Clik here to view.
Education Credits May Help Feather the Empty Nest
Are you experiencing empty nest syndrome because your child is off on his or her own at college? We suggest taking up a new hobby, and taking advantage of available education tax credits. American...
View ArticleClik here to view.
Passive Activity Losses Can be Your Pal
Losses aren’t always a bad thing – especially when those losses are deductible. Limited partners invest in businesses in which they don’t substantially participate in overall business activities. The...
View ArticleClik here to view.
7 Home Office Expenses That You May Be Able to Deduct
If you work from home, you may be able to take a home office deduction whether you are self-employed or an employee. The 7 expenses that you may be able to deduct for your home office include: Business...
View ArticleClik here to view.
Top 3 Tax Questions Asked When Selling a Home
Selling a home can be a stressful experience. As CPAs, we are asked many questions about selling a home and the impact on one’s taxes. Here are the top 3 questions we are frequently asked by our...
View ArticleClik here to view.
Long-term Care Insurance Basics
Unless you’re at a hip-hop concert or a mall, you’ll probably see more senior citizens than teenagers. To prove the point, the National Association of Insurance Commissioners (NAIC) states that the...
View ArticleClik here to view.
Gamblers That Lose at the Tables May Win on Their Tax Returns
Most people know that winnings from lotteries, raffles, horse races, and casinos are taxable. But did you know that losses from those activities may be tax deductible? All-In Casual (non-professional)...
View ArticleClik here to view.
The Cost of Raising a Child Born in 2012 is $241,080
The USDA recently released its annual Cost of Raising a Child report. 2012 babies will cost their parents nearly a quarter of a million dollars by the time they reach the age of 18. That figure jumps...
View ArticleClik here to view.
IRS Tip Reporting Changes Ahead for Restaurants in 2014
Most of us have dined with a large party at a restaurant that applied a group gratuity charge to the bill. While policies vary from restaurant to restaurant, typical policies state that an 18% gratuity...
View ArticleClik here to view.
Same-Sex Married Couples Should Chart a New Course for Tax and Estate Planning
In a recent revenue ruling, the IRS clarified that for all federal tax purposes, a same-sex couple’s marital status is determined by the laws of the state where they got married — not the state where...
View ArticleClik here to view.
October 15th Income Tax Extension Deadline is Still in Place
Most of the Federal Government may be closed, but the IRS will continue to process tax returns. If you have filed for an extension on your individual tax return this year, then the October 15th...
View ArticleClik here to view.
IRS Announces New Carryover Rules for Healthcare Flexible Spending Accounts...
Planning your year-end shopping spree for bandages in lieu of losing FSA funds? Not so fast. The IRS has relaxed the “use it or lose it” rule for FSAs. Plan participants will now be allowed to...
View ArticleThe Pros and Cons of Cash and Non-cash Donations
December truly is the month of giving. Nearly a third of all online charitable giving occurs in December. Annually, the majority of donations come from individuals. As an individual, is it better to...
View ArticleClik here to view.
IRS Standard Mileage Rate Changes for 2014
The 2014 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposed were recently issued by the Internal...
View ArticleClik here to view.
Net Investment Income Tax (NIIT) in a Nutshell
In a nutshell, the net investment income tax (NIIT) is a 3.8% income tax on investment income of taxpayer’s that exceed the applicable threshold. NIIT also referred to as the Medicare contribution tax...
View ArticleProper Estate Planning and Implementation
Passing along wealth to the next generation requires thoughtful planning to avoid tax penalties. Watch as Gina Rall and Ron Mills discuss the components you need to have in place to implement a proper...
View ArticleAmazon Changing the World (Including State Nexus Laws)
With services like Prime, Fresh, and anticipatory package shipping (shipping products based on user preferences before the item is actually ordered) Amazon is changing the way consumers shop....
View ArticleClik here to view.
IRS Issues Final Regulations on the Additional Medicare Tax Puzzle
The final piece of the additional Medicare tax puzzle is in place after the IRS issued final regulations in late November 2013. The 0.9% additional Medicare tax applies to Federal Insurance...
View ArticleClik here to view.
Expats Find Huge Tax Advantages by Excluding Income from Abroad
in a foreign country may seem glamorous, but U.S. expats face the reality of international tax compliance. The Foreign Earned Income Exclusion (FEIE) is one of the largest tax advantages for overseas...
View ArticleClik here to view.
Which Gifts are Exempt from the Gift Tax?
Pop Quiz: Which of these gifts is exempt from the gift tax? a) A cashmere sweater b) A $14,000 check c) A new Cadillac Answer: Both a and b. For 2013, donors can exclude certain gifts of up to $14,000...
View ArticleClik here to view.
Stay on Target with Estimated Tax Payments and Withholding
Estimated tax is the method used to pay tax on income that is not subject to withholding such as income from interest, dividends, self-employment, alimony, rent, gains from sale, and prizes/awards....
View Article
