Tax Season Tips

  Tax season 2017 is in full swing. Statistics issued by the IRS showed a 17.2% decline in the total number of returns received through February 10, 2017 compared to the same period last year.  The decline was most likely caused by the mandate on refunds on returns involving the Earned Income Credit and the Read more about Tax Season Tips[…]

Tax Benefits for New Parents

I was blessed with my first two grandbabies this summer! (Stone Alexander and Grace Jenna) While Grammie won’t realize any tax benefits from the birth of these two babies, their parents will become eligible for a whole new set of tax breaks.   Dependents   Claiming your son or daughter as a dependent will shelter Read more about Tax Benefits for New Parents[…]

Mid-Year Tax Planning

Summer is here, 2016 is half over, and it’s a great time to organize your taxes. It seems most of my clients wait until January to look for their records, organize their charitable donations, and review investment accounts.  While it may not be fun to spend a Saturday afternoon in July reviewing your tax records, Read more about Mid-Year Tax Planning[…]

Highlights of the Protecting Americans from Tax Hikes Act of 2015

With just a couple of weeks before year end, Congress passed the Protecting Americans from Tax Hikes Act of 2015 (PATH Act). The legislation deals with more than 50 tax provisions that expired December 31, 2014.  Some provisions were extended, while others were made permanent.  I want to discuss some of the more popular provisions. Read more about Highlights of the Protecting Americans from Tax Hikes Act of 2015[…]

SEP Plans

Many times I’m asked, “How can I reduce my tax bill?”  One of the best ways for small business owners to reduce their taxes is to create and contribute to a retirement plan.  There are many low cost options available for small employers; however, I believe the best option may be the SEP IRA. SEP Read more about SEP Plans[…]

ABLE Accounts for Disabled Individuals

The Tax Increase Prevention Act of 2014 (TIPA), signed into law by the President on December 19, 2014, provides for a new type of tax-advantaged savings program to help meet the financial needs of disabled individuals called the “Achieving a Better Life Experience” program. Effective for tax years beginning after December 31, 2014, states will Read more about ABLE Accounts for Disabled Individuals[…]

Federal Tax Provisions Set to Expire

The IRS recently announced that the beginning of the tax filing season will be delayed one to two weeks.  We are also waiting on Congress to pass “extenders”, laws that will extend the tax provisions set to expire on December 31, 2013.  The longer we have to wait on Congress, the more delayed tax season Read more about Federal Tax Provisions Set to Expire[…]