Blog

Spring into Household Budgeting

Spring is in the air! As you’re wrapping up your tax filing for 2016, now is a natural time to either create a new budget or refresh your existing budget. Here’s how: Organize your data. Gather all your bank, credit card and income statements for the last several months to… Read More

2017 Tax Quiz

Before the creation of the income tax, how did the U.S. government generate revenue to pay its expenses? Before the creation of the income tax, how did the U.S. government generate revenue to pay its expenses? A. Taxes – on business income B. Tariffs – on foreign imports C. Plunder… Read More

Seven Common Retirement Account Mistakes

It is all too easy to make a mistake that can cost you plenty if you do not actively manage your retirement assets. Here are some common retirement account mistakes that can easily be avoided. Borrowing money, then leaving your job. Those with employer-provided retirement accounts, such as 401(k)s, can… Read More

Tax Credits versus Tax Deductions

Every industry and profession has common terms that are used so often those of us in the business often forget that most people do not have the depth of understanding that a person working within the tax code might have. One of these areas is understanding the differences between the… Read More

Inherited Property: A Matter of Value

Avoid this potential tax headache If you are expecting to inherit property when friends or relatives pass away, know that their generosity can come with tax consequences. It’s important to understand how the value of your inheritance is determined in order to avoid a potential tax surprise in the future…. Read More

IRS Announces Annual Tax Scams

  Creating fake income. It has come to the attention of the IRS that some taxpayers are creating false income for the sole purpose of obtaining tax credits like the Earned Income Tax Credit. This false income can be in the form of a fake 1099-MISC or fictitious self-employment income…. Read More

Collectibles and the Tax Collector

It typically takes a great deal of personal interest and expertise in a given field — whether it’s rare art, coins or baseball cards — to judge a treasure from a trinket. For those of you who have been bitten by the collector’s bug, here are some tax considerations. Collectibles… Read More

Overtime Rules Go Into Overtime

The fate of a Labor Department rule extending mandatory overtime pay to workers by doubling the eligible salary cap is uncertain under the new presidential administration. The rule introduced by the Labor Department under the direction of former President Barack Obama increases the salary cap for workers eligible to receive… Read More

Use Your Tax Refund Wisely

Three of every four Americans got a refund check last year and the average amount was $2,777, according to IRS statistics. Because the amount of a refund is often uncertain, we may be tempted to spend it without too much planning. One way to counteract this natural tendency is to… Read More