“You can’t look rich to the bank and poor to the IRS at the same time” – Kevin Wrobel Everybody wants advice on how to pay less taxes. That is good advice; however, if you desire to obtain a loan or sell your business for maximum value, you don’t want your company to look like […]
The True Cost of Doing Your Own Tax Returns
Doing your own tax return can save you the preparation fee of a few hundred dollars for an individual tax return. However, if you do them incorrectly, you could cost yourself thousands of dollars. If you file an incorrect tax return, you can be in for some major trouble and expense, you can pay more […]
The Importance of Payroll
Kevin meets with at least fifty new business owners each year. He tries really hard not to get up on a soapbox about his personal opinions; however, there is one story he tells nearly every single client who is about to open their own business. Several years ago, we had a client who was struggling […]
Is Your Hobby a Business?
With the holidays having passed, we would like to bring up the topic of hobbies and businesses. Do you have a passion for something which you are particularly talented at? Perhaps you made candles or other homemade gifts for your loved ones during the holidays. Have you ever sold or given away any of the […]
What to Know Before Taking a Distribution From Your Retirement Account
A couple that makes $75,000 a year took $50,000 out of their retirement plan to cover some expenses they had that year. When the couple took the money out of their retirement plan, the insurance company told them to withhold 15% for taxes and said that amount would cover the taxes and early withdrawal fees […]
Should you Incorporate?
“To incorporate or not to incorporate: that is the question.” Running a business can be overwhelming, especially when it comes to matters such as incorporation. Because Shakespeare is no longer available, and not a tax professional, we would be happy to discuss these issues with you. With the new tax bill in effect now, we’d […]
Should you contribute to a Roth IRA or a Traditional IRA?
Should you contribute to a Roth IRA or a Traditional IRA? Like many questions having to do with taxes, the answer is, “it depends.” We know, it’s frustrating to hear “it depends” when you simply want a black and white answer. Unfortunately, the world is more gray than black and white. The good news is […]
Selling your Rental Property? Consider These Factors First
Selling your Rental Property? Consider These Factors First A client comes in and hands us a settlement statement from a Sale of Rental on a house. They had to take $5,000 to closing and were upset because of the money they lost on the rental. To make matters worse, we had to deliver the unfortunate […]
The New (2018) Tax Brackets
In 2017, Congress passed the most significant tax reform since 1986. A specific change to the law is in the Marginal Tax Brackets, or what most people call “Tax Brackets.” Tax brackets are ranges of incomes taxed at a given rate. The new tax bracket rates came into effect on January 1, 2018 and guess […]
Income Tax Projections
Income Tax Projections His pulse raced, his hands and brow dampened, and he squirmed in his chair as he sat across from his accountant. How could I owe $30,000 to the IRS? There had to have been some mistake. He couldn’t possibly owe the IRS $30,000. Unfortunately, this happens more often than you might think […]