News & Updates
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 records include your purchase contract and settlement papers if you bought the property,...
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 retirement savings benefits. If you’re like many other small...
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 – including the cost of buying health insurance....
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) Business Loss Limitation. The pass-through tax...
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 of dollars or more in taxes and lower returns. Let’s say you put in five years at your current job. For...
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 Bill of Rights. Here’s an overview: 1. The right to be informed. Taxpayers...
Got Cash? What To Do With a Windfall
A cash windfall is any amount of money that you didn't expect to receive and is over your regular income. Most would consider it to be any amount over $1,000 - and quite often, the amount of money is much more than that. For example, you may have received a bonus at...
Tax Breaks for Teachers and Educators
It's almost time for the start of the new school year, and teachers and other educators should know that they can still deduct certain unreimbursed expenses. Deducting expenses such as classroom supplies, training, and travel helps reduce the amount of tax owed when...
The Difference Between a Hobby and a Business
A hobby is any activity that a person pursues because they enjoy it and with no intention of making a profit. In contrast, people operate a business with the intention of making a profit. However, many people engage in hobby activities that turn into a source of...
Dirty Dozen Tax Scams for 2022
Dirty Dozen Tax Scams for 2022 The "Dirty Dozen" is a list of common tax scams that target taxpayers. Compiled and issued annually by the IRS, it includes a number of aggressive and evolving schemes that taxpayers should avoid. Let's take a look at this year's "Dirty...