merchants to offer credit cards as a method of payment. Why not? […]
Too often businesses emphasize increasing sales as the only way to boost profits. Cost-cutting, when done selectively and intelligently, can be a faster way to higher profits. “Trimming the fat” should continually be on every business owner’s or manager’s mind, and a serious cost-cutting review should be conducted every year or two. Here are nine […]
What to do if you miss a quarterly estimated tax payment Many clients like to keep their Federal Tax Withholdings as low as possible to avoid the IRS having their funds interest-free throughout the year. Other taxpayers, especially those with non-payroll income, must make quarterly payments to the IRS. As long as these quarterly payments […]
To keep your insurance costs down, don’t buy insurance to pay for every small medical bill, auto repair, or financial loss. Build a savings account to handle life’s small financial inconveniences. Think of insurance as protection against catastrophes. You can lower your insurance premiums significantly by taking larger deductibles. Also, look for comprehensive insurance, not […]
1. Maximize deductions. If you find you’re not able to use all of your itemized deductions these days, you’re not alone. Several of the deduction categories must meet thresholds before you can take any deductions. For example, you can only deduct medical expenses above 10% of adjusted gross income in 2019. Many taxpayers feel they are […]
Investors are increasingly uneasy about the ups and downs of the stock market. If you’re worried about your investments and want to reduce your debts, you’re in luck. Debt reduction gives you a guaranteed rate of return. By paying off a typical credit card, you’ll save about 18 percent interest on the amount you retire. […]
Tax and business planning is important for the success of any organization, but especially for the family-owned enterprise. Here are some important questions that owners of family businesses need to address. 1. Do you have a plan? Without a plan, your business has no direction and possibly no future. You can be sure your strong competitors […]