A mid-year tax review is all about proactive planning to optimize your tax situation and identify potential savings. With significant tax provisions potentially changing at the end of 2025, reviewing your business’s financials and tax position now is more important than ever. It gives you time to make necessary adjustments, implement strategies to maximize tax
Short vs Long-Term Capital Gains in Retirement
Taxes directly affect how much of your hard-earned money that you keep, and one of the last things you want to worry about in your retirement years is taxes. A key tax area often overlooked by retirees that deserves your attention is capital gains tax. When making seemingly straightforward financial decisions like selling a stock
Tax Break When Selling a Home
Thinking about selling your home? Your home is considered a capital asset, and as a homeowner, you may be concerned about paying capital gains tax if you do decide to sell. Luckily there is a tax provision known as the “Section 121 Exclusion” that can help you save on taxes following the sale of your
Ten Tips to Getting Your Tax Refund Faster!
It’s the height of tax season and thousands of IRS employees have just been let go, will your refund be delayed? Probably not, the IRS will reallocate workers from other areas to help meet the needs of tax season. Still, put yourself in the best possible position to receive your refund on time with our
Deduction for Medical Expenses
If you have had any medical expenses this year, there may be some relief for you! A deduction exists for medical expenses, and it is often one that taxpayers forget about. Although you will need to itemize on Schedule A to take advantage of this deduction, medical expenses exceeding 7.5% of your AGI (adjusted gross
Schedule K-1 for Partnerships
If you are a partner or shareholder of a firm, you may know that you have to fill out a tax document to report your income, losses, capital gains, dividends, and more for the tax year. This document is the Schedule K-1, and it allows a partner’s earnings to be taxed at an individual rate
For the Self-Employed, Expenses Could Translate into Tax Breaks!
Self-employed folks have expenses they incur yearly in order to do business, so it is important for them to review what can be deducted each year to make their business as profitable as possible. Expenses like a home office, car, health insurance, and even startup costs can get you a big tax break. Did you
Pro-Active Tax Planning and Compliance for Small Businesses
Sure taxes are a cost of doing business, BUT if you are smart and savvy, you will not only save on taxes but also be able to grow your business with the profit you keep in your pocket. Pro-active tax planning along with efficient operations and market leadership will ensure a smooth path on the
A Changing Tax Landscape May Impact Your Portfolio Strategy!
A Republican majority in Washington may bring an extension of key provisions of the Tax Cuts and Jobs Act, but further tax cuts may be difficult in light of fiscal concerns such as a burgeoning budget and shrinking revenue. Due to significant financial impact should certain provisions “sunset,” we are urging clients to have a
Will You Owe Your Nanny a W2 on January 31st?
Wondering whether or not you should give your in-home/live-in Nanny a 1099 or W-2? The answer depends on whether or not the individual in question is self-employed or a household employee. The simple answer is, if you control how the work is performed, the nanny is a household employee. In most cases a Nanny providing
