Tax filing time is an ideal time to review your financial affairs. You have to gather information to prepare your tax return at this time. Why not take one more step and do something positive for your financial well-being? The following suggestions will get you started on your financial review: Hold a discussion with your […]
The taxation of alimony has changed drastically since 2019. Here’s what you need to know: New rules Alimony is no longer tax-deductible for the payer. Alimony is no longer taxed as income for the recipient. That means that alimony is much less affordable for those paying it, while those receiving alimony do not have to […]
Many families face the difficult decision to save for retirement or use those funds to pay for their children’s college education. The dilemma With student loan amounts in the trillions of dollars, our kids are exiting college with debt the size of small home mortgages. Given that both education and health care costs continue rising […]
The IRS is clear on their point of view. If you barter you must include the barter activity’s fair market value as income on your tax return in the year the barter activity is performed. But is it really that simple? Here are some things to consider if you barter. What is fair market value? The […]
With the proliferation of cell phones, and the corresponding accessibility of you to your employer, invariably most employees are receiving and making business calls on their cell phones. So how can you deduct your cell phone expenses on your tax return? Here are some ideas and tips: Expense Report. If you are an employee and use […]
April 15th, April 18th, or April 19th? How can something as simple as an April 15th filing due date for individual tax returns and 1st quarter estimated tax payments be made complicated? Glad you asked, here is what you need to know. Explanation The ingredients. Washington D.C. Emancipation Day, Maine and Massachusetts Patriots Day, the […]
Parents facing college expenses have several provisions in the tax law to consider. The benefits don’t apply to all, but there is something of interest for many families. Tax credits The American Opportunity Tax Credit is available for certain tuition and fees, and it allows you to reduce taxes annually up to $2,500 per student for […]
The Internal Revenue Service expects individual taxpayers to file more than 150 million returns this year. If prior-year statistics hold steady, over 70 percent of filers will get a refund. That’s the good news. But scammers are still on the prowl, constantly devising new ways to steal your money — including your tax refund. How […]
The death of a loved one is a stressful event. In addition to the emotional turmoil, survivors must deal with a number of financial and tax issues, some of them mundane and some quite complex. Here’s a quick guide to help you through this difficult time. After a death, you should first try to locate […]
Having some form of health care insurance makes sense no matter if you’re currently employed, between jobs or retired. Otherwise you or your loved ones could spend decades paying off medical bills in the aftermath of a serious accident or life-threatening illness. Con artists know this. They’re masters at preying on the vulnerabilities of unsuspecting […]
Are your organizational meetings dull, uninspiring, and inefficient? Do they drain morale, waste time, and focus on the past? Would you like them to be vibrant, engaging, productive, and future-focused? If so, here are some suggestions to supercharge your business meetings. Assess your current situation. Be honest. Determine what is and isn’t working and commit to […]