Tax Knowledge

/Tax Knowledge

Year-End Planning

2016-12-08T19:18:45+00:00

The Basics If your medical expenses don’t add up to 10% of your adjusted gross income (AGI), see if an elective or necessary deductible procedure would allow you to take the deduction. Contribute to or open a qualified retirement [...]

Year-End Planning2016-12-08T19:18:45+00:00

Starting a Business

2016-12-08T19:19:38+00:00

In this world there are leaders and followers. An entrepreneur is definitely a leader. They assume the risk of starting and operating a
business in order to fulfill a dream and become financially independent. However starting a small business is [...]

Starting a Business2016-12-08T19:19:38+00:00

Small Business

2016-12-08T19:21:55+00:00

The Basics: If you conduct a business activity on a regular basis with the intent of making a profit, the income is generally subject to self-employment tax. Ordinary and necessary business expenses are deductible if the business is operated [...]

Small Business2016-12-08T19:21:55+00:00

Scams and Fraud

2016-12-08T19:22:08+00:00

Don't Fall Prey to the 2015 Dirty Dozen Tax Scams The Basics: Be wary of phony e-mails that ask for personal information. The IRS will never call you and ask you for your social security number or credit card. [...]

Scams and Fraud2016-12-08T19:22:08+00:00

Saving for Education

2016-12-08T19:22:24+00:00

The Basics: A Coverdell Education Savings Account (ESA) provides a tax-efficient way to save for a student’s education in elementary, secondary and post-secondary educational institutions. A Qualified Tuition Program (QTP) provides a tax-efficient way to save for higher education [...]

Saving for Education2016-12-08T19:22:24+00:00

Retirement Planning

2016-12-08T19:23:28+00:00

The Basics: Social Security is a foundation for retirement, but you will generally also need have other investments to draw upon. Many employers match a specified percentage your 401(k) contributions—of course, most airlines don’t. IRAs may provide some tax [...]

Retirement Planning2016-12-08T19:23:28+00:00

Rental Income

2016-12-08T19:23:38+00:00

The Basics: The money you receive for the use of real estate is taxable to you as rental income. Don’t include a security deposit in your income if you plan to return it to the tenant at the end [...]

Rental Income2016-12-08T19:23:38+00:00

Record Keeping

2016-12-08T19:23:50+00:00

What and how long? The old concept of keeping all receipts and pitching them in an old shoe box is not a bad idea.  This means you only have to deal with this box once – Tax Time!  The [...]

Record Keeping2016-12-08T19:23:50+00:00

New Baby

2016-12-08T19:24:13+00:00

The Basics: Qualify for credits including the Child Care Credit, the Child Tax Credit, and the Earned Income Credit. If you’re a single parent paying more than half the household costs and your child lives with you more than [...]

New Baby2016-12-08T19:24:13+00:00

Medical Deductions

2016-12-08T19:25:59+00:00

The Basics: If your employer has a flexible spending arrangement, consider using it to pay your medical expenses. To deduct medical expenses, you must itemize and medical expenses must exceed 10% of adjusted gross income (AGI). Disability is taxable [...]

Medical Deductions2016-12-08T19:25:59+00:00