Mid Year Tax Planning   This is a time of the year where tax planning may be warranted. For many taxpayers tax planning is not needed but for certain taxpayers it is a requirement. These taxpayers would include businesses, high income taxpayers, and taxpayers with different forms of income and deductions. The purpose of tax […]

 Education Tax Benefits   The tax code is filled with many different types of tax benefits relating to education. These tax benefits are in the form of deductions, credits, and excludable income. These tax benefits are related to paying for higher education or in some cases paying for continuing education. There are many types of […]

 Know ‘when to hold’ and ‘when to fold’ Are you holding stocks that have appreciated in value? You’ll likely owe a sizable tax if you cash in all of your chips. Strategy: Sell stocks after they qualify for long-term capital gain treatment. At the same time, hold onto stocks that would produce highly taxed short-term […]

Tax Benefits of Home Ownership It is springtime. The birds are chirping, the sun is shining, and tax season is over. It also a time of the year where many people are looking to buy a home. There are many benefits to buying a home. Owning a home can provide long term stability, can be […]

After Tax Season List   So tax season is now behind you. What do you do now? Well depending on your tax situation you are either lamenting the fact that you owe another year of income taxes with your tax return or you are happy that you are receiving a refund and will have more […]

  Amended Tax Returns If you make a mistake or an error on your tax return you may amend the return. Any type of mistake may be corrected as long as it corrected within a certain time frame. Normal three years statute of limitation For the majority of amended tax returns you can go back […]

   Tax Record Retention The most frequent tax question I get asked is: How long do I need to retain my tax records? The answer I give is it depends on the type of tax records that you have but there are some general rules of thumb that most taxpayer’s should adhere to. Three Year […]

Tax Extenders for 2014   On December 19th 2014 Congress passed and President Obama signed into law fifty tax extenders on tax laws that expired on December 31st, 2013. These tax laws were extended for one year from January 1, 2014 through December 31st 2014. These tax extenders will affect both businesses and individuals. The […]

 Common Tax Credits   When it comes to filing your individual income tax return there are some tax credits that are more commonly used more than others. The three most popular or commonly used tax credits are the earned income tax credit, child tax credit, and dependent child care credit. These three credits are used […]

Tax Free Rollovers   Taxpayers are allowed to make a tax free distribution and transfer of funds from their qualified retirement account to another qualified retirement. This transfer of funds between retirement accounts is called a tax-free rollover.  There are certain requirements that have to followed in order for the rollover to be valid.  In […]

Tax Planning Strategies   As we move towards the end of the year there are many things you can do as a taxpayer to minimize your tax liability. It is especially important for small businesses to have a review of their projected income tax for the current year and then to develop a tax plan […]

Taxing Social Security Benefits   One of the more complex forms of income that can be subject to taxation is social security benefits. It can be complex in that in order for the benefits to be taxable it is dependent on the amount of taxpayer’s other income that is received. In addition, the amount of […]