Tax Deductions for Homeowners
For many people buying a home – whether it’s a fixer-upper in an up-and-coming neighborhood or that custom home you’ve always dreamed of – is a milestone event. While there…
Cash Management Tips for Small Businesses
Cash flow is the lifeblood of every small business but many business owners underestimate just how vital managing cash flow is to their business’s success. In fact, a healthy cash…
Understanding Marginal vs. Effective Tax Rates
Understanding marginal and effective tax rates are important for tax planning purposes; however, many taxpayers don’t fully understand the differences. Let’s take a closer look: Marginal Tax Rate The United…
What To Know About IRS Letters and Notices
When the IRS needs to ask a question about a taxpayer’s tax return, notify them about a change to their account, or request a payment, it often mails a letter…
Homeowner Records: What to Keep and How Long
Keeping full and accurate homeowner records is not only vital for claiming deductions on your tax return, but also for determining the basis or adjusted basis of your home. These…
Retirement Plan Options for Small Businesses
According to the US Small Business Administration, small businesses employ half of all private-sector employees in the United States. However, a majority of small businesses do not offer their workers…
Small Employer Health Reimbursement Arrangements
Small employer HRAs or QSEHRAs (Qualified Small Employer Health Reimbursement Arrangements) allow small businesses without group health plans to set aside money, tax-free, for employees to use toward medical expenses…
Key Tax Provisions of the Inflation Reduction Act of 2022
The Inflation Reduction Act (IRA), signed into law on August 16, 2022, includes provisions affecting businesses, individuals, the clean-energy industry, healthcare, and more. Let’s take a look: Businesses Sec. 461(l)…
New Job? Don’t Forget About Your 401(K)
One of the most important questions you face when changing jobs is what to do with the money in your 401(k) because making the wrong move could cost you thousands…
Understanding Your Rights as a Taxpayer
By law, all taxpayers have fundamental rights when interacting with the IRS, and all taxpayers should know and understand their rights. Ten categories of rights are presented in the Taxpayer…