We are at the beginning of a new school year, and that means everyone, both parents and teachers have spent money on school supplies. Studies have shown that roughly 94% of teachers pay for their own supplies for their classrooms. In addition to the Back to School Sales Tax Holidays that many states have, there
529 Plans Are For Adults Also!
If you were a parent or grandparent who recently used contributions to a 529 plan to finance the cost of school for your child or grand-child, you may be wondering if a 529 plan might also be used by adults for themselves to get a degree or take classes later in life? The answer is
20 Tax Tips to Tame Your Tax Bill
While most people tune into taxes in March and April due to the annual deadline, tax planning is most effective when it is a year-round endeavor. Here are 20 of our CPA’s best tips to use throughout the year, to make the most of your tax return come tax time. Gift Tax Exclusion Currently,
Count on Summer Camp Tax Credits
School is out and that means it’s time for summer camp for the kids. Although summer camps can be expensive, whether it’s band, theatre, computer, or sports camp, the Child And Dependent Care Credit provides a welcome tax break for many parents! If you are working and responsible for the cost of childcare, you qualify
Beware SETC Tax Scams!
The IRS is constantly notifying taxpayers about scams that are circulating, in addition to releasing its annual “Dirty Dozen” list of tax scams. Recently, there has been an increase in the amount of bad tax advice going around on social media. Everyone needs to be careful about what they read on social media, but especially
Tax Breaks for Taking Care of Mom and Dad
Since Mother’s Day is almost here and Father’s Day is right around the corner, we wanted to remind clients about the tax benefits which exist for adult children taking care of their elderly parents. The Bureau of Labor says that over 37 million people in the U.S.A. are involved in eldercare. According to AARP, 78%
Ten Tax Tips to Make That Dream House Your Own
Buying a home can be difficult and expensive. Thankfully, there are tax breaks that can help you in your quest to become a homeowner, and also assist you with the mortgage and maintenance. Our tax experts have put together a list which can provide great savings for those who qualify. Using 401(k) or IRA funds
DOL New Overtime Rules Require Action by July 1, 2024
THE BASICS The FLSA stipulates that most employers are required to pay most employees the federal minimum wage for each hour worked, as well as overtime pay for all hours worked in excess of 40 hours in one workweek. The FLSA allows for exemptions from the overtime and minimum wage requirements for certain executive, administrative
How to Prepare for FinCEN’s Corporate Transparency Act
As you may know, the Corporate Transparency Act (“CTA”) is set to take effect on January 1, 2024, impacting many privately held corporations, limited partnerships, statutory trusts, limited liability companies, and other similar entities. The goal of the CTA and its Beneficial Ownership Information Regulations (“BOI”) is to penetrate through layers of intermediate entities, and
Does Your Child or Teen Need to Pay Taxes?
You may be surprised to learn that your child is a separate taxpayer, even as a minor. If your kids recently started working, or otherwise earning income, they may need to file a tax return this year. How much does your child have to make? Don’t panic, if they only had earned income from wages,
