Tax Tips Credit, FICO, Negative Information, planning
You can check your credit rating from all three of the major credit reporting agencies for free to insure the accuracy of your report. Simply log onto the Internet and go to www.annualcreditreport.com. Alternatively, you can receive your free report if you call 1-877-322-8228. You are allowed to obtain one free report from each agency […]
Credit, Investments, Tax Tips Cash Flow, investment, Value
Investing basics: Picking the right stocks We have witnessed such volatile activity in the stock market in recent years that the old stock selection rules are not always applicable. Seasoned investors and new investors alike want a sure-fire way to pick the winners. Well, no one can offer any guarantees, but smart investors do have […]
IRS, IRS Rules, Tax Break, Tax Tips business, Clients, CPA, deduction, Falls Church, home office, Rules
Your home. Your office. Are they one and the same? If so, you may be able to take a home-office deduction that can save income and self-employment taxes. The deduction gives you the opportunity to claim expenses related to the business use of your home, such as utilities, repairs, and insurance. Meet the requirements, and […]
Tax Break, Tax Law, Tax Planning, Tax Tips College, CPA, kiddie tax, refund, tax law
A warning to kids who want to file their own tax return If you have children younger than 19 years old (or 24 if a full-time student) coordinate the filing of their taxes with yours. How they file is a matter of tax law. The problem Your child is away for college. You prepare and […]
IRS, IRS Rules, Tax Break, Tax Law, Tax Tips 1099's, Check for accuracy, withholding
Now is the time you will start receiving year-end informational tax forms. We’re all fairly familiar with W-2s from our employer, but you will also probably receive a number of different 1099s. Make your tax filing experience smooth this year by staying on top of these informational tax returns. Here are some tips. Know the […]
Credit, Credits, Individual Taxes, Tax Law, Tax Tips Accounting, Bank, Change ID, CPA, Move, State
State tax authorities becoming very aggressive when you move Suppose you retire to a new state with warm weather and lower taxes. If you keep a part-time home in your original state or you later decide to return, you could have a tax problem. State tax authorities may argue you never really left, and that […]
Credit, Credits, Individual Taxes, IRS, IRS Rules, Tax Break, Tax Law, Tax Planning, Tax Tips Accounting, CPA, deductions, Itemize, new law, tax law
Can’t itemize? There are still tax breaks for you A common misconception in tax filing has been that if you use the Standard Deduction versus itemizing your deductions you have few additional benefits available to reduce your tax bill. This is often not the case. Standard or Itemize? Every taxpayer can take the Standard Deduction […]
Credit, Credits, Individual Taxes, IRS, IRS Rules, Real Estate, Tax Law, Tax Planning Bank Account, Gain, home, Married
Understanding the taxable gain exclusion on home sales If you’re considering selling your home or have recently sold your home, there are possible tax consequences. The good news: much of the gain on the sale of your home may be tax exempt. Here’s what you need to know: Captial Gain Home Sale Exclusion You can […]
Credit, Credits, IRS, Retirement, Tax Law, Tax Planning, Tax Tips Account, Accounting, CPA, deductible, divorce, insurance, IRA
Use the following financial checklist if you find yourself considering divorce. This list is not all-inclusive and is no substitute for the professional assistance of your accountant and attorney. When contemplating divorce If you don’t already have a credit card in your own name, apply for one. Consider establishing a credit history in your own […]
Individual Taxes, IRS, IRS Rules, Tax Law, Tax Tips Combat pay, CPA, Deadline extension, EITC, Tax, W2
The Military Life There are special tax benefits to members of the U.S. Armed Forces. If you or someone you know is in the military, prior to filing a tax return it makes sense to review your situation. Outlined here are some of the more common. Combat Pay Income Exclusion. If you serve in a combat […]
