Tips For Charitable Giving
During tax season, it is important to remember some important tips in regards to your charitable giving. The donation must be in the form of either money or property. It must be made to a qualified organization such as a…
Category Individual
Section 529 College Savings Plans – Are they worth the hassle?
529 plans became popular years and years ago. For many parents (and grandparents/others too!), they’re a great way to save back some tuition money for kids, in preparation for that ever increasing college cost. 529 plans grow tax free, and…
2018 W-4 Has Arrived
The Internal Revenue Service has released the updated Form W-4 (here) for 2018. Along with the W-4, they have released an updated Withholding Calculator to help taxpayers check their 2018 tax withholding following the Tax Cuts and Jobs Act that was…
Higher Education and Taxes
Often times I’ll start in working on a personal tax return for a client, and notice that they have a child that is college age. A quick phone call verifies that, indeed, the child is attending college. The parent had…
Why Gross Vehicle Weight Matters For Depreciation Purposes
For the 2017 tax year the Federal Section 179 depreciation deduction limit is now at $500,000, it is easy to think that any fixed asset classified as personal property can now be expensed. However, in the year of purchase, it…
Standard Mileage Rate Increases for 2018
Beginning January 1, 2018 the standard mileage rates will be: 54.5 cents per mile for business miles driven (up from 53.5 cents per mile in 2017) 18 cents per mile for medical or moving purposes (up from 17 cents per…
How Do I Start A Business?
So you’ve done your research, you have your business plan and finances figured out. What’s the next step in starting your own business? Next up is choosing a business entity. You have several options to choose from and they include:…
Equifax Breach: What You Can Do
As many of you have heard, Equifax, one of the 3 major credit card bureaus, fell victim to a major security breach. According to Equifax, about 143 million Americans may have had their names, birthdates, social security numbers, and other…
IRS Payment Due Notices
As I write my third response to an IRS notice for a client on this grand afternoon, I wanted to take the time to remind all of our clients about the new, improved, computer age nature of the IRS (can…
What is an EA and how can they help me?
An Enrolled Agent (EA) is an individual who is authorized by the U.S. Department of Treasury to represent you before the IRS for audits, preparing and filing tax returns and other accounting services.