The Chances of Being Audited

2015 audit statistics show continued changes What are the Chances? Every year the IRS publishes the statistics on the number of tax returns they are examining. Provided here are the last three years of published information and a look back to 2008 to see any trends: Percent of Individual Tax… Read More

New Overtime Rules

Employer and employee alert On May 18, 2016 President Obama and Labor Secretary Perez announced new Department of Labor overtime regulations that go into place December 1, 2016. The Federal Labor Standards Act (FLSA) has information everyone needs to know to comply with these new rules. The changes Any worker… Read More

Ghosting Identity Theft

To most people “ghosting” is the act of breaking up with a boyfriend or girlfriend by breaking off all contact. Now there is a new ghosting phenomena; stealing the identity of a recently deceased loved one. Ghosting protocol Would-be identity thieves scour obituaries to find as much personal information as… Read More

Ideas to Manage the Burden of Student Debt

Each year a new crop of graduating high school seniors begin their collegiate careers while college graduates consider the opportunities that graduate school provides. As a result, the mountain of student debt continues to build. While this debt is unavoidable, here are some ideas to help make that mountain a… Read More

Time to Consider a Roth?

With interest rates close to zero and a newly received refund check in hand, you may wish to consider a contribution to a Roth IRA. The Roth IRA basics Using after-tax funds, you can contribute up to $5,500 each year in a Roth IRA. If you are at least 50… Read More

Small Business Tax Review May be in Order

The recent tax legislation addresses a number of tax credits and other provisions that impact small business. Planning your business’ tax bill is now more important than ever. Here are some of the key changes:       First year bonus depreciation is now available through 2019. Section 179 capital… Read More

Tax Planning Season is Now

Take multiple years of last minute tax law changes, add major sections of the tax code that expire each year only to be extended, and mix in major pre-formulated tax code changes. All this adds up to lots of potential for tax savings, but only if you plan accordingly. This… Read More

Five Smart Uses for Your Tax Refund

So you were fortunate enough to receive a tax refund this year. What are your plans for the money? Here are five ideas worth considering.   Pay down debt. Start with debts that carry the highest interest rates first, then move down the line. This is like savings on savings… Read More

You Still May Wish to File a Tax Return

Too many taxpayers fail to file a tax return under the false notion that one is not required to pay income tax. This assumption can cause problems. Here are some examples of when to file a tax return even when not required to do so. Wish to qualify for Premium… Read More

Understanding the Gig Economy

Some believe that by the year 2020 40% of all jobs will be part of the Gig Economy. So what is this phenomena and how can you take advantage of it?     It’s all in the name The “Gig Economy” is a morphed description of old titles like the… Read More