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Check Your Beneficiary Designations Now, Before Disaster Strikes

You should probably take one very important estate planning action as soon as you finish reading this. Check the beneficiary designations for your: bank accounts, brokerage firm accounts, tax-favored retirement accounts, company benefit plans, life insurance policies, annuities, and 529 college savings accounts. If you have not yet turned in… Read More

Maintaining a Secure Computer Environment

The IRS has released a series of security related articles to assist both taxpayers and tax professionals in creating a secure computer environment. They encourage everyone to review the security protocols you have in place, what steps you are taking to protect your private information, and how to make your… Read More

Tax Cuts and Jobs Act

The new tax law, commonly called the “Tax Cuts and Jobs Act,” is the biggest federal tax law change in over 30 years. Below are some significant changes affecting individuals and businesses. Except where noted, the changes are effective for tax years beginning after December 31, 2017. While we have… Read More

Planning For Your Child’s Financial Future

One of the future goals for your children is their financial security and assistance with education goals. It is important to demonstrate the value of saving money and taking advantage of tax breaks. The Tax Cuts and Jobs Act (TCJA) includes provisions that affect tax planning for children and their… Read More

Substantiation Required for Charitable Donations

As a reminder following are the IRS rules for substantiating charitable donations. We encourage you to maintain the records necessary to support your claim for these donations in the event of an audit. Many taxpayers may not be able to deduct their charitable donations due to the increased standard deductions… Read More

New Deductions For Business Owners

New Deductions For Business Owners One of the more complex changes from the Tax Cuts and Jobs Acts is the ability to reduce taxable individual income for those who receive income from a pass-through business entity such as a sole proprietorship, partnership, S corporation or trust/estate.  Recipients of income from… Read More

The Tax Cuts and Jobs Act.

We all know that the President has signed and approved the new tax bill called The Tax Cuts and Jobs Act. This new act impacts virtually every individual and business on a level that we have not seen in over 30 years.  This historic bill calls for lowering the individual… Read More

Contractor or Employee?

Knowing the difference is important Is a worker an independent contractor or an employee? This seemingly simple question is often the contentious subject of IRS audits. As an employer, getting this wrong could cost you plenty in the way of Social Security, Medicare, and other employment-related taxes. Here is what… Read More