Still Time to Reduce any Tax Surprises!

Still Time to Reduce any Tax Surprises!

Consider conducting a final tax planning review now to see if you can still take actions to minimize your taxes this year. Here are some ideas to get you started. Review your income. Begin by determining how your income this year will compare to last year. Since...
Watch for These Tax Suprises

Watch for These Tax Suprises

Our tax code contains plenty of opportunities to cut your taxes. There are also plenty of places in the tax code that could create a surprising tax bill. Here are some of the more common traps. Home office tax surprise. If you deduct home office expenses on your...
SALT Workaround for State Taxes in 2022

SALT Workaround for State Taxes in 2022

The following article written by Randy Sprenger, EA, our Estate & Trust Manager applies to S Corps and Partnerships and their owners. What is SALT? No, it’s not just pepper’s companion. In the tax world, SALT stands for State And Local Tax, and is the...
Start Your Tax Planning NOW!

Start Your Tax Planning NOW!

Keeping your taxes as low as possible requires paying attention to your financial situation throughout the year. Here are some tips for getting a head start on tax planning for your 2022 return: Check your paycheck withholdings. Now is a good time to check your tax...
Summer Jobs and Taxes

Summer Jobs and Taxes

Now is the time to prepare for the not-so-pleasant part of having a summer job – paying taxes! Here’s what you can expect depending on what type of job you have this summer. The employee. A job at a retail store or restaurant generates earned income that is subject to...
Tax Consequences of Virtual Transactions

Tax Consequences of Virtual Transactions

As social distancing turns convenience into necessity, the number and types of activities moving to the internet is exploding. It’s important to remember that these virtual events often trigger real-world tax implications. Here are some things to keep in mind:...