Blog

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

Reminder: It is Tax Scam Season Too

Imagine you receive a call from an IRS agent who says you owe back taxes and threatens to arrest you if you don’t immediately make a payment over the phone. Thousands of Americans faced this situation in 2016, though the people on the other end of their phone lines weren’t… Read More

2017 Standard Mileage Rates

The IRS recently announced mileage rates to be used for travel in 2017. The business mileage rate decreases by 0.5 cents while medical and moving mileage rates are lowered by 2 cents. Charitable mileage rates are unchanged. 2017 Standard Mileage Rates Mileage Rate/Mile Business Travel 53.5¢ Medical/Moving 17.0¢ Charitable Work… Read More

Seven Tips for a Better 2017

New Year’s resolutions are notoriously easy to make, but hard to follow. With that in mind, here are a few ideas worth trying this year: Pay yourself first. This time-honored personal finance tip simply means setting aside a portion of every paycheck for your personal savings before you pay your… Read More

An Early Roth IRA Conversion Tip

It’s best to take action early in the tax year if you want to roll funds into a Roth IRA. That’s because an early move into a Roth typically gives you the option to re-convert your funds through October 15th of the following tax year. The IRS calls this process… Read More

When Converting to a Roth Makes Sense

Virtually anyone with a qualified retirement savings account can convert funds into a Roth IRA. A Roth is different from other retirement accounts in that contributions come from after-tax dollars, while earnings are tax-free. The question for taxpayers with funds in tax-deferred Traditional IRAs, SEP-IRAs, 401(k)s, and 403(b)s is whether… Read More